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Capital One cards after BK7

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MileHigh96
Frequent Contributor

Capital One cards after BK7

Although I am fairly happy with the new cards I got after my BK7 was discharged, all I read all over the forum is how forgiving CapOne is and they usually grant credit cards after BK, even to people that burned them for tens of thousands of dollars it seems.  Yet when I was looking to get new revolvers to rebuild my credit, I tried the pre-qual on the CapOne site and I couldn't even get a secured card pre-qual from them.  I did burn them for ≈ $4K but I have seen on the form that there are people that burned them for 5 to 10 times that amount and were able to get a card from them not long after discharge.

 

So what gives with them?  Are they getting pickier with people that have burned them in BK?  Or am I just unlucky?  Because the sole reason the pre-qual says I was being declined is because of past accounts with them.

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 1 of 15
14 REPLIES 14
sccredit
Valued Contributor

Re: Capital One cards after BK7

I didn't get approved for a Capital One card until 13 months post discharge. Many others have experienced the same. 

Message 2 of 15
dragontears
Senior Contributor

Re: Capital One cards after BK7

From what I have read, those people that get a cap1 card immediately after BK when cap1 debt was IIB defaulted on the account well before declaring BK. In other words it is my observation that the ~12 month waiting is from default not BK. 

Message 3 of 15
anniea4001
Regular Contributor

Re: Capital One cards after BK7

@MileHigh96  CapOne seems to basically have one rule about this. You have to wait at least a year from the time your account was closed or defaulted on.

So for instance, in my case my CapOne accounts were closed about 3 years prior to filling for BK so as soon as I was discharged I qualified. 

If your account was closed or defualted on right around the time you filed, then you would not be able to get back with them right away. 

Message 4 of 15
FireMedic1
Community Leader
Mega Contributor

Re: Capital One cards after BK7

When were you DC'ed? And how many cards do you have now?


Message 5 of 15
Anonymous
Not applicable

Re: Capital One cards after BK7

Ooh interesting, my Cap1 charged off before filing because I was on a payment plan with the lawyer, not sure when that was, but before I found these forums, I had applied for the secured six months after dc.  I didn't even do the prequal.  It graduated, I upgraded (due to a post I saw here, these boards are awesome!) to a Quicksilver and that was that.  I bet it was because the co date was well before my discharge.  

Message 6 of 15
chalupaman
Super Contributor

Re: Capital One cards after BK7

It's a big YMMV to be honest. Some people are able to get secured cards right away from CapOne. Others are able to jump head first into their regular cards and at decent starting limits like $3k. Give it a go and see how it works out for you. 

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 7 of 15
kr43002
Frequent Contributor

Re: Capital One cards after BK7

I believe they go off of 1 year from charge off. I wasn't charged off in my BK so I am waiting to see if I was charged off January or May. January is when I filed, May is when I was discharged.

I am guessing we are in the same boat since you were discharged in July.

When does it say on your credit reports that the last account was charged off with Capital one?

BK CH7 1/21 DC 5/21
1+ Year Post BK
Credit Limit: 6000
EDC: QuickSilver 1 1.5% $39 AF
Oldest Account: Tire Card $500 0% APR 6 Months After purchase. 2018. (Survived Bankruptcy)
Message 8 of 15
CosmicCash
Established Member

Re: Capital One cards after BK7


@chalupaman wrote:

It's a big YMMV to be honest. Some people are able to get secured cards right away from CapOne. Others are able to jump head first into their regular cards and at decent starting limits like $3k. Give it a go and see how it works out for you. 


This, I just got approved for a Platinum Capital One with $3k, no annual fee.  My discharge was less than 3 mo ago, 7/14/21.  However it's important to note I didn't burn them.  The pre approval tool is helpful.  Good luck!

Chapter 7 Filed: 3/31/21
341 Meeting: 05/04/21
Discharge: 07/14/21
Message 9 of 15
angelofmusic86
Frequent Contributor

Re: Capital One cards after BK7

It is ~12 months since you burned them.  In my case, I was charged-off late November/early December 2019, was approved for 3k December 2020 (plus a tiny Kohl's card around then, have gotten a small CLI on the original Cap1 card since).  If you were in good standing with them at time of filing BK - your 12 months starts then.  

I was also just recently approved for 3k for the Walmart Cap1 MC - which was also burned (though I think it was on the cusp of transtitioning from Synchrony? to Cap1 when it was charged-off)

CH7 Filed 05.01.2020; Discharged 10.21.2020

10.22.2020 FICO8 Scores: EQ 615 TU 560 EX 581
06.28.2023 FICO8 Scores: EQ 663 TU 663 EX 661

Rebuild progress: Kohl's $3,000; CapitalOne QS $0AF $3,600; CreditOne Rewards $700; CapitalOne Walmart MC $3,000; Overdraft Line $250; PenFed PCR $10,000; Kemba Visa $3,500; CreditOne $0AF AMEX $1,500; Target RedCard $1,200; paid off reaffirmed car loan!; Wells Fargo Active Cash $1,500; Comenity Ultamate Rewards MC $4,250; CapitalOne Savor One $3,000; Amazon Store Card $3,600; CareCredit $7,400; Synchrony TJ Maxx Mastercard $3,500; Well's Fargo Reflect Visa $3,500; Levin Furniture $7,400
Gardening until December 2023.
Message 10 of 15
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