“Dear Steve,
At one point I owned 7 houses and had 780 credit score. I fell on some very hard times. I lost 1 house in foreclosure about 5 years ago . I had to sell and short sell 5 more of my homes.The last short sale closed in October 2012. I also setteled 2 credit cards and are paying montly on the other 3 credit cards (2 are with a settled amount and the 3rd for total owed.) I have been current with my home for 1 year.I also have a zero balance on my Macy and Kohls card. I have been reading your web page. I read on the site it would be a good a idea to get a secured credit card. I wanted to try and rebuild my credit. I applied for the Capital One Secure card and planned to fund it with 400.00. My plan was to keep building it to 1000.00
and then get a second secured card.
I have be turned down for a Capital One secure card. What should I do at this point to rebuild my credit ?
I was very suprised to find out you could be turned down for a secured card,since you pre fund it.I was told by Capital One that they checked my credit,so now I have been dinged on my credit score . This did not make sense to me since I was not really asking for credit,since it would be funded with my own funds.
I have had no late payments on the 2 retail cards and no late on my home mortgage for over a year.”
Well you have a well thought plan.
One reason Capital One may have rejected you is if they were unable to verify your identity.
Until you get some notice in the mail about why they rejected you, we’d just be guessing.
Have you called Capital one and discussed the matter with them?
What is your credit score now?
Do you have any open public records against you? Maybe you should consider ordering a consolidated credit report and checking out what each credit bureau is reporting about you and your scores with the individual credit bureaus.
That happens to be my first step in my credit rebuilding process. See How to Easily Rebuild Your Credit and Have Good Credit Again
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