topic Re: Capital One Venture card with a Bankruptcy? in Credit Cards

Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 01:34:46 GMT

I had a Chap 7 BK back in 2009 and I was wondering what people's experience has been with getting a Venture Card with a BK on their report... I know on the site, the qualifications for the Venture products are:

-I've never declared bankruptcy or defaulted on a loan;

-I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year;

-I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

I have an NFCU card with $10K but only had it since Feb. I had the BK and I just got back into the credit building again in Oct of last year(2017) with a Quicksilver One (started at $500 and they increased it to $1,100 in Feb). I've read quite few threads that would suggest that they aren't really hard and fast with those rules, but I wonder if it would be worth applying.. I know Chase and AMEX aren't options for me, but I want to add one more card before I head into the garden for a while.

Thoughts?

Re: Capital One Venture card with a Bankruptcy?

Hex — Fri, 08 Jun 2018 02:08:00 GMT

I have a BK 7 filed 3/2016
No other badies (the only defaulted account included in my BK had already aged off my report by the time I filed).
Cap1 canceled my Zero balance Quicksilver One when I filed.
3/2016 capital one plat aproved $300 CL (now $2450)
1/2017 Cap1 car loan
4/17 Cap1 real QS approved $15 K CL (had prequalify)
10/2017 Venture approved $30K CL (had prequalify)
Income $150K
If you have a prequal offer I'd go for it.
Ive been looking to get Savor prequalify but they wont give it to me. Cap1 pulls all 3 reports so I won't apply withour prequal.

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 02:45:32 GMT

@Hex wrote:
I have a BK 7 filed 3/2016
No other badies (the only defaulted account included in my BK had already aged off my report by the time I filed).
Cap1 canceled my Zero balance Quicksilver One when I filed.
3/2016 capital one plat aproved $300 CL (now $2450)
1/2017 Cap1 car loan
4/17 Cap1 real QS approved $15 K CL (had prequalify)
10/2017 Venture approved $30K CL (had prequalify)
Income $150K
If you have a prequal offer I'd go for it.
Ive been looking to get Savor prequalify but they wont give it to me. Cap1 pulls all 3 reports so I won't apply withour prequal.

Very cool... Great limits on those cards! I've had my QS1 for 9 months..

What was your stated income? I'm at $103K with about $1,600 in rent and a $300 car payment, so low DTI. I just pulled myEX FICO 8 and it's 662 as of today. My EQ FICO 9 is 694

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 02:50:00 GMT

I still have a BK on my reports (set to fall off in 12 months) and I have the Venture. I cold apped also.

Re: Capital One Venture card with a Bankruptcy?

Hex — Fri, 08 Jun 2018 03:46:26 GMT

When I applied for QS 4/17 fico 8’s
EQ 683
Ex 682
Trans 685
Venture 10/17
EQ. 693
Ex 706
Trans 717
Income, car payment and rent were the same both times
Rent $1375
Car payment $318
Income $150K

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 04:40:39 GMT

@Anonymous wrote:
. I know Chase and AMEX aren't options for me, but I want to add one more card before I head into the garden for a while.

Thoughts?

OP, did you burn Amex in your BK? Agreed Chase isn’t worth pursuing until your BK falls off but Amex is a different story. I have a 2010 BK and 2 Amex from this year with pretty nice SLs. Might be worth checking the prequals IMO.

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 04:44:56 GMT

@Anonymous wrote:
@Anonymous wrote:
. I know Chase and AMEX aren't options for me, but I want to add one more card before I head into the garden for a while.

Thoughts?
OP, did you burn Amex in your BK? Agreed Chase isn’t worth pursuing until your BK falls off but Amex is a different story. I have a 2010 BK and 2 Amex from this year with pretty nice SLs. Might be worth checking the prequals IMO.

Unfortunately, yeah.. I burned AMEX for about $30K. It will probably be 3-5 years before I get back in their good graces - if ever. Kinda bummed about it, but I do want to get that Sapphire Reserve after my BK falls off. 15 months to go - that will give me some time to garden a little bit as well.

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 04:58:45 GMT

@Hex wrote:
When I applied for QS 4/17 fico 8’s
EQ 683
Ex 682
Trans 685
Venture 10/17
EQ. 693
Ex 706
Trans 717
Income, car payment and rent were the same both times
Rent $1375
Car payment $318
Income $150K

I apologize, I missed that in your first post. Excellent - maybe I'll wait until I've had the QS1 for a full year and see what happens.

Re: Capital One Venture card with a Bankruptcy?

CreditCuriosity — Fri, 08 Jun 2018 11:33:45 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
. I know Chase and AMEX aren't options for me, but I want to add one more card before I head into the garden for a while.

Thoughts?
OP, did you burn Amex in your BK? Agreed Chase isn’t worth pursuing until your BK falls off but Amex is a different story. I have a 2010 BK and 2 Amex from this year with pretty nice SLs. Might be worth checking the prequals IMO.
Unfortunately, yeah.. I burned AMEX for about $30K. It will probably be 3-5 years before I get back in their good graces - if ever. Kinda bummed about it, but I do want to get that Sapphire Reserve after my BK falls off. 15 months to go - that will give me some time to garden a little bit as well.

probably longer than that i am thinking 20 years unless you want to pay that nice chunk of change back to amex

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 14:00:59 GMT

Agreed, I would forget Amex for the foreseeable future, that will be a tough nut to crack.

Have you checked the Cap One prequal site?

Re: Capital One Venture card with a Bankruptcy?

imaximous — Fri, 08 Jun 2018 14:31:31 GMT

As long as your credit profile is in good shape aside from the BK, you should be able to get the Venture. I got mine with a BK7 reporting (under 6 yrs from discharge at the time) and my SL was $30K. Now, it sits at $41K but I PCed it to Savor.

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 15:53:41 GMT

@Anonymous wrote:
Agreed, I would forget Amex for the foreseeable future, that will be a tough nut to crack.

Have you checked the Cap One prequal site?

I have not done that yet.. Are the prequals a pretty good indicator of approval on Cap1?

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 15:56:51 GMT

@imaximous wrote:
As long as your credit profile is in good shape aside from the BK, you should be able to get the Venture. I got mine with a BK7 reporting (under 6 yrs from discharge at the time) and my SL was $30K. Now, it sits at $41K but I PCed it to Savor.

It's in good shape, just really short. I kind of went off the grid for a long time after my BK in 09. I just started rebuilding last year so my credit history is about 9 months at this point, outside of being an authorized user on a few cards that I used to jump start my foray back into the credit world.

Re: Capital One Venture card with a Bankruptcy?

CreditCuriosity — Fri, 08 Jun 2018 15:57:15 GMT

@Anonymous wrote:
@Anonymous wrote:
Agreed, I would forget Amex for the foreseeable future, that will be a tough nut to crack.

Have you checked the Cap One prequal site?
I have not done that yet.. Are the prequals a pretty good indicator of approval on Cap1?

Yes if it is a set APR they are solid

Re: Capital One Venture card with a Bankruptcy?

Anonymous — Fri, 08 Jun 2018 16:03:44 GMT

@CreditCuriosity wrote:
@Anonymous wrote:
@Anonymous wrote:
Agreed, I would forget Amex for the foreseeable future, that will be a tough nut to crack.

Have you checked the Cap One prequal site?
I have not done that yet.. Are the prequals a pretty good indicator of approval on Cap1?
Yes if it is a set APR they are solid

Ok, good to know... Appreciate the input. I read the same thing about Discover prequals and that turned out pretty well for me - I'll have to see what the Cap1 prequal says.