rebuilding/cap one told us no

[Anonymous]

I received my discharge for my Chapter 7 on the 17th and pre-applied for a Cap One card today to begin rebuilding. Prior to filing, I was a user on my wife's card and we had excellent, on time, 100% paid in full status with them for 6 mos prior to filing.

They told the both of us no, and that sucks because we were banking on getting another card based on our good history with them. I burned discover in the bankruptcy. We were planning on going to Navy Fed and applying for secured cards. I have money in the bank there to put down towards a deposit and Dec marks a year that I've been banking with them. (my wife has been there for years before we were married)

Please advise

[AllZero]

Go for Navy. Good luck. For your reading pleasure. Navy Federal Thread for CLI and Additional Cards

[Caliboy97]

For capital one I burned them in bankruptcy and included them. I kept prequalifing each week and after about 3 they allowed me for a unsecure platinum card and I applied and got it!

discover on the other hand won't let me get anything , not even a secure card

[AllZero]

Navy has one of the best secured cards out there. It can graduate to unsecured around 6-7 months, depending on profile. Also, once it graduates from nRewards, it should convert to a Cash Rewards card that offers 1.5% cash back.

https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=location&q=navy%20secured&noSy...

[Anonymous]

I'd go full Navy until you have 3 cards (their limit) from them

Then Discover might be more receptive later 

[Anonymous]

Thanks for the advice. I'm just hoping to get things straight and hopefully Navy will help us with that. I am reading the thread you shared now and it seems a little silly; maybe they will be that good to us upon rebuilding and give us a decent line down the road? I see it as a very good emergency buffer to have for sure along with my emergency fund.

I would like still like to open another Cap One card if I can. I hope they will give us each a card in due time since we were on point with them before. If it's worth trying again we certainly will.

The chapter 7 case has opened my eyes and I've done a full 360 with my finances and newfound savings. I just want to do things right so that my family and I will be in good shape after a few years.

[flexin222]

I wouldn't give up on Capital One just yet. If they turned you down for a card you can call for reconsider. I would talk to a manager and see what really happened. At least you'll know what to do for the future if they deny you. Hey, you never know! Good luck to ya...

[Anonymous]

@Anonymous I would second attempting to get a secured card with Navy while you wait to get in with Cap One.

Try to avoid taking it personally, even with banking relationships most financial institutions base credit decisions on credit worthiness. Even if they take the relationship into account, the deposits have to be rather large for it to matter.

You didn't make it clear, did you try the preapproval tool or apply for a card outright?

You can always try again in a few months. Some have been approved out the gate for a Cap One card while others have had to wait.

Keep in mind its a marathon not a race. You will reach your goals.

Aim for 3 revolvers (credit cards), and 1 installment loan (auto loan, student loan, personal loan) for max scoring.

Good luck on your rebuild!

[Anonymous]

We both tried the pre-approval tool

Thank you for the advice, it really helps

[Brian_Earl_Spilner]

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@flexin222 wrote:

I wouldn't give up on Capital One just yet. If they turned you down for a card you can call for reconsider. I would talk to a manager and see what really happened. At least you'll know what to do for the future if they deny you. Hey, you never know! Good luck to ya...

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Cap1 doesn't do reconsiderations. Along with discover, everything is run by the computer. Whatever decision it makes is what they go by. It can't be overturned.