Capital One

[Brendon]

Well, I received a pre-approved offer from Capital One yesterday. I applied online and was approved in just a few seconds for a platinum card. No annual fee and a $3,000 limit!! I was astonished!! It does have an 18.9% rate and some other penalties for late pays, but overall not bad 1 month out of bankruptcy.

I also have an Orchard card with a 8.9% rate, $300 limit and a $69 annual fee.

My chapter 7 was discharged on 11/28

[Princesskina]

Well, I received a pre-approved offer from Capital One yesterday. I applied online and was approved in just a few seconds for a platinum card. No annual fee and a $3,000 limit!! I was astonished!! It does have an 18.9% rate and some other penalties for late pays, but overall not bad 1 month out of bankruptcy.

I also have an Orchard card with a 8.9% rate, $300 limit and a $69 annual fee.

My chapter 7 was discharged on 11/28

Can I ask how many years of credit did u have b4 filing?...

I just want to see where u a less than 5 yrs less than 10 or so forth just so I can estimate my chances of getting good offers as well.

[9877donna]

Well, I received a pre-approved offer from Capital One yesterday. I applied online and was approved in just a few seconds for a platinum card. No annual fee and a $3,000 limit!! I was astonished!! It does have an 18.9% rate and some other penalties for late pays, but overall not bad 1 month out of bankruptcy.

I also have an Orchard card with a 8.9% rate, $300 limit and a $69 annual fee.

My chapter 7 was discharged on 11/28

Wow.That's really great. I'm also one month out of discharge and I'm not having too much luck getting approved right now.I also have the Orchard BK card with a $300 limit and a $69 annual fee with 0% APR for the first 9 mos.
So after the year is up and I'm thru rebuilding with this card they can either take off the annual fee or I'll be closing it.
So happy you were able to get such a big credit line right out of the gate! Donna

[FilingOnMyOwn]

Thats excellent, but let me give you some words of caution. Capital One does not report credit limits, only balances, so if you carry a balance rather than paying it in full, that alone will put your credit utilization % off the chart and perhaps cause more damage to your credit score than good.

My advice to you is to only pay it in full until you establish some more new cards.

[AMISLANDER]

I hate Capitol One!

[FilingOnMyOwn]

I hate Capitol One!

Why?

[Brendon]

I had my first credit card in '93, so I had 10+ years of great credit prior to bk. I have read about the Cap One issues, but my purpose of having is for emergencies until I can do better. It's unfortunate they don't report the credit limit, but if you use it and pay it off every month you will be fine.

[highNdry]

I had my first credit card in '93, so I had 10+ years of great credit prior to bk. I have read about the Cap One issues, but my purpose of having is for emergencies until I can do better. It's unfortunate they don't report the credit limit, but if you use it and pay it off every month you will be fine.

Some people have suggested in the other board is that take a large advance right before the bill and then pay it off after the statement. FICO takes the high balance to calculate utilization on cards that don't report limit.

If you can afford to throw $20 out the door for the sake of FICO then I suggest you use paypal to pay yourself or go to the bank and do a withdraw $2,900 two days before the statement cuts and then pay it off 2 days after the statement. FICO will use the $2,900 as the limit.

[AMISLANDER]

Why?

I think of all the cards I screwed up on, they were the worst. I had originally paid them off way before the bk back in 2003...then I had some fraud with them & they gave me a hard time and I just decided I wasn't paying them (I think my total with them was $1,500...that was it...not a big amount but their people pissed me off so much I told them to go to hell and they'd never get another penny out of me...so when I get their offers in the mail I just throw them in the garbage after stomping on them...lol

Just a lot of rudeness...I had over $20K with citibank that I screwed up and they never even called me....imagine...so...I don't know, I'm just weird like that...

[Penny Less]

Yeah I am never doing anything again with Capital One. I had a smaller balance card for several years, paid off, and they screwed me every way with yearly fees, late fees for the yearly fees, etc. So yeah buyer beware.

[HRx]

Keep in mind that all subprime credit cards are basically "garbage" in terms of charging various junk fees each month/year to thier card holders. Unfortunately, subprime cards are pretty much the only way for many folks to re-establish credit.

I would personally not recommend getting a credit card immediately out of bK. Because most folks will end up back in debt doing this. I have always advised folks to stay credit card free for at least the first year, and PAY YOURSELF each month...so you can build up a nice savings account. Learn how to live without credit cards for a year...because doing so will make you appreciate your money more, and will change your perspective on how to live within your means. et cetera

[mgmadara]

I would personally not recommend getting a credit card immediately out of bK. Because most folks will end up back in debt doing this. I have always advised folks to stay credit card free for at least the first year, and PAY YOURSELF each month...so you can build up a nice savings account. Learn how to live without credit cards for a year...because doing so will make you appreciate your money more, and will change your perspective on how to live within your means. et cetera

This is great advice. We were discharged 2 years ago and we still don't have any new credit cards. I'm finally in the process of cleaning up our credit reports and after that is finished we will probably apply for a credit card. Even 2 years later I am still a little nervous about getting one. Fortunately we have a mortgage that we didn't reaffirm but still gets reported to the credit agencies, 2 student loans, and a Lowe's card that survived our bankruptcy with a zero balance so we didn't need or want to jump right in and get another card. A cash only existence has been empowering and having a savings account is awesome!!

[magyar123]

Thats excellent, but let me give you some words of caution. Capital One does not report credit limits, only balances, so if you carry a balance rather than paying it in full, that alone will put your credit utilization % off the chart and perhaps cause more damage to your credit score than good.

My advice to you is to only pay it in full until you establish some more new cards.

MIght depend on who they are reporting to, and if that CRA is neglecting to reflect the limit.
I too have a Cap One card. My TU report reflects: Current balance, high balance AND credit limit.
Have not checked theother two yet.

[phoenyx]

MIght depend on who they are reporting to, and if that CRA is neglecting to reflect the limit.
I too have a Cap One card. My TU report reflects: Current balance, high balance AND credit limit.
Have not checked theother two yet.

I never noticed a problem either. Although I'm not very fond of Capital One, I had two Capital One accounts that Equifax, Experian, and TransUnion all listed with current balance, high balance, and credit limit.

[BKcrazy]

I knew there would be a thread about this! I too just got an app from them in the mail. Though it's 0%, and then a 12.9% variable after. The letter was saying they were sorry to lose me as a customer. I didn't have an account with them. Years ago, they were tied into Bank One or something like that I think.

I'm on the fence with this one.