topic Re: Friend app'd for Cap1 and declined-advice please? in Credit Cards

Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 17:36:13 GMT

So I've been working with a relative to rebuild his credit. Now he has Chase, Discover, some GE cards and I believe he has 2 commentiy cards. The limits on Chase and Discover are $5K and $7K. His AAoA is around 4 to 6 years over all of the bureaus. He also has a bk that is around 6 years old that cap1 was included in. His scores are EX-687, TU-670 and EQ-690.

He decided to take a chance and apped for the Quicksliver or the Venture (can't remember) and was declined. The denial letter just says declined due to the presence of the bk on all 3 CB's and nothing about the one derog that is almost 7 years old, inquiries, too many new accts, or any of the other standard reasons we see in denial letters.

I honestly was shocked that with him having re-established credit over the last 1 1/2 years that he was declined. There are no recent derogs and other than the bk, he has one derog that should fall off in November. Should I tell him that maybe he should try to recon it? With the vast majority of the complaints that I hear about cap1 it just may be a blessing in disguise that he didn't get it. But of course he took an HP on all 3 for it, so I'm thinking what else has he got to lose now. I wish he would have talked to me first but it has been done already.

So do you guys think that it's worth a recon or should I just not say anything to him about it?

Re: Friend app'd for Cap1 and declined-advice please?

justbeyou0724 — Sat, 10 Aug 2013 18:18:36 GMT

It seems like your relative applied for the credit card that has the excellent credit profile requirement. Those cards require no BK to be reporting on the credit report. Your friend should have started with their pre approval link. He can try a recon and ask for one of the cards with the average credit profile and he should be approved for one of those.

Re: Friend app'd for Cap1 and declined-advice please?

Anonymous — Sat, 10 Aug 2013 19:00:19 GMT

The other thing to consider was Cap 1 was included in the bk.

Re: Friend app'd for Cap1 and declined-advice please?

Open123 — Sat, 10 Aug 2013 19:04:31 GMT

@Anonymous wrote:
The other thing to consider was Cap 1 was included in the bk.

Cap One appears more BK friendly than most, unless they're included, I suppose. Even then, I've seen them see past the BK.

I think it's worth a recon, since he's already taken the 3 HPs.

Re: Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 19:05:23 GMT

@justbeyou0724 wrote:
It seems like your relative applied for the credit card that has the excellent credit profile requirement. Those cards require no BK to be reporting on the credit report. Your friend should have started with their pre approval link. He can try a recon and ask for one of the cards with the average credit profile and he should be approved for one of those.

Yea I think you're right. I just went to their website and they have cards based on excellent, average and rebuilder. It looks like he might have applied using the excellent category and according to the critieria, he should have been looking at average cards. I don't think the rebuilder cards are for him.

Re: Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 19:06:57 GMT

@Anonymous wrote:
The other thing to consider was Cap 1 was included in the bk.

Yea I thought about that too Lexie, but way too many people have gotten their cards after bking them. Hmmm perhaps cap1 has a blacklist????

Re: Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 19:09:49 GMT

@Open123 wrote:
@Anonymous wrote:
The other thing to consider was Cap 1 was included in the bk.
+1

Cap One appears more BK friendly than most, unless they're included, I suppose. Even then, I've seen them see past the BK.

I think it's worth a recon, since he's already taken the 3 HPs.

Yea I think that since he's gotten 3 HP's it may be worthwhile for him to try it. Based on these numbers which one should I give him? None of them say recon. And does cap1 really do recons for apps? I have just read way more negative than positive so I may have missed the successful recon posts.

Cap1: 800-625-7866 (Account Specialist)

Cap1: 800-951-6951 (cust. relations)
Cap1: 800-548-4593 (application status - automated only)
Cap1: 800-889-9939 or 800-625-7866.(Account Specialist)
Cap1: 877-513-9959 (Account Retention?)
Cap1: 800-258-9319 (Debt Recovery)

Cap1 Secured Platinum: 800-219-7931 (deposit taker, can speak to credit analyst)

Cap 1: 800-707-0489 (Senior Escalation Account Mgrs.)

Re: Friend app'd for Cap1 and declined-advice please?

HiLine — Sat, 10 Aug 2013 19:13:56 GMT

First of all, welcome back! Haven't seen you post in a while

As others have pointed out, Capital One is understandably less tolerant with bankcruptcies on their accounts, and your friend just happened to apply for the most selective credit product they offer. On top of those, your friend's FICO scores are not (yet!) particularly impressive, either.

There are several things against your friend, but since he has nothing lose, may as well give it a try with a recon!

Re: Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 19:22:04 GMT

@HiLine wrote:
First of all, welcome back! Haven't seen you post in a while

As others have pointed out, Capital One is understandably less tolerant with bankcruptcies on their accounts, and your friend just happened to apply for the most selective credit product they offer. On top of those, your friend's FICO scores are not (yet!) particularly impressive, either.

There are several things against your friend, but since he has nothing lose, may as well give it a try with a recon!

Hey HiLine! Yea I've been a bit busy for awhile and I've been neglecting one of my favorite places to visit

Boy, so he picked the most prime card they have? What a turd face he was to apply without consulting me first! I guess he thinks he's sitting on top of the world coming from his past scores to now...LOL!!! Anyway, I will suggest that he recon but lord I can't figure out which number to give him to call since none of the backdoor numbers say recon for cap1.

Re: Friend app'd for Cap1 and declined-advice please?

HiLine — Sat, 10 Aug 2013 19:26:42 GMT

@Rhaeny wrote:
@HiLine wrote:
First of all, welcome back! Haven't seen you post in a while

As others have pointed out, Capital One is understandably less tolerant with bankcruptcies on their accounts, and your friend just happened to apply for the most selective credit product they offer. On top of those, your friend's FICO scores are not (yet!) particularly impressive, either.

There are several things against your friend, but since he has nothing lose, may as well give it a try with a recon!
Hey HiLine! Yea I've been a bit busy for awhile and I've been neglecting one of my favorite places to visit

Boy, so he picked the most prime card they have? What a turd face he was to apply without consulting me first!

I have generally found this rule to be universally true in life:

Attractive = selective

If he fails with the recon, I would advice that he garden for a while and bring his scores to the 700's before applying for any more cards

BTW, glad to have you in the garden

Re: Friend app'd for Cap1 and declined-advice please?

jeffery581 — Sat, 10 Aug 2013 19:49:16 GMT

ill never understand why some with prev bankruptcy get better deals than someone with no history. One has a proven failure.

Re: Friend app'd for Cap1 and declined-advice please?

Open123 — Sat, 10 Aug 2013 19:56:23 GMT

@jeffery581 wrote:
ill never understand why some with prev bankruptcy get better deals than someone with no history. One has a proven failure.

When it comes to financial models, a known quantity is always preferrable to an unknown one.

In the case of proven failure, at least it's a known quantity where opt to price it accordingly with a higher interest or bet on it to fail. While for the unknown, when it comes to financial forecasts, the only prudent course is avoidance.

Re: Friend app'd for Cap1 and declined-advice please?

HiLine — Sat, 10 Aug 2013 19:59:42 GMT

@jeffery581 wrote:
ill never understand why some with prev bankruptcy get better deals than someone with no history. One has a proven failure.

.... together with a lot of success. Bankruptcy is not something that tends to recur in one's lifetime.

Without any history, there is too much uncertainty. From a risk management perspective, huge fluctuation is a big no-no. For someone that has a track record, you can predict his probability of default based on his past credit behavior. For a clean slate, there is no way to tell.

Re: Friend app'd for Cap1 and declined-advice please?

Rhaeny — Sat, 10 Aug 2013 20:25:37 GMT

@Open123 wrote:
@jeffery581 wrote:
ill never understand why some with prev bankruptcy get better deals than someone with no history. One has a proven failure.
When it comes to financial models, a known quantity is always preferrable to an unknown one.

In the case of proven failure, at least it's a known quantity where opt to price it accordingly with a higher interest or bet on it to fail. While for the unknown, when it comes to financial forecasts, the only prudent course is avoidance.

Jeffery, that sounds a bit judgemental IMO and totally off topic to what my post was about. Perhaps you didn't mean it that way but that's the way I'm reading it. Anyway I'll give you a little history. His credit history was stellar before the crisis hit. He's 55 years old, divorced from a wife who raked up a pile of debt in the year before he filed, teenage son was in a horrific car accident that raked up even more debt in medical bills, and working for a company for 24 years that downsized and reduced his salary. So his excellent credit history went back some 30 plus years and wasn't erased because he filed bankruptcy.

Perhaps creditors look at a chp 13 filer different than a chp 7 because they do pay back their debt and therefore extend credit again. However, looking at it from a creditors postion, if I had to offer someone credit I would rather give it the 13 filer than the 7 (and this is not a knock against 7 filers just a statement applying to this scenario), because they DID pay back their debt. I have no facts to back that up but just a theory...LOL!!

Bad things happen to good people sometimes but life just isn't fair so you have to take your bumps. So in regards to your question as to why people with a bk get a better deal than those with no history, maybe the above will answer your question. The "proven failure", as you stated, is a situation that occured once in his lifetime of which I should add, he paid back 100% of that debt in a 5 year chapter 13 plan. I don't see that as a proven failure but more so someone who wanted and did pay thier debt. On the other hand someone with no history leaves little to base any decision on.

Re: Friend app'd for Cap1 and declined-advice please?

Anonymous — Sat, 10 Aug 2013 20:36:15 GMT

So, how's everybody doing?

And back on topic...Rhaeny, if your friend mstakenly apped for excellent credit then that might be the reason for decline. He has already taken 3 HPs so it never hurts to at least try. Others may say, he apped for the wrong card and therefore there is nothing to recon.

If he apped for average credit then it seems like Cap 1 is not the card for him until it drops off his CR's.

Re: Friend app'd for Cap1 and declined-advice please?

Open123 — Sun, 11 Aug 2013 00:11:31 GMT

@Rhaeny wrote:
Bad things happen to good people sometimes but life just isn't fair so you have to take your bumps.

Right, and the last thing I'd want is to be lectured on "fiscal responsibility" by the very same banks that required our tax dollars to remain solvent in 08, e.g., Citi, Chase, Amex, BofA and whoever else.