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What to do next. Capital one bucket question.

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xReMaKe
Established Member

What to do next. Capital one bucket question.

I’m rebuilding my credit from a chapter 7 that was discharged earlier this year in January. My credit score at that time was 550. Fast forward till today and they’re all above 660.

I’ve been trying the capital one pre-qualifier every month now, and today it finally showed a few different cards.

It shows the Platinum and the Quicksilver one rewards with a 39$ annual fee.

 

I currently have the following. PayPal Credit which I plan to keep. Fingerhut. OpenSky, and Credit One. This upcoming January I’ll get charged Credit one’s annual fee and would like to add a third card so I can close it (and close open sky as well) and avoid the fee. That being said, I’m afraid of grabbing one of these capital one cards and being bucketed

Is there anyway to know if I’ll be bucketed? Don’t want to waste a triple pull.  Should I wait until my credit score reaches a certain number before applying? Discover unfortunately doesn’t show anything yet.

Message 1 of 8
7 REPLIES 7
gdale6
Moderator Emeritus

Re: What to do next. Capital one bucket question.

You are going to be bucketed as your BK is new. Its going to be awhile before you will be able to get a card out of Cap-1 that wont be bucketed. With that being said if the card fits your spend pattern you might want to get it anyway.

Message 2 of 8
Anonymous
Not applicable

Re: What to do next. Capital one bucket question.

You have a Cap1 card? You are bucketed, or more correctly, the card is bucketed. That card will never grow with you because of the bucket it is in. Cap1 would have you just app for a better bucketed card, then you close the worse bucketed card, reducing your AAoA and get thrown right back into the worse bucket.

Message 3 of 8
xReMaKe
Established Member

Re: What to do next. Capital one bucket question.


@gdale6 wrote:

You are going to be bucketed as your BK is new. Its going to be awhile before you will be able to get a card out of Cap-1 that wont be bucketed. With that being said if the card fits your spend pattern you might want to get it anyway.


Ahh! So it's a time thing as well. What amount of time (assuming the person has good credit) is reasonable to be able to leave the "bucket area"? 

My plan was to get the discover and garden for a year or two. However, considering they still wont let me in, I don't know if to just get the capital one, close accounts with fees, and garden for 1-2 years.  

Message 4 of 8
rostrow416
Established Contributor

Re: What to do next. Capital one bucket question.

Get the card expecting it to be bucketed.  If it's not, you win.  If it is, at least you are building a history with them and can apply for a better card later on.  Capital One is still a decent lender to get in with.

AMEX Gold | Purdue FCU $20,000 | FNBO Evergreen $15,000 | TFCU Plat Visa $15,000 | PenFed Platinum Rewards $15,000 | PenFed Pathfinder $15,000 | Citizen's Bank Cash Back+ $15,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $17,000 | Discover IT $6,000 | Capital One BuyPower $950 | AMEX BCP $5,000 | AMEX Amazon Prime Business $3,000

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $15,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $7,000 | Kohl's Store Card $3,000


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Message 5 of 8
dragontears
Senior Contributor

Re: What to do next. Capital one bucket question.


@gdale6 wrote:

You are going to be bucketed as your BK is new. Its going to be awhile before you will be able to get a card out of Cap-1 that wont be bucketed. With that being said if the card fits your spend pattern you might want to get it anyway.


+1

You are rebuilding from a very recent BK. 

There are worse cards than a "bucketed" cap one card at this point in your credit journey. 

One of my mother's favorite saying comes to mind regarding this "beggars can't be choosers".....

Message 6 of 8
Anonymous
Not applicable

Re: What to do next. Capital one bucket question.


@xReMaKe wrote:

I’m rebuilding my credit from a chapter 7 that was discharged earlier this year in January. My credit score at that time was 550. Fast forward till today and they’re all above 660.

I’ve been trying the capital one pre-qualifier every month now, and today it finally showed a few different cards.

It shows the Platinum and the Quicksilver one rewards with a 39$ annual fee.

 

I currently have the following. PayPal Credit which I plan to keep. Fingerhut. OpenSky, and Credit One. This upcoming January I’ll get charged Credit one’s annual fee and would like to add a third card so I can close it (and close open sky as well) and avoid the fee. That being said, I’m afraid of grabbing one of these capital one cards and being bucketed

Is there anyway to know if I’ll be bucketed? Don’t want to waste a triple pull.  Should I wait until my credit score reaches a certain number before applying? Discover unfortunately doesn’t show anything yet.


I would also say go for the platinum. In a few months (usually 3ish) you can PC to the QS with no AF and is done quite easily.

 

My understanding is the QS1 is a tough one to PC and it has an AF.

Message 7 of 8
xReMaKe
Established Member

Re: What to do next. Capital one bucket question.

Just to update. Ended up applying for the platinum and I was approved!! Starting limit is 1500 which is a lot higher than I was anticipating. Thought it would be 300. Now I can close credit one, though I’ll probably leave them around till December. Close it one month before the fee occurs.

 

Now time to garden until all inquiries drop which I have 5/2/6 or until Discover decides to let me in. Whichever happens first. Probably won’t let me back in until the 2-year mark from what I’ve read.

 

Anyways thanks to everyone here for all the responses.

Message 8 of 8
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