guitarman_715 Posted January 20, 2012 Report Share Posted January 20, 2012 Hi All,I'm new to this forum and to the credit rebuilding process. I have did all my research and I am on the path to rebuilding my credit, I have already started the dispute process.I noticed on my credit report one of the main factors is that I do not have any open credit cards, so I did my research on a card that I was most likely to get approved for and I decided to try for the Capitol One secured Card. I felt pretty confident Id get it, I have a job and good income. However I was denied, and they will not tell me why, they said I need to wait for the letter to come in the mail. So here is my situation.Credit Scores using USAA CreditCheck - EX 521 EQ 578 TU 5302 Judgements1 RepossesionSeveral CollectionsSeveral Charge-Offs1 previous Capitol One account that is charged offMy question is, is there anyway I could possibly get them to reconsider? Is it my judgments or the fact that I had an account with them that got charged off to deny my request for a secured card? I am in desperate need of some form of good credit on my report so I can start rebuilding. If you guys dont think they will even reconsider is there a card out there with almost guaranteed approval? Any advice is helpful Link to comment Share on other sites More sharing options...
workingpoor Posted January 20, 2012 Report Share Posted January 20, 2012 Hi All,I'm new to this forum and to the credit rebuilding process. I have did all my research and I am on the path to rebuilding my credit, I have already started the dispute process.I noticed on my credit report one of the main factors is that I do not have any open credit cards, so I did my research on a card that I was most likely to get approved for and I decided to try for the Capitol One secured Card. I felt pretty confident Id get it, I have a job and good income. However I was denied, and they will not tell me why, they said I need to wait for the letter to come in the mail. So here is my situation.Credit Scores using USAA CreditCheck - EX 521 EQ 578 TU 5302 Judgements1 RepossesionSeveral CollectionsSeveral Charge-Offs1 previous Capitol One account that is charged offMy question is, is there anyway I could possibly get them to reconsider? Is it my judgments or the fact that I had an account with them that got charged off to deny my request for a secured card? I am in desperate need of some form of good credit on my report so I can start rebuilding. If you guys dont think they will even reconsider is there a card out there with almost guaranteed approval? Any advice is helpfulThey probably did you a huge favor. If the card was going to be secured with your funds deposited into an account, I'm pretty sure they could seize those funds and put them towards the charged off balance you owe them. It's called right of offset. Link to comment Share on other sites More sharing options...
1stStep Posted January 20, 2012 Report Share Posted January 20, 2012 I'd recommend that you contact Cap1 and see if you can resolve that chargeoff... Link to comment Share on other sites More sharing options...
Coltfan1972 Posted January 20, 2012 Report Share Posted January 20, 2012 1 previous Capitol One account that is charged off.No need to wait on the letter, right there is your answer. No sure what you were thinking in wanting to send money to a creditor that was holding a defaulted account in your name, but like Workingpoor stated, they probably did you a favor. Link to comment Share on other sites More sharing options...
guitarman_715 Posted January 20, 2012 Author Report Share Posted January 20, 2012 Ok Thanks. I had read about a few other people that had gotten secured cards even when they had a bad history with Cap1, so thats why I was trying to get a new credit line. The charge off for them is only 1k, and im sure I can resolve it for at least half and the money won't be that hard to come up with. Should I wait and get a few accounts resolved before persuing a credit card? How long should I wait between getting denied and trying to apply for another card? Dont wanna get to many inquires. My only reason for wanting a card before iv even paid anything off yet is because I would like to start building positive credit as soon as possible. Link to comment Share on other sites More sharing options...
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