Why was I turned down for Capital One Secured MasterCard?

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Why was I turned down for Capital One Secured MasterCard?

Postby tmaca » Wed Mar 30, 2016 3:53 pm

This card is highly recommended for people who have had a bankruptcy, which I had. I had thought that for secured cards did not matter, since they will have the money in case you do not pay your bill. So I applied. I own my home, am retired, have an annual income of $59788 and, some 3 months after bankruptcy, have an experian based FICO score of 627, which is tot bad right after bankruptcy. (Right up to bankruptcy I had a perfect credit history, not even a single late payment) Post bankruptcy I have opened auto loans, 2 with subprime lenders right after discharge in December, then 2 more with a credit union in February to get rid of those high interest subprime loans. The original 2 loans have been paid off. I also have a reaffirmed $99/month RV loan with that same credit union,

They turned me down. Anyone have a clue why? I would have thought, as far as recently bankrupt applicants were concerned, I'd look pretty good.

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Re: Why was I turned down for Capital One Secured MasterCard?

Postby eapa507 » Wed Mar 30, 2016 6:23 pm

I have never had a secured card so I can't answer your question. I am really curious as to why you would file for bankruptcy if you had perfect credit and no late payments especially with your income and owning your home?

I am just genuinely curious why anyone would choose that route instead of working things out and paying off the debt? If you are not comfortable answering my question that is fine. I mean no disrespect, I am just trying learn more about finance and credit cards as this is a subject I have developed an interest in.

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Re: Why was I turned down for Capital One Secured MasterCard?

Postby CarefulBuilder14 » Wed Mar 30, 2016 7:05 pm

A few banks will decline applicants for secured cards - especially people with a BK, even when it's several years old. BofA and Discover do it, too.

Perhaps they are concerned that BK customers are very likely to have problems again soon, and expect that the costs of employee time dealing with the customer may be high compared to the revenue from the customer's transactions.
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