Applied for Cap One

[HOMEBODY]

After a very lengthy application process with Capital One, I was told that they need more information to process my credit and they will follow up with a letter. I asked her if it meant a denial and she said no..that it would normally tell me right away if I was denied. I had had credit with Capital One before and they were not included in the BK cause it had been paid years ago.

Does everyone have to wait for the 2 weeks or do they get approved within the 60 seconds?

I was discharged 9/16/2010 and thought I could start rebuilding my credit as I need a credit score to get bonded in my business. My renewal wont be for another 2 years so I thought I start now and get the credit going.

I also applied for Best Buy online and I was denied.

I thought these were the easy cards to get to rebuild your credit?

Thanks

[backtoschool]

After a very lengthy application process with Capital One, I was told that they need more information to process my credit and they will follow up with a letter. I asked her if it meant a denial and she said no..that it would normally tell me right away if I was denied. I had had credit with Capital One before and they were not included in the BK cause it had been paid years ago.

Does everyone have to wait for the 2 weeks or do they get approved within the 60 seconds?

I was discharged 9/16/2010 and thought I could start rebuilding my credit as I need a credit score to get bonded in my business. My renewal wont be for another 2 years so I thought I start now and get the credit going.

I also applied for Best Buy online and I was denied.

I thought these were the easy cards to get to rebuild your credit?

Thanks

It all depends on your individual profile. I and many others were approved immediately online. Capital One has a proprietary scoring model that looks at longevity of employment, income, past credit history with them, and past credit history overall amongst other things. I researched who has been approved an who has been denied (on several credit boards) and saw some trends. Capital One is gun shy about self-employed people, those that bked them (although they may approve after several tries) and most importantly Capital One is gun shy about anyone who has unverifiable information on the application.

If your address, job, and/or any other piece of information cannot be verified, you may be denied.

If you were denied for both hbsc and Capital One, then there are probably negatives still showing on your reports that you need to dispute before you apply again.

[CCsAreEvil]

If you are having issues trying to get CapOne, Orchard, BestBuy, etc, your route to re-building may have to be applying for secure cards. Sadly, some banks will turn away people even for secured cards sometimes!

If I were you, I'd get my real FICO scores (myfico is the only place you can get this AFAIK). You can only get Equifax and Transunion today (can't get Experian.. I dont know when that will change).

If you don't want to do that, you can just get your free annual credit reports directly from all 3 and put in disputes.. but since you were recently discharged, might be worth waiting another month or so before "repairing your reports". I waited about 3-4 months after discharge.