cancel
Showing results for 
Search instead for 
Did you mean: 

CapOne & BK 7

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Established Member

CapOne & BK 7

I was approved out of a CHP 7 BK for a CapOne Mastercard with a $300 limit that would auto increase after 5 payments to $500. I read here in the forums that if you asked for a CLI before your auto increase, it might be approved and then youd get a second increase on your 5th payment mark.  I went ahead and attempted the early CLI. 

 

I was denied for the following reasons :

- A payment on this Capital One account was recently returned (this was a auto-pay account number error which i corrected with a customer service representative who said this would have no impact on me)

- The credit reporting agency has reported a recent credit delinquency (I assume this would be the BK but they gave me a card right after the BK was discharged so it was already reporting)

- Recent use of this account's existing credit line has been too low

 

The last one is kind of like a slap of 'hey, youve been very responsible with your credit limit keeping it below 30% and PIF but we dont want to reward that'. Can I call for a recon?

 

Thoughts from more seasoned bk rebuilders?

 

Message 1 of 11
10 REPLIES 10
Senior Contributor

Re: CapOne & BK 7

Congrats. The way it works now. After 90 days or so you can ask for a CLI. So they said you'll get a $200 CLI after credit steps ends. You may get CLI. But that will be deducted from your original credit step agreed amount. So early CLI or not. You'll still end of as promised when approved. There is no recon with Cap1. Also. Thats a farse about dont use more than 30% of your credit line. Best way with Cap1 is heavy usage and PIF each month. That will get you CLI's after credit steps. Even if you get close to your credit line. Pay it off and do it again. As long as your monthly statement is zippo.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 11
Established Contributor

Re: CapOne & BK 7

 

I was denied for the following reasons :

- A payment on this Capital One account was recently returned (this was a auto-pay account number error which i corrected with a customer service representative who said this would have no impact on me)

- The credit reporting agency has reported a recent credit delinquency (I assume this would be the BK but they gave me a card right after the BK was discharged so it was already reporting)”

 

You need to be monitoring your credit reports when you’re rebuilding. Check your reports to see if all your accounts say “included in BK”. This is what they need to say otherwise they look like still outstanding debts.

 

Also the CSR was wrong. If you got the corrected payment in before 30 days, then yes it will not count agaisnt you on your credit report. But every bank keeps internal records and a “returned payment” even one caused by a mistyped account number is strike against you. A big one actually. If you have two in a short period, banks have been known to just shut down your card. That’s why they tossed it back at you when you tried for a CLI.

I just returned from financial hell. Don't go, the brochure is a lie.
Message 3 of 11
Established Member

Re: CapOne & BK 7


@FireMedic1 wrote:

Congrats. The way it works now. After 90 days or so you can ask for a CLI. So they said you'll get a $200 CLI after credit steps ends. You may get CLI. But that will be deducted from your original credit step agreed amount. So early CLI or not. You'll still end of as promised when approved. There is no recon with Cap1. Also. Thats a farse about dont use more than 30% of your credit line. Best way with Cap1 is heavy usage and PIF each month. That will get you CLI's after credit steps. Even if you get close to your credit line. Pay it off and do it again. As long as your monthly statement is zippo.


Forgive my ignorance here in this... 

 

When I look at my actual TransUnion report for example via the TransUnion website, this is what it shows for the Pay Status on ALL of my accounts.This is what I want it to say correct?

 

Untitled.jpg

 

 

Message 4 of 11
Established Contributor

Re: CapOne & BK 7

Yes, that is correct.

I just returned from financial hell. Don't go, the brochure is a lie.
Message 5 of 11
Valued Member

Re: CapOne & BK 7

I burned them for about $2700 on a platinum and QS. My discharge was on Monday. I just tried the pre-qual site just out of curiosity on it said it couldn't qualify me. Does everyone get that and apply anyway, or should I hold off a bit?

Message 6 of 11
Senior Contributor

Re: CapOne & BK 7

Usually around a year out they'll let you back in. You could check the pre-qual in say around 6-8 months out. Some get back in sooner. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 11
Valued Contributor

Re: CapOne & BK 7


@ALLgoodABQ wrote:

I burned them for about $2700 on a platinum and QS. My discharge was on Monday. I just tried the pre-qual site just out of curiosity on it said it couldn't qualify me. Does everyone get that and apply anyway, or should I hold off a bit?


I burned them for about $28k and they let me in after a year with a $3k limit.

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,000, Wayfair $5,000, Blaze MC $3,000, Kohls $500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 8 of 11
Valued Member

Re: CapOne & BK 7

I'll just check the prequal page every now and then. Thanks guys!
Message 9 of 11
Frequent Contributor

Re: CapOne & BK 7

I am almost 3 full years post BK7 and have not pre-qualified with Capital One a single time. I have tried many times

 

I burned them for $750 and $1000 (both were quicksilver rewards cards).

 

 

Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.