Just applied at Cap One and got approved

[krielly]

Wow, I never meant to get folks riled up


I am not desperate for credit by any means. Looking to re-establish is all. I/we have been able to get 2 car loans (also in the middle of a 13) as well as 2 credit cards......albeit low limits 1K, and 2800, but NO annual fees, and fairly decent interest rates considering......... I was never late on a payment prior to the BK in 2005, and have never been late since. MY cc utilization is kept under 9%, and I PIF every month.

Our household income is not low at about 95K, and I have been at my job for over 20 years. I don't think that is a factor......

Anyhow, I just posted for the point being that using the excuse for denying credit as due to "past or current delinquencies with us" is interesting, considering they do give credit to other folks in the same situation. That's all.

My world did not come to a screeching halt due to this denial. Again, I'm not desperate for credit, and also consider myself lucky (yes Lucky!) in some respects as the BK has been a definite learning experience and wake up call for me in so many ways.

Thanks for listening
K

[Logan]

Logan - no one is putting you down for obtaining credit as you wish or as you can. As you state, most people find out the opposite and when they see postings such as yours, which are great for the poster, they wonder why they themselves cannot get credit. Krielly in a previous posting on here states just that. What applies for most people is just to take it easy after discharge and go slow and that works for them in the long run. Just realize that you will probably not always have "positive" experiences and you will run into issues over the next 10 years or more due to your BK. Everyone does in one way or another. While BK stays on your credit reports for 10 years, it stays permanently on the records of creditors you have included in your filing and some will never extend credit to anyone who files.

Best of luck to you in your endeavors. I have also had many positive experiences (i.e., 0% financing on a new vehicle while still in Chapter 13) and I have posted about that n the past but 99% of the folks on here will not experience that, we have not applied for much credit (been approved and denied) and our credit scores 2 1/2 years after filing are in the high 700s. I will be looking to see what they will be when the BK comes off our credit reports this month.

I will NEVER have a bad experience because I don't want to do business with anyone who doesn't want to do business with me. I have 5 credit cards, been approved for 2 car loans and while I've been shopping for a mortgage the loan officers are amazed at my credit.

Everyone here should be able to have the same experience as me. Part of the problem is people are desperate to get credit and make mistakes. I was very surprised that I obtained so much credit so quickly and if I had been declined right off the bat I may have made some poor choices.

I look as BK as winning the lottery. I discharged about 100K that I was managing for a few years. Multiple job losses and a divorce just continued to take its toll on me and after my 5th job loss I decided to go BK. 1.5 years later I feel as if I won the lottery and had 100K burden lifted off my shoulders. Any negative experience that I have in the future will NEVER negate the positive experience that I have had.

Logan

[Flamingo]

Flamingo,

I have had a different experience. The day after my discharge I applied and was approved for a credit card (Orchard, $500, $35 annual fee, now canceled). One month later I applied for another and was approved for $3500 and 2 months later I received my first Car loan approval (I never bought a car).

I have good experiences and only been turned down maybe 2 times out of 9 attempts at new credit in the last year and a half. My FICO score has only improved.


Obviously my experience is much different than yours and I have found the rebuilding phase of my BK very quick and easy. I have been criticized often on my viewpoint of obtaining credit in this forum and in the Mortgage forum but I guess since I am having no problems out of BK I look at credit a little different than most.

Also, the main reason I hang around the bkforum is I feel my experiences may be in the minority yet they are obviously obtainable and people need to know there is life after BK. My advice tends to go against the grain but how can you argue against me when I have so far been successful.

My next test for credit will be obtaining a home loan and if the timing is right for me I will be buying exactly 2 years after discharge. I hope I can pass on another positive experience soon.

Logan

Logan - no one is putting you down for obtaining credit as you wish or as you can. As you state, most people find out the opposite and when they see postings such as yours, which are great for the poster, they wonder why they themselves cannot get credit. Krielly in a previous posting on here states just that. What applies for most people is just to take it easy after discharge and go slow and that works for them in the long run. Just realize that you will probably not always have "positive" experiences and you will run into issues over the next 10 years or more due to your BK. Everyone does in one way or another. While BK stays on your credit reports for 10 years, it stays permanently on the records of creditors you have included in your filing and some will never extend credit to anyone who files.

Best of luck to you in your endeavors. I have also had many positive experiences (i.e., 0% financing on a new vehicle while still in Chapter 13) and I have posted about that n the past but 99% of the folks on here will not experience that, we have not applied for much credit (been approved and denied) and our credit scores 2 1/2 years after filing are in the high 700s. I will be looking to see what they will be when the BK comes off our credit reports this month.

[Logan]

By backwards I meant that one needs to wait a bit after filing and not jump into getting credit right away. It looks bad on credit reports especially if one tries to get credit and gets denied several times. Jumping right back into credit right after discharge may seem to many like the sensible thing to do but if you reread my posting, it may not be as many find out that cannot get approved. Time is your friend after filing BK as to upping your credit score after filing BK. Trying to gather more credit is not.

You rebuild your credit after BK by paying all your bills on time (i.e., mortgages, rent, utilities and gradually (hopefully without getting denied) a credit card with a decent limit that you would work with to up your score. Everyone needs to remember that even with working that scenario you have a BK on your credit reports for 7 to 10 years and there are just some creditors who will not lend to you with a BK on your credit.

I am trying to be open and honest because as you will find out from experience and many postings on here, many people just continue to get denied over the years to come and then read about someone getting a credit card on here and wonder why it didn't happen to them when they applied to 75 places after discharge and get denied. Let some time go by, get the credit reports repaired and go slowly - it all works to one's benefit in the long run.

Flamingo,

I have had a different experience. The day after my discharge I applied and was approved for a credit card (Orchard, $500, $35 annual fee, now canceled). One month later I applied for another and was approved for $3500 and 2 months later I received my first Car loan approval (I never bought a car).

I have good experiences and only been turned down maybe 2 times out of 9 attempts at new credit in the last year and a half. My FICO score has only improved.


Obviously my experience is much different than yours and I have found the rebuilding phase of my BK very quick and easy. I have been criticized often on my viewpoint of obtaining credit in this forum and in the Mortgage forum but I guess since I am having no problems out of BK I look at credit a little different than most.

Also, the main reason I hang around the bkforum is I feel my experiences may be in the minority yet they are obviously obtainable and people need to know there is life after BK. My advice tends to go against the grain but how can you argue against me when I have so far been successful.

My next test for credit will be obtaining a home loan and if the timing is right for me I will be buying exactly 2 years after discharge. I hope I can pass on another positive experience soon.

Logan

[Flamingo]

krielly - see my post just above yours, specifically the last paragraph. Also remember creditors look at income, job and many other factors. Also there was a posting on here in the not so distant past where someone claimed they got "approved" online for a card but then received a denial after further review of their credit.

[krielly]

Ok, now this is just totally insane here................

I just called for a reconsideration - which they said they would "put me in for". They said I could check back in a couple of days.

Anyhow, the reason for my denial is this:

"Too many delinquent past or present accounts with them"

No offense to anyone who has BK'd on them, and gotten approved (I'm doing the happy dance for you all), but I don't get it!!!!!!!

If someone can get discharged 3 weeks ago, and get a Cap 1 card, why can't I get one, when I filed my BK in 2005????

Also - I don't know what they mean by too many del accounts with them? There was 1??????????

ARGHHHHHH... Not holding my breath on the recon.

Why can't these companies at least be consistent??????????

Thanks for letting me rant

K

[Flamingo]

????
What does this person have backwards? All I read was they were surprised and happy they got a card from Cap One.

I was aggressive with obtaining new credit right out of BK and my mid FICO is 686--pulled 1.2 years out of BK.

How else do you rebuild your credit other than obtaining credit lines out of BK?

By backwards I meant that one needs to wait a bit after filing and not jump into getting credit right away. It looks bad on credit reports especially if one tries to get credit and gets denied several times. Jumping right back into credit right after discharge may seem to many like the sensible thing to do but if you reread my posting, it may not be as many find out that cannot get approved. Time is your friend after filing BK as to upping your credit score after filing BK. Trying to gather more credit is not.

You rebuild your credit after BK by paying all your bills on time (i.e., mortgages, rent, utilities and gradually (hopefully without getting denied) a credit card with a decent limit that you would work with to up your score. Everyone needs to remember that even with working that scenario you have a BK on your credit reports for 7 to 10 years and there are just some creditors who will not lend to you with a BK on your credit.

I am trying to be open and honest because as you will find out from experience and many postings on here, many people just continue to get denied over the years to come and then read about someone getting a credit card on here and wonder why it didn't happen to them when they applied to 75 places after discharge and get denied. Let some time go by, get the credit reports repaired and go slowly - it all works to one's benefit in the long run.

[krielly]

I got turned down

[hopejones]

I went directly to their website. I did not click on the "See if You're Prequalified" button. I clicked on the "Build Your Own Card" button. Then I clicked on the "Limited Credit History" box. After I entered my data, the website said I was "APPROVED" and would be receiving my card in 7-10 days.

[krielly]

Right, but some people get a message that they are "pre-qualifyed offers", and others get a message (like me) that say something to the effect of "we didn't find any prequalifed offers for you, but you might be interested in applying for these"........

K

[dr618]

I just went to their website and they had like a see what cards you qualify for thing according to your credit, and they showed me cards, and I chose one, filled it out and that was it.

[krielly]

Just curious to those of you who filed on Cap One and were approved..........

Did you do the "preapproval" process first? Did it say you were pre-qualified for your cards, or just that they had some offers for you that may work (or something to that effect)

thanks
K

[dr618]

Congrats to you too I plan on doing the same thing, paying the balances in full.

[hopejones]

I applied for CapI today & was approved too! I BK'ed on them as well (for $8000). I was surprised since I was discharged 3 weeks ago. They also said I should get the card in 10-14 days. I have an annual fee of $39 & an APR of 19.49%. I don't mind the high APR since I plan on paying whatever I charge immediately. I'm not going to carry any balances, I just need the card to rebuild my credit. I don't know how much the credit limit will be though. I thought it odd that CapI's site did not mention the credit limit. Guess I'll have to wait & see. Congrats!

[dr618]

That's all I said, I'm surprised. I didn't get it yet so I don't know what my credit limit would be. I thought that obtaining new credit would help you rebuild, I think I read that here too.