Cap1 alternative

[Xyta]

So I've read the BK to 700 forum on here that's often recommended, and I've seen other people post that after their discharge they get a 3k credit line with Capone, but that's not the case for me. I had a cap one account years ago that I settled for like .70 on the dollar, then before filing I'd opened another, not realizing that they'd just close it next month (it had a 0 balance) when I filed. 

when I prequalify it says "too many past or present obligations", or "recently processed application" but one card was settled and the other was closed with a zero balance. 

regardless, it looks like the typical path isn't available to me, what are other first steps that work? Credone prequal declined me as well. 

[Jnbmom]

When was your BK discharged ? What cards if any did you start your rebuild with ? What creditors did you burn in BK? What are your current FICO scores ?

[DogwoodLynx]

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@Xyta wrote:

So I've read the BK to 700 forum on here that's often recommended, and I've seen other people post that after their discharge they get a 3k credit line with Capone, but that's not the case for me. I had a cap one account years ago that I settled for like .70 on the dollar, then before filing I'd opened another, not realizing that they'd just close it next month (it had a 0 balance) when I filed. 

when I prequalify it says "too many past or present obligations", or "recently processed application" but one card was settled and the other was closed with a zero balance. 

regardless, it looks like the typical path isn't available to me, what are other first steps that work? Credone prequal declined me as well. 

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I burned Cap1 as well. They seem to let people in eventually.

I am going the secured route for now. I was approved for OpenSky (no credit check) and put $400 toward my limit. 

I havent used it yet because Im not quite to DC. 

I think my next app will be with NFCU for secured maybe in January or Feb unless Disco or Cap1 decides theyll take me. 

I dont think there is anything wrong with secured as long as you are selective about it. 

Hope that helps.

[DogwoodLynx]

Also, every month or so, do the prequals on the ones you want just to check. 

I would go secured before I would get Credit One or one of those really awful deals. 

Of course YMMV. 

[Xyta]

For sure. I appreciate your input. 

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@DogwoodLynx wrote:

Also, every month or so, do the prequals on the ones you want just to check. 

I would go secured before I would get Credit One or one of those really awful deals. 

Of course YMMV. 

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[Xyta]

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@Jnbmom wrote:

When was your BK discharged ? What cards if any did you start your rebuild with ? What creditors did you burn in BK? What are your current FICO scores ?

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Sorry for the delayed reply. 

filed 8/15/22, discharged 10/20/22. 

EX 621 EQ 613 TU 574* 

Burned include: 

Discover ~ 2k 

NFCU ~2k

DCU ~17k Auto
DCU ~5k CC 

Chrysler Capital ~12k**

Cap One $300/0 (see OP)

Fingerhut $0 

Milestone/Destiny/Bank of Miss all for about ~500 each 

IRS for a couple thousand 

I have a ~26k auto I signed after filing (at 17%, my priority #1 is a refi) with Consumer Portfolio. 

No CCs came through and I have about 70k of student debt (but because of filing that's already down from about 100k so that's great)

*(according to the EX website, these are all FICO 8 scores. Credit Karma has my EQ at 660 and my TU at 632 but my understanding is that these are basically useless data points?) 

**(this charged off back in 2017 so I'm not sure which it reports as and which is worse- charge off or IIB) 

[Xyta]

The 'why' behind the filing was because the vehicle I bought with the DCU loan suddenly needed an 8k engine replacement that I couldn't afford and didn't want to afford, but wasn't covered by mfgr warranty or my service plan. Filing got me out from under the payment of a car that wasn't operable.

[MileHigh96]

I'm thinking that CapOne will let you back in eventually. All you can do is keep checking the prequal page and see what it says, there's no hit to your credit score, so there's no hurt in trying.

I burned CapOne in my BK7 for ≈ $7000 and it took them about 14 months post discharge, but they have approved me for three different cards now and my CL with them across all my accounts is higher than it was when I was with them before my BK7.