topic Cap 1 Unexpectidely early forgivness/Tax Forgiveness in 2024 for 2015 in Bankruptcy

Cap 1 rejection

isaemm76 — Sat, 31 Aug 2024 21:49:55 GMT

My Chp 7 discharge was on 8/12/24. Burned Cap 1 in my BK for about $3,500. The account actually went into a civil suit where they got approval to garnish my wages a couple of years ago. Obviously now they are not getting anything from me since this account was IIB.

I checked the preapproval last month and today and got the same rejection letter. Does this mean I'm "banned" from Cap 1? Has anyone else gotten this reason for not being preapprove? Or is this a standard reason for people who burned them?

Re: Cap 1 rejection

pizzadude — Sat, 31 Aug 2024 22:51:13 GMT

I think this is just standard language, letting you know it's too soon - Cap1 is probably the most forgiving creditor in terms of letting people back in who've burned them, so I'd just try again in a few more months.

Cap 1 Unexpectidely early forgivness/Tax Forgiveness in 2024 for 2015

scotty37 — Sun, 01 Sep 2024 19:19:44 GMT

My bankruptcy meeting on 5/20/24 where was "dismissed" after a series of don't the phone yes and no primarily were the responses to questions. Shortly after (a few days), I applied and was approved for a $3,000 Savor one "for good credit," whatever that means, card. The bankruptcy had not officially been dismissed by LA county, which happened on 7/29/24. In my bankruptcy were three accounts (2 with a 500 limit and one with 600 from Capital One.) I was shocked they approved me in May but delighted.

I had conversations with my BK attorney and my CPA for the only year I owed taxes, 2015. The CPA said to file an offer in compromise, but the BK attorney said to wait until the official dismissal. "Sometimes they back out interest." Well, after 7/29/24, I kept checking, and indeed, they did a "full dismissal of the original 40K, now 84K" debt. I was again astonished and extremely grateful. I now have the CAPone Savor, a 1,500 mission lane (which offers cash back as well as no annual fee, a high 29.99%, but at least it's rebuilding credit, and a 1,000 limit Visa Platinum from my credit union. It's a start, for sure. Ten years and maybe the good cards from Amex and Chase will again be available, who knows? I sincerely doubt it before 2034, which sounds a long way off.

At any rate, after three months, I applied for a Venture credit card because Capone said I was pre-approved, but in the end, they declined. I guess it's too early to increase the relationship, but I thought this saga might give some folks a little hope.

Re: Cap 1 rejection

scotty37 — Wed, 11 Sep 2024 15:54:08 GMT

I burned CapOne for $1600 over three small limit cards. Total Ch. 7 was 336K.

This was their language for not approving a card: (it was a pre-approval after a late may 2024 approval for a 3K SaviorOne card, then another pre-approval in august, but then retracted using my lowest of 3 scores as an excuse-yes I know they say one new card every 6 months but there is data our there that they sometimes approve after 3 months, so I took a risk, although if they don't approve they don't do a hard pull.)

Here are the reasons why we couldn't match you with an offer:

Based on your credit report from one or more of the agencies below, Capital One account credit limit(s) are too high
Based on your credit report from one or more of the agencies below, there are too many delinquent past or present credit obligations

Based on your credit report from one or more of the agencies below, there have been too many recent inquiries
Based on your credit report from one or more of the agencies below, there have been too many recent credit card inquiries

620 Date: 2024-09-09 Experian (other two scores are 722 Transunion and 719 Equifax).

Anyways, guess I should cool it! Hope this helps. I cna't believe for 3,500 they would blacklist you for life...then again, for much more than that I am not expecting anything short or a miracle with Chase/Amex, etc, the ones with the really good bonus offers and points earning!

Re: Cap 1 rejection

IsambardPrince — Tue, 17 Sep 2024 04:52:44 GMT

@pizzadude wrote:
I think this is just standard language, letting you know it's too soon - Cap1 is probably the most forgiving creditor in terms of letting people back in who've burned them, so I'd just try again in a few more months.

I burned them for almost 10x as much and they started giving me cards again in a year.

Now have $26,500 in available credit. You won't get their best cards in a year, but you will get....something, probably. Like a Platinum.

They're not just going to give you their best cards again right away, but I was shocked that after that happened that they only took about 3 years to give me a Savor One and 4 years to give me their best terms on a Quicksilver.

Many banks tell you to get out and stay out after something like that, but they're all free to handle accounts as they see fit, within the law.