Capital One After BK?

Anonymous · ‎05-29-2018

Hello! My Chapter 7 discharge happened in early April and I am in the process of rebuilding my credit. So far I have the Discover It Secured, an Overstock card, and a Kohls card. No balances on any of them.

I burned CapOne, Synchrony, Citi (Home Depot Card), and Barclay. I'd like to get back in with Capital One but their prequal site says there's nothing for me. Is that pretty accurate, in that if I apply I'll get a denial? Do I need to wait until the Prequal site says there's something for me? I'm stayting away from Credit One and First Premier as I don't want a card with an annual fee or high other fees.

Scores are in the low 600-630 range right now across the board. Credit reports have been cleaned up.

creditguy · ‎05-29-2018

Capital One is very forgiving but seeing as how your BK was only discharged last month i'd say its probably a little early. I've heard about a year from discharge is good time to try again with CapOne. It may be a good sign that you have a Kohls card since CapOne backs that card. You can always apply and see for yourself if CapOne is willing to give you a card but personally I'd stick to the three cards you have for now and build up some history and save the triple pull. Best of Luck in your rebuild.

Anonymous · ‎05-29-2018

Thank you! I'd like to have two mainstream cards if possible. Discover It will be our bills card as we are transistioning all of our recurring monthly charges over to it so that we only have to make one payment instead of 5-6 for the various services we have. Eventually once I get the limit up we will transition all of our bills over to it minus the mortgage and car payments, so that we only have a few we need to pay every month; make things easier. I like that Discover is a cash back card.

I wanted to get back in with Capital One so that we have a card I can use for any kind of traveling for hotel and car reservations, so that we don't have to use our debit card or the Discover card for it.

Anonymous · ‎05-30-2018

My Bk was Oct 15, Discharged Jan 16, things change so...YMMV

Cap1 was IIB. I applied 3 weeks after discharge and was approved for 3k.

BTW I followed this thread closely, with my own modifications, for about the first year: https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td...

I works and works well.

Anonymous · ‎05-30-2018

Did you have a preapproval offer before you applied?

CashBackQueen · ‎05-30-2018

I was just approved for an unsecured Capital One card last week. My BK was discharged four months ago. Never got an offer on their prequal. I burned them for about $5k.

Capital One will (usually) let you in one year after charge off, or if your account was current, one year after BK filing.

BK7 DC 1/2/18 • Progress as of 5/10/22:

TCL: $89,350 • If it ain't got rewards, I don't want it

Anonymous · ‎05-30-2018

Is the Platinum the best way to go? Is that their lowest tier'd credit card?

CashBackQueen · ‎05-30-2018

It is, but I chose it over the Quicksilver One because the QS1 has an annual fee, and I know that I can upgrade my Platinum to a QS (not QS1) after my second statement cuts and get all the benefits of the real, higher-tiered QS. The only difference is it will remain a MasterCard (Quicksilvers are Visa) and you won't get the 0% introductory APR, which doesn't bother me because I hate carrying balances.

BK7 DC 1/2/18 • Progress as of 5/10/22:

TCL: $89,350 • If it ain't got rewards, I don't want it

Anonymous · ‎05-30-2018

@Anonymous wrote:
Did you have a preapproval offer before you applied?

I didn't try the pre-qual site.

I really was not expecting to get approved. I was shocked.

Anonymous · ‎05-30-2018

I guess I'm still in the doghouse. I just tried and got the 7-10 day message but no new inquiries on any of the bureaus.