topic Re: Does Cap One forgive past? in Credit Cards

Does Cap One forgive past?

Breakthecycle2 — Sun, 14 Jul 2019 20:32:45 GMT

If you've burned them before, do they "forgive" and if so what should the waiting period be?

Re: Does Cap One forgive past?

Anonymous — Sun, 14 Jul 2019 20:49:42 GMT

Yes they forgive.

Not sure of waiting period.

Re: Does Cap One forgive past?

Jannelo — Sun, 14 Jul 2019 21:17:55 GMT

@Breakthecycle2 wrote:
If you've burned them before, do they "forgive" and if so what should the waiting period be?

I'm living proof. When I had a FICO score in the 520s, they gave me an unsecured Platinum Mastercard $300 SL (credit steps of $200 CLI) while having a charge-off of a Platinum Mastercard for $140 (which ballooned to $600 because a CA bought it) and also while owing them $3966 on a Quicksilver1. The charge-offs were only a few years old. I tried the pre-qual button as a lark, not expecting anything, and certainly not expecting anything but secured.

Anyway, once they approved me and I saw the smaller charge-off had been bought, I paid that off (well, settled with the collection agency, not PIF), and I got busy and called Cap One to start payments on the larger QS1 charge-off before that debt was bought. They accepted my offer of paying $200 a month. Six months later, while still paying on the charge-off, I applied for a new Quicksilver 1, and they gave me a $1000 SL, with credit steps of $500 CLI in five months. Two months later they gave me a car loan with a surprisingly low interest rate, considering my FICO scores in the 580s to 590s.

Cap One is beyond forgiving and don't seem to hold grudges for past charge-offs.

Re: Does Cap One forgive past?

gdale6 — Sun, 14 Jul 2019 21:22:26 GMT

One year is the typical period from the previous CO. If the CO is a result of BK sometimes one can get right back in depends on the amount of the CO and no there is no set in stone figure.

Re: Does Cap One forgive past?

Shooting-For-800 — Sun, 14 Jul 2019 22:46:14 GMT

They are probably the most forgiving!

I burned them and now have $84k in unsecured credit cards and a 2.49% APR car loan.

GL!

Re: Does Cap One forgive past?

Breakthecycle2 — Mon, 15 Jul 2019 00:41:06 GMT

Thanks everyone. My CO are from about 7-8 years ago.

Re: Does Cap One forgive past?

Shooting-For-800 — Mon, 15 Jul 2019 01:58:50 GMT

Check prequal page.

Re: Does Cap One forgive past?

BallBounces — Mon, 15 Jul 2019 16:11:19 GMT

@Shooting-For-800 wrote:
Check prequal page.

Interesting personal anecdote:

I do have a satisfied C1 charge off. I had been checking the prequal page, for the sake of curiosity. Five times, I received the typical "No offers found, perhaps you could apply for the Platinum card".

Last week, that changed to more specific wording, "There are too many delinquent past or present Capital One credit obligation(s)"

It is interesting to me that it went from no offers to blacklisted. Now I will be testing to see if it reverts back. (It didn't today)

Re: Does Cap One forgive past?

iced — Mon, 15 Jul 2019 16:28:09 GMT

It sounds like this is YMMV.

I went 90+ days late with them on a card in 2012. When I realized what had happened, I called in to make a payment for the entire balance of the card, which they accepted, but then when I asked if I could use the card again, the CSR informed me that the card would never work again and that I should not waste my time ever seeking credit with them again.

Appeals were an exercise in pounding sand.

It's 7 years later, and for a few more months anyway, they're the lone blemish on my report.

Re: Does Cap One forgive past?

Anonymous — Mon, 15 Jul 2019 17:34:26 GMT

7-8 years CO. You should be fine. I was able to get a Capital Platinum within 12 months of CO in 2015.

Re: Does Cap One forgive past?

sjt — Mon, 15 Jul 2019 19:16:45 GMT

Yes, after one year.

Re: Does Cap One forgive past?

AverageJoesCredit — Mon, 15 Jul 2019 19:43:45 GMT

Most forgiving lender imo

Re: Does Cap One forgive past?

Anonymous — Mon, 15 Jul 2019 19:49:11 GMT

They forgave me after burning them in my BK7 to the tune of figures. Now my CL is higher than the amount I burned them for. They were my first card after my BK7.

Re: Does Cap One forgive past?

CreditCuriosity — Mon, 15 Jul 2019 21:30:11 GMT

As echoed Cap1 is extremely forgiving as is discover.

Re: Does Cap One forgive past?

Anonymous — Tue, 16 Jul 2019 04:24:54 GMT

They forgive and there is no waiting period.

Re: Does Cap One forgive past?

BallBounces — Tue, 16 Jul 2019 13:44:20 GMT

I just want to caution that blanket statements such as "they forgive and there is no waiting period" is over simplification. Personal ancdotes should be taken as just that: one example. We then evaluate them as a whole to discern patterns.

It is true, Capital One is one of, if not the most forgiving CC lenders. It does not mean they always forgive, and it does not mean there is no time interval required for any individual customer. I just want to make sure expectations are clear. Use the prequal to get an idea, but even that is not infallible. And be prepared going in for multiple HPs regardless of the outcome.

Re: Does Cap One forgive past?

AverageJoesCredit — Tue, 16 Jul 2019 13:48:51 GMT

+1 @BallBounces

Every person profile and situation are different. Ymmv on getting back in with any lender.

Re: Does Cap One forgive past?

Anonymous — Tue, 16 Jul 2019 14:41:51 GMT

@BallBounces wrote:
I just want to caution that blanket statements such as "they forgive and there is no waiting period" is over simplification. Personal ancdotes should be taken as just that: one example. We then evaluate them as a whole to discern patterns.

It is true, Capital One is one of, if not the most forgiving CC lenders. It does not mean they always forgive, and it does not mean there is no time interval required for any individual customer. I just want to make sure expectations are clear. Use the prequal to get an idea, but even that is not infallible. And be prepared going in for multiple HPs regardless of the outcome.

I'm still blacklisted over 4 years post BK7 discharge w/ CapOne IIB.