It's hard to figure out what goes into the decision process with these card companies. I applied for a Mission Lane card even before my chapter 7 was discharged and I got it with a 750 limit. I used it responsibly, pay on time and kept a low balance. Capital one offered me a card before the discharge also with a 500 limit and a month after the discharge the limits increased to as much as 3 grands. Stop applying all over the place, it makes you look desparate and they can see it. pay down the balance on the card you have way down and give it sometime. I am sure you will regain credit worthiness, just give it some time. Good luck
@jmcmillan wrote:I did a lot of research waiting for this moment, and I'm getting denied for everything.
Discover denied me due to my bankruptcy.
Capital One denied me due to delinquent past credit obligations (I thought Capital One was forgiving?)
US bank denied me. (still waiting for the letter)
I guess I'm applying for OpenSky while everyone else gets to enjoy their prime CCs
I'll give you a rough timeline for cards roughly:
Day after discharge: OpenSky and Kikoff $12 loan account
About 31 days after discharge once all credit reports were updated: Capital one platinum card and NavyFed Secure card
2 Months later SchoolsFirst FCU
5 Months later Capital one Auto Loan
7 Months later Capital one Quicksilver and grain account.
8 months later: Approved for $65k auto loan Capital one if I want and Aspire credit card
@jmcmillan wrote:
@Caliboy97 wrote:
5 Months later Capital one Auto Loan
May I ask more details on your auto loan? I'm at 5 months post-discharge. I'm curious about your APR, amount financed, and whether it was a new or used vehicle.
Per a number of posts here from current and former dealership finance professionals, if you put enough money down (thinking at least 20%), you can get approved for most cars with a reasonable APR.
Circling back to the beginning of this thread; have you been able to land any credit cards so far?
@jmcmillan wrote:
@Horseshoez wrote:Per a number of posts here from current and former dealership finance professionals, if you put enough money down (thinking at least 20%), you can get approved for most cars with a reasonable APR.
Circling back to the beginning of this thread; have you been able to land any credit cards so far?
Yeah I've heard the same thing a few times. I decided to wait a couple more years to purchase a car, because it's NOT a buyer's market right now.
As for my cards, I went with two SDFCU secured cards and one OpenSky for the time being. I have my student loan mess mostly cleaned up, so hopefully I will be in a better position when these cards hit 1 year of age. I'm gardening at the moment, and I'm going to try Discover and US Bank again next year.
Yeah, I'm gardening as well (hence the bronze spade in my signature), and pretty much for the same reasons. My wife and I are in good shape car wise these days, so no real plans on buying something new for either of us, but I wouldn't say "No" if someone gave me a Porsche Cayman or something like that. We're thinking to buy a house in the next year or two, so given I now have three unsecured credit cards and an SSL, gardening is the name of the game to boost mortgage scores.
My first auto loan was 35k with 2k down at 8%.
i just turned in that car and got 45K financed with 2k down again at 6% 3 2.5 months later.