topic Re: Oh, Capital One How You Let Me Down in Credit Card Applications

Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 14:57:03 GMT

Hi All. A newb here (Well, a lurker). So, in the fascination of rebuilding my credit, and determining which route would work, I got the Capital One Secured Mastercard. Wonderful card, had it for one month. Made my payments, never late (remember, one month). Card was reported at 23% utilization. So, fast forward. My child support bank changed. I was able to make payments from my 'old' child support card via the routing and acct number linked to it with no problem-did this for my Capital One Auto Loan as well as the Mastercard through the Capital One mobile app. Then with the switch, I simply set it up the same way. However, with this NEW bank (bancorp), they DO NOT allow the routing and account number to be directly withdrawn from, on the mastercard as a debit (a prepaid card needless to say). Well, I had no knowledge as when I got the card it basically said "here's your new card. Activate it." Well, I had two payments returned, and I could not figure it out. I called Capital One and they processed it over the phone and that one was denied as well. Call back and we three-way bancorp, who informs us of the account and routing number cannot be used for withdraws, only deposits. In the interim (between Saturday and Tuesday) I had set up a Capital One Checking account, and figured I would just move money around and pay via Capital One (still thinking the mobile app is the issue or something). So today (Thursday), I see there is a restriction on my card. Mind you, I paid in full. Well, Sebastian at Capital One said 'due to the returned payments we closed the card." I could die. How embarassing. He tried to get it re-opened, but I guess with secured cards it can't be done, and he informed me that unfortunately I won't be able to open a new account. Ok, fine. I am ok with that. It will report as closed, paid in full, by creditor-which I have read is way better than closed with a past due/amount due or closed by cardholder.

So, I am left with no credit card now to try to get my credit up. I had zero credit cards before, Capital One was my first. Then earlier this week I got a Victoria Secret CC (haven't received it in the mail yet). I have students loans (probably taking those to the grave), and depending on which report 2-4 collection accounts. A Capital One Auto Loan (on time payments, car paid off in 1.5 years). So, I got a pre-approval for the Credit One card. I figure I needed a Credit Card to use ANYWHERE. The pre-approval was easy, and said no ding to my report. But then I was denied. So now I am panicking that I took a 'hard hit.' I have two inquiries, one to fall off in July of this year per the 2 year rule.

Anywho, I guess where I am getting after all the background is-any recommendations at this point? Just use my VS and continue to pay my auto and student loans? Sit and wait? I appreciate any feedback, and this forum is absolutely my favorite (I am literally up all night pouring over these boards-it's oddly so fascinating to me).

Thanks all!

Re: Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 15:07:17 GMT

My go to answer is go to NFCU, any one else agree?

Re: Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 15:08:07 GMT

Sorry to hear this happened to you. Have you tried contacting the Capital One EO to see if anything at all can be done about the closed account? I wouldn't leave it up to a normal CSR to make that decision. Perhaps some other good advice will come along here, I wish you luck!

Re: Oh, Capital One How You Let Me Down

creditguy — Thu, 01 Dec 2016 15:08:27 GMT

For clarification, closed by cardholder is not a bad thing, if anything closed by creditor would look worse but in the end it doesn't really matter unless your getting manual reviews. Sorry for your troubles, since you've eliminated the number one rebuilder "cap one" I'd say your only option would be to seek a secured card from a good CU. just curious as to why credit one turned you down?

Re: Oh, Capital One How You Let Me Down

CreditCuriosity — Thu, 01 Dec 2016 15:15:52 GMT

Look at a secured card from SDFCU for rebuilding your credit as they are known as one of the better ones. Other options are out their as well, but would suggest a secured card at this time.

Re: Oh, Capital One How You Let Me Down

baller4life — Thu, 01 Dec 2016 15:48:38 GMT

I agree with CC. State Department FCU and NFCU are all you need to add to rebuild with. Garden those cards for 6 months to a year and at the same time work on getting those collections removed.

Re: Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 15:54:36 GMT

Totally agree with a secured card. Does your new bank, Bancorp, have a secured card? When I started rebuilding, my banker at Wells Fargo encouraged me to get a secured card to get started. If they don't have one, call and check Bank of America secured cards (I have 2 with them still waiting to graduate, they wait after 1 yr when I inquired) and Discover Card secured card (mine just graduated after 7 statements). Don't lose hope. You NEED a credit card to show/prove credit worthiness. Good luck!!!

Re: Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 16:02:27 GMT

I just sent an email. I explained my good faith with Cap1 since my auto loan and would hate to venture out and obtain another company-I explained the situation, explained my awesome payment history, explained I only had ONE statement with Cap1 and obviously never had a late payment.

Re: Oh, Capital One How You Let Me Down

Anonymous — Thu, 01 Dec 2016 16:59:17 GMT

@Anonymous wrote:
I just sent an email. I explained my good faith with Cap1 since my auto loan and would hate to venture out and obtain another company-I explained the situation, explained my awesome payment history, explained I only had ONE statement with Cap1 and obviously never had a late payment.

Mrst29. So sorry this happened to you. I hope the EO can really come through and help you in this situation. In the meantime, joining NFCU via NLUS San Diego Chapter and applying for a card there may get you what you need. I've heard NFCU is a rebuilder's dream. I am currently with them and I love my CashRewards card.

Re: Oh, Capital One How You Let Me Down

Anonymous — Sun, 04 Dec 2016 18:02:51 GMT

Just a little update. No response from the email I sent to Cap 1. I applied for the Credit One and couldn't understand why I was not approved. Well, going back, my AUTOCORRECT put in all sorts of wrong information (my husband's name instead of mine, wrong address and phone number) DUH!

So I reapplied to have at LEAST one secured card and got approved for $300! It's higher than my Cap1 Secured I had ($200). So take that!

BUT, I did notice the Credit One decision said my EX score was 645 (WOWZA, for me this is HUGE), however on here the MyFico says 623. I looked at the other scores and I see nothing that matches. I wonder if maybe my EX went up from the time this score was generated, who knows. But I WILL take my 645!! Could it be possible to get to the 700 club soon? I would die!

Re: Oh, Capital One How You Let Me Down

creditguy — Sun, 04 Dec 2016 18:29:30 GMT

Will you reach 700 soon? If you have baddies then likely not. Your stuck in a bucket until some key things happen. Once your baddies age and fall off and your AAoA increases along with a mix of credit you will be rebucketed, so while it may not happen today or tomorrow, it will happen in time. Best of luck and congrats on your approval.

Re: Oh, Capital One How You Let Me Down

MrsCHX — Tue, 06 Dec 2016 16:04:32 GMT

@Anonymous wrote:

BUT, I did notice the Credit One decision said my EX score was 645 (WOWZA, for me this is HUGE), however on here the MyFico says 623. I looked at the other scores and I see nothing that matches. I wonder if maybe my EX went up from the time this score was generated, who knows. But I WILL take my 645!! Could it be possible to get to the 700 club soon? I would die!

And you weren't approved for a cap one unsecured card? That's surprising to me!

At any rate, you're doing great. It takes time to rebuild. You can check your scores via creditchecktotal for free (don't forget to cancel the trial!). Discover offers a free Experian score to everyone.

I was at about 620 earlier this year with 1-2 inquiries and $700 in available credit. I now have almost $12K in credit. My score shot up but dropped back down due to inquiries So I'm still at about 640 overall and have 20 ish INQs. But I'm in it for the long haul. By summer of 2018 I will have ZERO negative items on my credit reports, who knows how much available credit, and just a couple inquiries. I'm thinking I'll definitely be back in the 700s by then.

You can do it! Just be patient. Your couple of inquiries aren't really hurting you and you didn't need Credit One anyway. Sounds like you just need a bit more time with revolving credit history.

People here rag on store cards but *IF* it's a store you shop at anyway - you can afford to add another Comenity card if you like (just Google, there's a whole bunch of 'em) and do it via the Shopping Cart Trick so you get the new account and credit line with no hard pull.

Re: Oh, Capital One How You Let Me Down

Anonymous — Fri, 09 Dec 2016 05:15:59 GMT

Thanks so much! I have 1 inquiry across all 3 reports, and 3 on Experian (from my Ulta card and Credit one). So my inquiries are ok. Still no response from Cap 1, even after a second emailed attempt. So I figured whatever, if they want me they will extend the hand after 6 months once they see how rocking my new scores are. My store cards are Ulta, VS and Buckle (although buckle will be my sock drawer card). But believe me, my VS and Ulta are going to lose that stripe I LOVE LOVE those stores and was elated when I was approved for $500 and $250.

I am sure over time everything will work out, with patience and persistence.

Re: Oh, Capital One How You Let Me Down

Anonymous — Mon, 12 Dec 2016 15:50:17 GMT

Just wanted to update:

Capital One called me back today. I spoke with a lovely lady from the EO, and she was going to do an investigation. She's going to look at the date it was opened, find the phone calls, etc. Hoping for a great outcome because I would hate for Capital to think I was burning bridges, especially right out of the gate.

Since then, they reported to the credit agencies as paid in full and closed by creditor. I took a HUGE point decreas (28-35). It was the most awful thing I saw, on the brink of tears.

However, my Ulta card just reported, and brought me back up 14.

My Victoria's Secret, Buckle and Credit One have not reported yet, and a part of me is wishful thinking I will get a point increase just like the Ulta one provided.

In the meantime, here's to me gardening. Hoping one day to get some nice cards, with rewards!

Re: Oh, Capital One How You Let Me Down

Anonymous — Tue, 13 Dec 2016 04:13:00 GMT

@Anonymous wrote:
Just wanted to update:

Capital One called me back today. I spoke with a lovely lady from the EO, and she was going to do an investigation. She's going to look at the date it was opened, find the phone calls, etc. Hoping for a great outcome because I would hate for Capital to think I was burning bridges, especially right out of the gate.

Since then, they reported to the credit agencies as paid in full and closed by creditor. I took a HUGE point decreas (28-35). It was the most awful thing I saw, on the brink of tears.

However, my Ulta card just reported, and brought me back up 14.

My Victoria's Secret, Buckle and Credit One have not reported yet, and a part of me is wishful thinking I will get a point increase just like the Ulta one provided.

In the meantime, here's to me gardening. Hoping one day to get some nice cards, with rewards!

I really hope this works out for you with Capital One. I hope your scores rebound, even if it doesn't. Keep us posted.

Re: Oh, Capital One How You Let Me Down

Anonymous — Mon, 12 Dec 2016 18:35:15 GMT

I used a capital one secured card to get my credit score back up after a couple charge off. About 3-4 years ago, I applied and got a $300 limit. After 6 months of paying on time, they upgraded me to a quicksilver card with a $1,500 cr. After paying that for another year or so, I was able to up my cr to $4,000 and apply for the quicksilver one visa, and they gave me a $10,000 limit! Just keep making the payments and showing history.

Now I'm at 777 credit scores across the board and can get nearly any card, just over three years later. I've got a 17k cl with capital one alone.

Re: Oh, Capital One How You Let Me Down

Anonymous — Mon, 12 Dec 2016 19:52:18 GMT

So sorry to hear about Cap1! That's such a huge bummer for you. Congrats on the other approvals though! As someone who had HORRIBLE credit during and after my divorce, things will work out. I never ever thought I would have the cards I have and the score I have 2 years ago. It just takes time You will get there!!