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Capitalone approved after BK & yes I burned them :(

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millers
Established Member

Re: Capitalone approved after BK & yes I burned them :(

I had 2 card with capital one ... both with limits of $1100 , both had balances of around $1000 each I was never late on these cards
Message 11 of 15
Anonymous
Not applicable

Re: Capitalone approved after BK & yes I burned them :(

Congrats.  But getting new credit after a BK to get back to 700 do you can "buy a house" is not necessary.  FHA will approve you for a home loan with 3% down and a 580 or better score.  There is no need to go back into the same type of debt from the same company that got you into BK in the first place.

Message 12 of 15
MyDataMyChoice
Valued Contributor

Re: Capitalone approved after BK & yes I burned them :(

Having three open trade lines and an installment using AZEO method will boost your score and lower your interest rate and could save you thousands.

Why go FHA if you could for usda or conventional

Credit cards do not need to be used to help your score (most)

Message 13 of 15
millers
Established Member

Re: Capitalone approved after BK & yes I burned them :(

I do realize that I can get a FHA loan with a low score. However I can’t apply until 2years after Discharge. So while I wait I’m doing everything possible to raise my score to get the best possible interest rate I can. After Bankruptcy I downsize to a much smaller place. It’s not the most comfortable but has reduced my MTHLY bills significantly while a build a hefty saving. My outlook and usage of CC is completely different than it’s been in the past. I only use my CC for things that I can pay off with my bank account immediately, so I’m not carrying a balance. However in order for me to rebuild after BK I have to develop a better payment history. I feel confident in myself now and can garden now with my 2 credit card and installment loan Smiley Happy
Message 14 of 15
Anonymous
Not applicable

Re: Capitalone approved after BK & yes I burned them :(

Congrats!! same here, I had a few of their cards and I did burn them as well.  I had was pre-qaulified for a Kohl's (I read on here somone got a Kohls card after BK) I did not know they were through Cap1 but they approved me with a small 300.00 limit which is fine, I don't shop there much anyway... and then I went for the big MasterCard I did pre-qaulify then got the 7-10 day reply email..  about 21 or so days after that I got the card in the mail with a 3K limit.  I am almost a year post discharge - my letter was 5/15/18.  I too, learned my lesson, and will not charge anything I do not have the cash to already pay for.

Message 15 of 15
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