Capital One Question

[jwhite12]

Like many, I am in the process of rebuilding my credit.  I have been a longtime lurker and I have used this site to eliminate many of the negative items on my report.  I have two remaining items, a judgment for $2K and an old collection account which I reached a PFD agreement (payment will be made next week).   There are 3 old Capital One accounts which show that they have been settled and paid for less than the full balance so I am hoping to GW them.  My average age of account is 4.7 years and my oldest account is 10.3 years.   I currently make about $70,000 per year.  I don't have any open accounts and I applied to Capital One to build credit.  They denied me stating that I do not have enough income.  Has this happened to anyone?  I am trying to get my credit scores to 700.  My TU is 633 and the Experian Credit Monitoring site says 601.

[Creditaddict]

Don't apply for anything until you get this judgement paid and removed.

also cap1 has a pre-approval link that you can check... I would not apply to them if they are not offering you something through that pre-approval.

Orchard/household also has a pre-approval thing, try that after judgement too

tu 633 you might be able to get a Barclay backed card like apple itunes but again after the judgement

[jwhite12]

Thank you.  I appreciate your advice. 

[scottwagnon]

its not your income. they are just saying that because of all of the negatives on your report. you have to interpret what they are saying. what they are accually saying is, "because you have so much negative information on your report, you will need to compensate with even a higher income for us to have considered approving you." i wouldn't sweat it with a capone card to start off. you should go for a secured card or store card. try applied bank gold visa (not the platinum, it sucks) or blue sky public bank secured visa.

[Wolf3]

With those negatives, and no open accounts, I suggest you start with secured credit card.  Orchard or Household have good secured cards and they will become Capital One next year.    Captial One has good secured card as well.