topic Re: Capital One cards after BK7 in Bankruptcy

Capital One cards after BK7

MileHigh96 — Tue, 28 Sep 2021 17:41:53 GMT

Although I am fairly happy with the new cards I got after my BK7 was discharged, all I read all over the forum is how forgiving CapOne is and they usually grant credit cards after BK, even to people that burned them for tens of thousands of dollars it seems. Yet when I was looking to get new revolvers to rebuild my credit, I tried the pre-qual on the CapOne site and I couldn't even get a secured card pre-qual from them. I did burn them for ≈ $4K but I have seen on the form that there are people that burned them for 5 to 10 times that amount and were able to get a card from them not long after discharge.

So what gives with them? Are they getting pickier with people that have burned them in BK? Or am I just unlucky? Because the sole reason the pre-qual says I was being declined is because of past accounts with them.

Re: Capital One cards after BK7

sccredit — Tue, 28 Sep 2021 17:49:24 GMT

I didn't get approved for a Capital One card until 13 months post discharge. Many others have experienced the same.

Re: Capital One cards after BK7

dragontears — Tue, 28 Sep 2021 18:35:02 GMT

From what I have read, those people that get a cap1 card immediately after BK when cap1 debt was IIB defaulted on the account well before declaring BK. In other words it is my observation that the ~12 month waiting is from default not BK.

Re: Capital One cards after BK7

anniea4001 — Tue, 28 Sep 2021 20:43:25 GMT

@MileHigh96 CapOne seems to basically have one rule about this. You have to wait at least a year from the time your account was closed or defaulted on.

So for instance, in my case my CapOne accounts were closed about 3 years prior to filling for BK so as soon as I was discharged I qualified.

If your account was closed or defualted on right around the time you filed, then you would not be able to get back with them right away.

Re: Capital One cards after BK7

FireMedic1 — Tue, 28 Sep 2021 21:28:18 GMT

When were you DC'ed? And how many cards do you have now?

Re: Capital One cards after BK7

Anonymous — Wed, 29 Sep 2021 13:57:32 GMT

Ooh interesting, my Cap1 charged off before filing because I was on a payment plan with the lawyer, not sure when that was, but before I found these forums, I had applied for the secured six months after dc. I didn't even do the prequal. It graduated, I upgraded (due to a post I saw here, these boards are awesome!) to a Quicksilver and that was that. I bet it was because the co date was well before my discharge.

Re: Capital One cards after BK7

chalupaman — Wed, 29 Sep 2021 21:16:21 GMT

It's a big YMMV to be honest. Some people are able to get secured cards right away from CapOne. Others are able to jump head first into their regular cards and at decent starting limits like $3k. Give it a go and see how it works out for you.

Re: Capital One cards after BK7

kr43002 — Mon, 04 Oct 2021 22:25:59 GMT

I believe they go off of 1 year from charge off. I wasn't charged off in my BK so I am waiting to see if I was charged off January or May. January is when I filed, May is when I was discharged.

I am guessing we are in the same boat since you were discharged in July.

When does it say on your credit reports that the last account was charged off with Capital one?

Re: Capital One cards after BK7

CosmicCash — Mon, 04 Oct 2021 23:23:39 GMT

@chalupaman wrote:
It's a big YMMV to be honest. Some people are able to get secured cards right away from CapOne. Others are able to jump head first into their regular cards and at decent starting limits like $3k. Give it a go and see how it works out for you.

This, I just got approved for a Platinum Capital One with $3k, no annual fee. My discharge was less than 3 mo ago, 7/14/21. However it's important to note I didn't burn them. The pre approval tool is helpful. Good luck!

Re: Capital One cards after BK7

angelofmusic86 — Tue, 05 Oct 2021 01:28:56 GMT

It is ~12 months since you burned them. In my case, I was charged-off late November/early December 2019, was approved for 3k December 2020 (plus a tiny Kohl's card around then, have gotten a small CLI on the original Cap1 card since). If you were in good standing with them at time of filing BK - your 12 months starts then.

I was also just recently approved for 3k for the Walmart Cap1 MC - which was also burned (though I think it was on the cusp of transtitioning from Synchrony? to Cap1 when it was charged-off)

Re: Capital One cards after BK7

kr43002 — Tue, 05 Oct 2021 03:34:23 GMT

@angelofmusic86 wrote:
It is ~12 months since you burned them. In my case, I was charged-off late November/early December 2019, was approved for 3k December 2020 (plus a tiny Kohl's card around then, have gotten a small CLI on the original Cap1 card since). If you were in good standing with them at time of filing BK - your 12 months starts then.

I was also just recently approved for 3k for the Walmart Cap1 MC - which was also burned (though I think it was on the cusp of transtitioning from Synchrony? to Cap1 when it was charged-off)

I went deliquent with capital one august and still can't get approved for anything with the prequal. I think its not the date of first delinquentcy but the charge off date

Re: Capital One cards after BK7

angelofmusic86 — Tue, 05 Oct 2021 12:55:43 GMT

@kr43002 wrote:
@angelofmusic86 wrote:
It is ~12 months since you burned them. In my case, I was charged-off late November/early December 2019, was approved for 3k December 2020 (plus a tiny Kohl's card around then, have gotten a small CLI on the original Cap1 card since). If you were in good standing with them at time of filing BK - your 12 months starts then.

I was also just recently approved for 3k for the Walmart Cap1 MC - which was also burned (though I think it was on the cusp of transtitioning from Synchrony? to Cap1 when it was charged-off)
I went deliquent with capital one august and still can't get approved for anything with the prequal. I think its not the date of first delinquentcy but the charge off date

It is charge-off when it happened before BK, but the BK filing starts the 12 months before they let you back in if they were IIB and were not charged-off. Either way a BK or charge-off is them being burned.

Though Cap1 is amazingly forgiving with letting people back in - I know someone who had two BKs 25 years apart, Cap1 burned both times, and Cap1 let back in after both times. Also, another person who had them, was charged-off, paid that off, was let in, got more credit from them, had to file BK, and was let back in. Can anyone imagine AMEX or Chase doing either scenario? lol

Re: Capital One cards after BK7

Epic_Milk — Sat, 09 Oct 2021 20:23:44 GMT

Just to add to the data. 1 year and 1 month after discharge they sent me an offer and I was approved. I burned them for about $5000 between two cards in the BK.

Re: Capital One cards after BK7

Anonymous — Thu, 28 Oct 2021 03:48:13 GMT

I'll add my data point. I had two Capital One cards with combined balances over $50,000 that were in default for about 14 months before I filed chapter 7. Got a prequalified offer for a Capital One quicksilver 5 months after filing, 3 months after discharge, 2 weeks after case was closed. Applied and was approved with a $3,000 limit.

Re: Capital One cards after BK7

rosco75 — Thu, 28 Oct 2021 19:12:38 GMT

Just another data point for people who did not burn them - Cap1 was the second card I got post BK. Discharged in March, got pre approval in the mail July, applied and got Quicksilver card with $3k limit. They are awesome if you never burned them, and still forgiving after a year otherwise.