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Should we app for Cap-1 right out of BK?

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Anonymous
Not applicable

Should we app for Cap-1 right out of BK?

Wondering since you all seem to have alot of knowledge of cap 1 if you could help us with a question.

We Filed bankruptcy 9/17/15, waiting for the discharge paperwork to come in the mail. We want to be smart about rebuilding our credit so we're doing our research now. We have student loans (which are not due to start repaying until june 2016) and we have a car loan (affirmed in bankruptcy). The question is this, apparently while checking his "credit karma" site, my husband got the little "tag" about his chances for applying for a Cap 1 card. However, I said I wasn't sure that this was  a good idea because there was a (very small $300 limit) Cap 1 card included with our joint bankruptcy filing. However, he "heard" from a co-worker that Cap1 usually doesn't hold that against you after you file bankruptcy because if you get another card they know you can't file bankruptcy for another 10 years. So my question is this, is any of that possible, should we apply for a Cap 1, or would we just be wasting a hard inquire on our report? (fyi as it stands pre-discharge paperwork scores are TU 587 EQ 585). again I say we're trying very diligently to research and do our homework so as to make smarter (as in read the fine print) credit decisions.

 

Thanks for the help.

Message 1 of 3
2 REPLIES 2
gdale6
Moderator Emeritus

Re: Should we app for Cap-1 right out of BK?

OP, I have created your own thread on this here in our rebuilding forum. I changed the title and left everything else intact.

Message 2 of 3
Anonymous
Not applicable

Re: Should we app for Cap-1 right out of BK?


@Anonymous wrote:

Wondering since you all seem to have alot of knowledge of cap 1 if you could help us with a question.

We Filed bankruptcy 9/17/15, waiting for the discharge paperwork to come in the mail. We want to be smart about rebuilding our credit so we're doing our research now. We have student loans (which are not due to start repaying until june 2016) and we have a car loan (affirmed in bankruptcy). The question is this, apparently while checking his "credit karma" site, my husband got the little "tag" about his chances for applying for a Cap 1 card. However, I said I wasn't sure that this was  a good idea because there was a (very small $300 limit) Cap 1 card included with our joint bankruptcy filing. However, he "heard" from a co-worker that Cap1 usually doesn't hold that against you after you file bankruptcy because if you get another card they know you can't file bankruptcy for another 10 years. So my question is this, is any of that possible, should we apply for a Cap 1, or would we just be wasting a hard inquire on our report? (fyi as it stands pre-discharge paperwork scores are TU 587 EQ 585). again I say we're trying very diligently to research and do our homework so as to make smarter (as in read the fine print) credit decisions.

 

Thanks for the help.


Cap One has a blackout period of twelve months if you have a charge off with them. Some people have noticed that a BK *may* seem to negate this, having gotten Cap One cards right out of BK, even though cap one was included. Here is my take on it. *IF* the card was not defaulted and already charged off when the BK was filed, its my geuss you have a good chance of being approved. I suspect that you only get the blacklist flag when a card gets charged off through the "normal" process, but in the case of a BK, that process sort of gets "short circuited" - the cards never go through the late/defaulted/charge off/collection process steps for instance, the account just goes straight into the "discard pile" so to speak, as soon as they get your filing notice.

 

Message 3 of 3
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