I applied for a Capital One Savor card on August 27th this year, and I was denied. I forgot to reveal that one of the reasons I could have been denied was because I had a previous Capital One card that was charged off and settled in May 2021.
Three months after the denial, Capital One sent me an email stating that I could see if I'm pre-approved for card offers-with no harm to my credit. I didn't realize that it has been three months since applying for the Savor Card. I was gardening after the denial because I have applied for and was approved for 3 credit cards and two installment loans in an 8 month period. But I took the bait and went on their site to apply again. As a result, I did take a hit on all three credit bureaus.
Here's my datapoint regarding getting approved by Capital one. My fico scores have gone up since August, and as a result of getting credit line increases on 5 of my credit cards, Sams Club Worldelite Visa (5k to 10K), AMEX (5k to 10K), Home Depot (5k to 9K), Toyota Visa 15K to 20K), and Upgrading Citibank AA Advantage Visa to the World Elite ( credit line increase from 9K to 12K) when Citi offered the upgrade. This has improved my FICO score from an average of low 700s to 710s. Also, part of my FICO score increased was due to my utilization improving from 3% to 2% (now having a total credit limit of 154K on all of my cards). Also, it had been 18 months since I settled and paid in full my burned Capital One credit card. I am thinking that could have been a factor.
I do now earn 145K a year if that also helped in Capital One's decision when my income was lower when I applied in August. I was approved with a 3K limit which is now my smallest credit limit of all of my cards.
It was June 2019 when the account was charged off. I settled the balance and paid off $9.000 in May 2021.
2019 was the year that my wife passed away. So to say the least, it was a very difficult time financially and emotionally for me.
Congrats!
Congrats on your Capital One Savor Rewards approval
Congrats on the approval.
Congrats! Cap One in general is usually very forgiving though. It's odd that they didn't approve you back in August. Some people are able to get back in with them a few months after burning them in a BK7.
