Cap one told me no

[shipo]

To update, since last posting my wife first was approved and now I am approved. All is well, we are going to make small purchases and pay these off in full to boost our credit score. Woohoo!

Congratulations! Give it six months and you'll be getting even better offers in the mail.

[justbroke]

Pepsibottle1 I would follow the AZEO method. All zero except one. If you are revolving on that CapOne card and it's your only card, you should let about 8% report each month. That helps to maximize FICO scores.

[Pepsibottle1]

To update, since last posting my wife first was approved and now I am approved. All is well, we are going to make small purchases and pay these off in full to boost our credit score. Woohoo!

[shipo]

Cap 1 is strange. They are generally very interested in extending credit to the newly discharged, with an annual fee of course. And they have been begging me for years to take out a new car loan.

I've gotten two credit cards from CapitalOne since my discharge earlier this year, and neither was attached to any fees, initiation, annual, monthly, or otherwise.

[joshuagraham]

Effing dealer shot gunned me when I traded my wife's car in

What do you exactly mean?

[joshuagraham]

I received my discharge for my Chapter 7 on the 17th and pre-applied for a Cap One card today to begin rebuilding. Prior to filing, I was a user on my wife's card and we had excellent, on time, 100% paid in full status with them for 6 mos prior to filing.

They told the both of us no, and that sucks because we were banking on getting another card based on our good history with them. I burned discover in the bankruptcy. We were planning on going to Navy Fed and applying for secured cards. I have money in the bank there to put down towards a deposit and Dec marks a year that I've been banking with them. (my wife has been there for years before we were married)

Please advise

Cap 1 is strange. They are generally very interested in extending credit to the newly discharged, with an annual fee of course. And they have been begging me for years to take out a new car loan.

[shipo]

Pepsibottle1, you should easily be able to obtain a Secured Credit Card today.

[Pepsibottle1]

Pepsibottle1, then I take it you have no desire to try a Secured Credit Card; yes, no?

I do when I have enough capital built up to go into the branch and try. I'm just afraid they're gonna tell me the same thing Cap did - too many inquiries.

Effing dealer shot gunned me when I traded my wife's car in

[shipo]

Pepsibottle1, then I take it you have no desire to try a Secured Credit Card; yes, no?

[Pepsibottle1]

I screwed up



So my wife got 2 of the letters in the mail with the pre approval codes. Ran hers, yeah looks good they're gonna get in touch in 7-10 days. Figure it's the new address we're moving into but looks like she got it.



I tried for a card too since I was on a roll. Denied. Hard inquiries on both of us



I'll do what we did last time and roll with her card, and have me on as a user? That seemed to help me



Waiting to get paid and have a subsequent off day so that we can both go to Navy and try there

[shipo]

I think it’s just to soon. It’s been almost a year since my discharge and my husband got approved for capital one so I tried and was denied . He added me as a authorized user. I’ve noticed positive activity all of a sudden. I’ve got increases in credit lines without asking . The first year of filing its hard to get much more then a department store card. But hey, it’s a start .

Agreed, the point many of us are trying to make is, there are some credit card issuers willing to grant Secured Credit Cards with reasonably high limits as soon as 4-weeks post-discharge. Obtaining a Secured Credit Card, in addition to providing you the flexibility and benefits of having a card for things like car rentals and rewards, having one effectively jump starts your road back to a good credit rating.

My thinking is this, if one cannot afford to tie up some money in the form of a security deposit for roughly six months, then having a credit card of any type is probably not a good idea. However, if you have the liquidity to tie up that chunk of money to secure a credit card, then it is a fair bet you will be financially capable of managing having a credit card without abusing it.

[Layla55]

I think it’s just to soon. It’s been almost a year since my discharge and my husband got approved for capital one so I tried and was denied . He added me as a authorized user. I’ve noticed positive activity all of a sudden. I’ve got increases in credit lines without asking . The first year of filing its hard to get much more then a department store card. But hey, it’s a start .

[shipo]

Absolutely get a secured card! Shop around, some have lesser deposit amounts required or lesser annual fees. After a few months if you do it right, you should be able to qualify for a small-limit unsecured card. Rule of thumb...use the card for no more than 30% of balance and pay it off.

One thing I would add to your comments is, in the case of the three banks I listed above which offer Secured Credit Cards, once you fulfill the "good behavior" requirements (which typically range from five to seven months of usage coupled with a stellar payment history), they refund or release your security deposit and you end up with a secured card in the same amount as you originally secured. Said another way, I am over five months into using my TD Cash Credit Card which has A) a $5,000 deposit kept in an interesting bearing locked savings account, and B) an identical limit of $5,000; come February of 2021 the savings account will be unlocked and I will end up with an Unsecured Credit Card with that same limit of $5,000.

[justbroke]

I started nearly the same as shipo only I went straight for the $5,000 FNBO American Express Secured card. It's still in my wallet. I travel for work, so it was my lifeline. It had enough elbow room to travel 2-3 weeks which was plenty of time to be reimbursed and to pay down the bill.

[May2014]

Absolutely get a secured card! Shop around, some have lesser deposit amounts required or lesser annual fees. After a few months if you do it right, you should be able to qualify for a small-limit unsecured card. Rule of thumb...use the card for no more than 30% of balance and pay it off.