Nothing But Denials

[Pway]

It takes time.  I am assuming by reading that you had no credit cards prior to your bk being discharged.  You was recently approved for a Capital One card and that is a good start.  I understand that you are frustrated but remember that you have just started to rebuild your credit two years after your discharge.  The longer you wait the tougher it is to obtain credit in terms of credit cards.  

I would garden with that Capital One card and in about three months or so, those cards you was denied for could be approvals when you decide to re apply.  Barclay's like to see six months of history before an approval post discharge.  I have the Rewards MC from Barclays and it took me six months for an approval post dischage.  Synchrony Bank took me two years to get back in with.  Discover, is an odd ball, some profiles they like and others they don't.  I have yet been able to get in with Discover.

* Obtaining a Mortgage and trying to obtain a credit card is two totally different underwriting criteria.

You will get a decent credit card in time.  I wish you the best and good luck with your rebuilding efforts. 

[Anonymous]

It's actually pretty simple. People tend to weigh the importance of having a roof over their head more than paying credit cards. So in the lenders eyes, as of right now you fall into the category of "will probably pay mortgage" and also fall into the category of "good chance of default on credit cards".

[Anonymous]

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@Sassy_Taurus wrote:
I'm aware of the impact that filing a bankruptcy has on a persons credit. When I say I don't get it I simply mean that I can get approved for thousands of dollars for a loan but declined for a credit card. Kind of just makes me scratch my head. But anywho I'll wait til next year this time and try again.

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A good point has been made here before that I certainly never thought about. A mortgage loan is secured by the property and the bank has something to recover funds if you default whereas credit cards lenders have nothing to sell if you don't pay.

[Anonymous]

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@Anonymous wrote:

A good point has been made here before that I certainly never thought about. A mortgage loan is secured by the property and the bank has something to recover funds if you default whereas credit cards lenders have nothing to sell if you don't pay.

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This is true, however they lose thousands on a forclosure and resale, much more than a CC company loses on a baby limit card.

[Sassy_Taurus]

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@Pway wrote:

It takes time.  I am assuming by reading that you had no credit cards prior to your bk being discharged.  You was recently approved for a Capital One card and that is a good start.  I understand that you are frustrated but remember that you have just started to rebuild your credit two years after your discharge.  The longer you wait the tougher it is to obtain credit in terms of credit cards.  

I would garden with that Capital One card and in about three months or so, those cards you was denied for could be approvals when you decide to re apply.  Barclay's like to see six months of history before an approval post discharge.  I have the Rewards MC from Barclays and it took me six months for an approval post dischage.  Synchrony Bank took me two years to get back in with.  Discover, is an odd ball, some profiles they like and others they don't.  I have yet been able to get in with Discover.

* Obtaining a Mortgage and trying to obtain a credit card is two totally different underwriting criteria.

You will get a decent credit card in time.  I wish you the best and good luck with your rebuilding efforts. 

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Right. I initally tried to get cap1 right after I discharged but they denied me. I did not try again until a year and a half later because my loan officer said that I needed at least two cards to help get my fico where it needed to be. I can wait it out and just take care of the baby cards that I have for now. Thanks!

[Sassy_Taurus]

Thanks everyone for your much appreciated input. I'm going to not app anymore and just wait until next year and see what happens. Hopefully my credit profile will be much stronger.

[RonM21]

OP it will come around for you. The one thing about credit building is that patience is one of the most underrated factors. But it is key to getting where you want to go. If you grow what you have the correct way, and let things play out a bit naturally, you'll be surprised how things will suddenly start moving for you. Your success is coming!

[Anonymous]

OP, are you a member of NFCU or did you burn them in your bk? If not head over to the BK or personal finance forums and read up on how to join them as a civilian. They are great with folks after bk.

Have you been through your reports with a fine tooth comb? Make sure ALL the data is correct. You could pass through UW with incorrect dates and info - I did. I just recently pulled them and began disputing anything that was incorrect (like DOFD or closed date).

Treat that Cap1 card well for 6 months and try to get a second card from them. Your scores are really low for 2 years out, I'm guessing you might find something in your reports that is slightly off.

[Anonymous]

Oh and for each of those denials, go back to each bureau that declined you and get a copy of your report. That's where you find things "hidden" that the montoring sites don't display.

[Sassy_Taurus]

Thank you RM21...

ksb1 I have a secured and a quicksilver with cap1. The quicksilver is the credit steps one. I'll take your advice and look over my reports again. My scores are low because after I discharged I did not get any cards to rebuild until 1 1/2 years later