BK 7 - Capital One

[AJR1]

Got Pre Qualified for Capital One Platinum Visa - Good or Bad

[cassie3783]

Cap1 is great.  It's an auto increase after 5 months of on-time payments.  BK friendly, obviously.

[AJR1]

Does pre qualify mean you get it - Im new to this stuff - Never had to worry about cards before

[Anonymous]

Capital One's prequal is usually pretty solid. 

[Anonymous]

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@AJR1 wrote:

Got Pre Qualified for Capital One Platinum Visa - Good or Bad

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Good.  I received a pre-approval/qualification from them in the mail about 3 months after my BK7 discharge and was pleasantly surprised to be approved for $300.  It made me feel good.  They are the first card in my rebuilding.  The card has been PC'd from a standard Platinum Mastercard to a Quicksilver.  After about five months I received a $100 CLI after asking for one and the following month (six) I received an auto CLI of $350, bringing my total SL to $750.

[AJR1]

My discharge is supposed to be 6/14 - Should I wait ?

[Anonymous]

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@AJR1 wrote:
My discharge is supposed to be 6/14 - Should I wait ?

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I would. 

Many folks say opening new accounts before discharge can jeopardize your BK. Plenty have done it with no issue.

Aside from potentially jeopardizing your discharge, I think it's important to wait for other reasons. Do lots of research here. Learn to budget. Build emergency savings. Save for retirement. Save more just for the sake of saving. These things are FAR more important than getting your first rebuilder card.

I am living on roughly 65% of my income currently and want to get down to about 40%.

Not at all saying this applies to you, but I think jumping back into the credit card world before you're even discharged is a red flag. We see it all the time here and folks are back in 6 months needing advice on their maxed out cards and 24% underwater car loans.

BK provides the opportunity to leave our bad financial pasts in the past and start a new. Take some time to heal and re-enter the credit world financially savvy.

[AJR1]

Thanks

[Anonymous]

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@Anonymous wrote:

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@AJR1 wrote:
My discharge is supposed to be 6/14 - Should I wait ?

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I would. 

Many folks say opening new accounts before discharge can jeopardize your BK. Plenty have done it with no issue.

Aside from potentially jeopardizing your discharge, I think it's important to wait for other reasons. Do lots of research here. Learn to budget. Build emergency savings. Save for retirement. Save more just for the sake of saving. These things are FAR more important than getting your first rebuilder card.

I am living on roughly 65% of my income currently and want to get down to about 40%.

Not at all saying this applies to you, but I think jumping back into the credit card world before you're even discharged is a red flag. We see it all the time here and folks are back in 6 months needing advice on their maxed out cards and 24% underwater car loans.

BK provides the opportunity to leave our bad financial pasts in the past and start a new. Take some time to heal and re-enter the credit world financially savvy.

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GREAT advice!

I probably know this post by memory!  Take a look OP.