Credit One Bank Approval, a Rant...

[itslovefield]

Hi All.. just need to vent this one out a little. 

A week or so ago, I was approved for a Credit One Credit Rebuilder Card... I was on the fence, but took the card anyway to.. you know, build. 

My scores are hovering around 640, but I still cannot get approved for upper tier cards, so I figured if I am relegated to contine sub-prime, I'll slum it. Haha. Anyway, I got my card, activated it... used it for a $25 purchase, and went to use it again tonight to purchase $187 in medications (I'm on a GLP, and it's still expensive after insurance... and the savings card. Go figure.) AND... I was declined. 

Embarrassed and angry, I called their customer service line, and was told that I have to submit identity verification. What? Why?! Why approve the card and allow me to use it, and then require this?? In my frustration, I closed the account. 

I'm still angry at the situation, but I can't help but feel as though I dodged a bullet. Yeah? 

[GZG]

cap1 did the same to me on a $15 charge after letting in multiple charges >$200 

I think it just comes with the territory of being labeled as being more likely to burn money on fire than to pay people back 

regardless, I'm all for not going with credit one, unless you're a high income BK'er who can use that $95 af card to max out its 5x category, otherwise, there's typically better options

if you want, you can tell us your current cards and we can see what we'd recommend

congrats, on the approval and closure. make sure to keep an eye on it for a few months to pay your bill off in full and any account opening fees/annual fees that need to be paid.

[itslovefield]

Thanks... 

Currently, my problems are current high utilization, and amount of new cards... Which I am working on. I have an aggressive payment schedule that I am maintaining. I'll have my two highest balance cards paid off at the end of August, and the rest paid off by the end of the year. BUT... (and please don't judge me. My goal for the rest of the year is to pay off/down to sort this into a better card mix in 2024. 

Here are the suspects, and limits. 

Capital One Platinum $400, NO CLI... ever. 

Capital One Walmart $300, too new for CLI 

U.S. Bank Altitude Go Secured, $400

Mission Lane, $1100 

Merrick Bank, $1400 

Destiny, $700 

Milestone, $300

Indigo,$300 

First Premier 1, $800 

First Premier 2, $700 

Fortiva 1, $350 

Fortiva 2, $350 

Total, $300

Show, $350 

Legacy, $600 

Sephora, $250

VS, $250

J.Crew, $150 

Torrid, $300

Ulta, $400 

Kohl's, $300 

[SUPERSQUID]

Well congrats !! sort of.

Sometimes the lower tier cards can be flaky, it happens.

Last saturday i was in a diner with an old friend and i offered to pay the bill because he is only working part time right now. I decided to use my comenity mc and i had 2300 available credit on the card, the bill was 52 bucks, DECLINED

When i got home i called them and was asked 3 security questions and a slew of other questions, they claimed my card had a fraud hold. mind you i hadnt even used the card since last year, smh.

[FireMedic1]

May I ask what was the timeframe you got 21 cards? New to credit or a rebuilder?

[Legally_Speaking2512]

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@itslovefield wrote:

Thanks... 

Currently, my problems are current high utilization, and amount of new cards... Which I am working on. I have an aggressive payment schedule that I am maintaining. I'll have my two highest balance cards paid off at the end of August, and the rest paid off by the end of the year. BUT... (and please don't judge me. My goal for the rest of the year is to pay off/down to sort this into a better card mix in 2024. 

Here are the suspects, and limits. 

Capital One Platinum $400, NO CLI... ever. 

Capital One Walmart $300, too new for CLI 

U.S. Bank Altitude Go Secured, $400

Mission Lane, $1100 

Merrick Bank, $1400 

Destiny, $700 

Milestone, $300

Indigo,$300 

First Premier 1, $800 

First Premier 2, $700 

Fortiva 1, $350 

Fortiva 2, $350 

Total, $300

Show, $350 

Legacy, $600 

Sephora, $250

VS, $250

J.Crew, $150 

Torrid, $300

Ulta, $400 

Kohl's, $300 

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You don't have to worry about the judging thing. I would say 99% of the people on this forum know that we all come from different walks of life, different incomes, and different credit profiles, as well as knowledge of the credit industry. And even if somebody was to silently judge - let them. We all have to start somewhere and I'm sure they started around the same area as most of us. 

You're doing good my friend and have nothing but the utmost respect for your discipline in trying to pay your debts down. Keep your hopes up high and your head down low. All the best in your endeavors and keep us updated

[itslovefield]

I am a rebuilder. I filed a chapter 13 in the early days of the pandemic, or just before. The case was dismissed due to non-payment. I refiled, & same thing. So, my attorney refiled again for a chapter 7. Unbeknownst to me at the time all 3 BKs are on my credit reports. I naively thought they'd cancel each other out. Had I but known...

I am a hospitality professional, & was out of work for the better part of 2020 as we all were. BK was discharged in July 2021. So, that is when the cards started coming in. My first was the Cap 1, then Merrick & Mission Lane. I've only recently gotten the Cap 1: Walmart card, but I've had the secured for over a year. 

I am going to assume that I'm just kind of screwed, even if I can get my numbers up & utilization down, until the BKs fall off. 

Outside of my paying the debt, I don't know what else to do. 

[SouthernCredit]

Honestly, time is your friend here. 

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down. 

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender. 

[itslovefield]

So what kind of timeline are we thinking? A year? Three? 

clearly, I'm impatient... I wanted too much too fast, & did my best impression of Icarus. However, if I can make a good, detailed, & thorough plan, it helps to abate that impatience. 

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@SouthernCredit wrote:

Honestly, time is your firend here. 

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down. 

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender. 

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@SouthernCredit wrote:

Honestly, time is your firend here. 

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down. 

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender. 

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@SouthernCredit wrote:

Honestly, time is your firend here. 

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down. 

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender. 

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[NoMoreDebt]

congrats on the approval