Cap One wrote off $10K plus in BK case--and offered me a new card before my bankruptcy was final!

[Anonymous]

I know that Capital One has a reputation for being relatively forgiving, but I'm kind of shocked with what just happened. 

I filed for Chapter 7 in August and my discharge won't be official until later this month. I wrote off over $10K in debt to Capital One and they've already issued me a new card with a $500 limit. I went ahead and took it, but I'm still trying to wrap my mind around the idea that they would charge off so much and then come right back and as me to be a customer again. 

To be fair, I was an excellent customer with them for many years until my wife lost her job in 2017 and the wheels fell off our finances. 

Has anyone else had a similar experience with Cap One? Is this a mistake on their part, or what?

[Anonymous]

I know that Capital One has a reputation for being relatively forgiving, but I'm kind of shocked with what just happened. 

I filed for Chapter 7 in August and my discharge won't be official until later this month. I wrote off over $10K in debt to Capital One and they've already issued me a new card with a $500 limit. I went ahead and took it, but I'm still trying to wrap my mind around the idea that they would charge off so much and then come right back and as me to be a customer again. 

To be fair, I was an excellent customer with them for many years until my wife lost her job in 2017 and the wheels fell off our finances. 

Has anyone else had a similar experience with Cap One? Is this a mistake on their part, or what?

[CreditMagic7]

Yes i have.

Capital One WAS NOT included in my Feb 26 Filing and i even had a Walmart Card at $10K & get this, $41K Venture Card in excellent standing at time of filing. Naturally they went bye bye as is expected even when not included as is policy.

They already had a preapproval right under my nose and same day of my DC they INSTANT approved it for a $1K Platinum which i since converted to Quicksilver as well as a CLI.

They seem hyper aggressive in maintaining a high volume of card accounts with customers in spite of even when you burn them.

[sccredit]

CapOne knows you can't file on them again for 7 years so the overall risk is mitigated. I filed on them for $26k in biz cards at the end of 2017 and currently have $11,800 in limits with them.

[DebtStinks]

Yep. Included them for over 10k and got approved for a Platinum card 1 day after discharge with a $2,000 SL and it's now an $11,200 CL and was upgraded to a World Elite Quicksilver MC.

Best of luck in your rebuild!

[ballysdad]

I burnt Cap 1 for about 3k and never made a late payment in 8 years. I paid up to the day I filed. Everytime I apply for pre approval I get denied for past relationship. I have moved on to other very forgiving cards but it is strange.

[CreditMagic7]

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@ballysdad wrote:

I burnt Cap 1 for about 3k and never made a late payment in 8 years. I paid up to the day I filed. Everytime I apply for pre approval I get denied for past relationship. I have moved on to other very forgiving cards but it is strange.

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Same here only with Discover not Capital One. Never late on any before or now after with new accounts period.

I don't expect Discover to even consider for a very long time so i moved on likewise.

[DebtStinks]

@ballysdad they typically require 12 months to pass since date of charge off/BK...whichever happened first.

Hope this helps!

[angelofmusic86]

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@DebtStinks wrote:

@ballysdad they typically require 12 months to pass since date of charge off/BK...whichever happened first.

Hope this helps!

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100% this.  My previous Cap1 was charged off end of November/beginning of December 2019.  I've been randomly checking the pre-qual site every few days (because I was curious when the magic date was) and was just approved for 3k today (which is smack dab in between what my old credit limit was and what ended up being discharged with late fees lol).

[luvsandyshores]

They were included in my ch 13 for about 2-3k.  Two days after discharge they financed my car at 8% interest. 

[Goal7502022]

I burned Cap one for my over 10k in my bk and less then three weeks later they approved me for a  3k platinum card.