Prequalified for Cap1 before CH 7 DC?

[wantitgone]

Hi all.

I was messing around with the Cap 1 site, jokingly went to see if I was pre-qualified for any offers. My Ch 7 discharge is listed as due on 7/8. Cap 1 was included, around $8.5k. Figured it would be like, nope, nothing.

Wrong. It tells me I'm prequalified for the platinum. Seriously? Nearly 27% APR. I'm not really sure I should actually try to apply though (I'm not. My bk isn't discharged and it even says right there in their OWN rules that you can't do that... lol). I just found this amazingly strange! Thoughts?

[Anonymous]

Wait til after discharge before applying for anything.

[wantitgone]

@ImTheDevil --  Oh absolutely! I put that in the post (their own rules states you can't have a non-discharged bankruptcy), I was just so surprised. Is it normal for Cap1 to forgive that quickly?

[Anonymous]

It seems so. They are definitely one of the first to extend an offer after discharge, as seen by many members here getting credit within a few months of discharge. I’ve never heard of it beforehand though. But yeah chances are you’ll be able to get a card within 4-6 months after discharge, which will be a great kickoff for your rebuild.

[sarge12]

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@wantitgone wrote:

@ImTheDevil --  Oh absolutely! I put that in the post (their own rules states you can't have a non-discharged bankruptcy), I was just so surprised. Is it normal for Cap1 to forgive that quickly?

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Might be a trap to prevent the discharge of their debt as well. Idk, but it might could be used that way, more likely just a fly in the ointment.

[coreysw12]

I had a charged off cap1 card years ago that I never paid, and then years later they approved me for 2 more, which also ultimately got charged off (but these ones eventually were paid, settled for less than full). Then only 4 months after I settled those, I pre-qual'd (and then applied and was approved for) a $2k cap1 platinum card.

Cap1 is ridiculously forgiving. I burned them 3 times and then they were still like, "Here let's try this again for a 4th time, but this time with an even higher SL than we gave you the first 3 times."

They're probably the most forgiving bank there is, honestly. If they think they can make money off you by giving you a 2nd or 3rd or 4th chance, they're perfectly happy to give you that chance.

That said, it's a little odd that they pre-qual'd you when you still owe a large balance on a recent and delinquent card... I'd bet it would be declined if you applied today. But honestly you would probably be approved about 6-12 months after your B/K discharge.