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Bankruptcy Friendly Credit Cards Pt.2

Regular Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


tmacar wrote:

 

just a note about AMEX.  I don't trust them, they're jerks.  In 2009 they lowered my limit substantially.  OK, that was probably siomething they and a lot of people were doing because of the financial meltdown.  But then in 2013 they closed my account.  Never a single late, never over limit.  The only explanation was derogatpry information in my credit report.  As it happened, a comnpletely bogus collection account had appeared.  I disputed and it was removed the next month.  I filed for reconsideration, explained everything (there had been NO negativ changes in my reports for a very, very long time except that bogus collection), they denied, giving the same reason.  Obviously, all they did was review the original decision, ignored my letter, and never even checked to see that the thing had disappeared.  As I said, jerks, with, it seems, ecerything automated and little or no actual human inout involved.  Luckily for me, when they closed my account i only had a balance of about $5.


What you are describing can happen with any card issuer, not just American Express.   All card issuers monitor your CR for activity and can be spooked whether the negative info is valid or not.  It's not out of the ordinary, nor should you take it personally.  But I understand the frustration, since you were not able to successfully recon.

 

I personally LOVE Amex and I am happy they are giving me a second chance after a BK13 and a past CO.  I tend to nurture this relationship above any card I carry.  And so far, they've been good to me.  And although I prefer to communicate online, I have always received exceptional customer service the couple of times I've called with questions.

 

There are other cards out there that are just as good as Amex, so at least you have choices in which to give your business to.   

Message 711 of 952
Regular Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

When you filed the recon with Amex, did you provide documentation? 

2/2012 CH13 filed; 1/2017 DC
Start EQ 568 TU 600 EX 627
Current EQ 676 TU 694 EX 699
1/2017 Car loan
$500 Credit builder loan, paid and closed 8/2017
Message 712 of 952
Established Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

Considering how tough Citi is and particularly considering that my Best Buy store card and Citimortgage account were included in my 2014 BK, I'm not sure now if it'd be worth my while to apply for a Costco Citi Visa after all as I'd originally been thinking of doing this fall. It really looks like my best bet will be with a CU - Penfed, NFCU or some other one (I'm looking at a couple of regional ones in my area). My first instinct is to try Penfed, because I have a VERY longstanding relationship (nearly 40 years since my parents opened my account in my high school days!) with them and have never had any adverse/negative/derogatory events with them; in fact, I opened a used-car loan with them in February and made my first payment today.

 

As noted in the OP, Penfed seems to like scores of at least 620 as well as some revolving history to study. I think I can satisfy them on both points come fall, because my lowest score (TU FICO) is 627 and should be improving soon to correspond with EQ and EX once all my current accounts report to TU, and also, my EQ NG2 score (Penfed is more or less unique in using them these days) was 690 as of 2/28, several days after I'd been approved for my car loan (EQ FICO is 659). I have Cap 1 secured and unsecured, Discover It unsecured, and Amazon Prime/Synchrony, all of which will have been reporting for at least five and possibly six months by September/October when I plan to try for a Visa. My car loan will have a payment history of five to six months depending on when I pull the trigger on application. My main concern at that time would be that I'm aware that Penfed has a thing about what they call "pyramiding" debt (i.e., acquiring a lot of new accounts in a short span of time) though since I'll be coming out of a six months' or so gardening phase, that may not - I hope, anyway - be an issue. I'm even considering, when the time comes, going down to my local branch to apply in person so I can have the advantage of talking face-to-face with an actual person rather than apply online or over the phone. What are your thoughts?

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $33.2K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4300 Overstock Store Card, $4500 Discover It, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 713 of 952
Community Leader
Senior Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


SimpleMind99 wrote:

Scupra, let me start by thanking you.  I have lurked on these forums for years now and your posts have helped me tremendously.  I got my ch. 7 discharge 08/2015.  Yesterday, after a touch recon, I got approved for a Chase Freedom!  The limit is for $500, but it's big for me at only 17 months out of a chapter 7!  Thanks again.


That is so awesome! I will never forget my Chase $500 approval

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 714 of 952
Valued Member

Re: Bankruptcy Friendly Credit Cards Pt.2

Aw, man!  Just got declined from Barclay's and when I called to recon they said it's because I burned them.  I have a decent rebuild, and am 19 months post bk7 discharge.  I was really hoping to get back in with them but at least there was no hard pull.  Now to figure out my next app...

BK7 discharged September 2015
Capital One Venture $16,000, Quiksilver $3800, Discover IT $6000, PenFed Power Cash Rewards $2500, J.Crew Store Card $1700
EQ 688 / TU 665 / EX 680 As of Sep 6th 2017
Credit Goals: 700+ score, mortgage ready in 2018
In the garden until January 2018
Message 715 of 952
Highlighted
Established Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

Same here Barclaycard declined me go figure some ppl managed to get in
Message 716 of 952
Valued Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

After looking into some BK friendly cards I stumbled on several threads talking about the Cabela's Club Visa, and people having success.  So I decided to app for it last week.  I believe they do a manual review for applications the majority of the time, so when it said the generic "Thanks for your app, we'll send you a letter in 7-10 days" I didn't completely write it off. 

 

Today, I received the letter congratulating me and welcoming me to the Club, but it doesn't give you any info about the card other than stating you have been approved.  I called their customer service number, and after confirming my identity she let me know I was approved for a $3k card at 9.9% for purchases at Cabela's and 18.77% for all other purchases.

 

She told me after a few month's I can request to have the 18.77% be lowered to match the 9.9%, and after 6mos I can request a CLI, but it will be a HP. 

 

EDIT:  They pulled one of the Equifax store card scores ranging 250-900 because the score they used was 666, which is different than the FICO08 score here. 

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 717 of 952
Established Member

Re: Bankruptcy Friendly Credit Cards Pt.2

Approved today for Chase Freedom Unlimited ($500 CL) and Wyndham Rewards from Barclay ($2500 CL) 3 years, 11 months post BK.  All three scores above 700 (716, 719, 727) with a solid rebuild.  Only other premium card is BoA Cash Rewards ($4000 CL, 9 months old).  $37k in CL's always paying balance in full as statement cuts with less than 8% utilization, usually under 2%.  Credit builder loan ($1000) paid in full from 3 years ago.  Lending Club loan ($3000) from 3 years ago paid early and in full after 22 months.  Also, just approved last week for $18k car loan (4.24%) through credit union with 25% down.

 

Reconned both Chase and Barclay to explain BK (medical) and credit rebuild.  Chase automatically denied for BK and then approved after answering many questions on BK reason, current employment, credit rebuild etc.  Barclay didn't ask many questions, just verified information on application.

Message 718 of 952
Frequent Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


Abanomi24 wrote:

Approved today for Chase Freedom Unlimited ($500 CL) and Wyndham Rewards from Barclay ($2500 CL) 3 years, 11 months post BK.  All three scores above 700 (716, 719, 727) with a solid rebuild.  Only other premium card is BoA Cash Rewards ($4000 CL, 9 months old).  $37k in CL's always paying balance in full as statement cuts with less than 8% utilization, usually under 2%.  Credit builder loan ($1000) paid in full from 3 years ago.  Lending Club loan ($3000) from 3 years ago paid early and in full after 22 months.  Also, just approved last week for $18k car loan (4.24%) through credit union with 25% down.

 

Reconned both Chase and Barclay to explain BK (medical) and credit rebuild.  Chase automatically denied for BK and then approved after answering many questions on BK reason, current employment, credit rebuild etc.  Barclay didn't ask many questions, just verified information on application.


This is fantastic Abanomi24....Thanks for sharing with us. Took me over 4 years get in with Chase. I am glad to see people getting in with them earlier. 


Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750

Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000
Message 719 of 952
Valued Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

Congrats! You got in early. Helps that you don't have a lot of new accounts and inquiries

AX BCP 15k, (AU on ED 7k,) BC Ring 11.5K, BC Arrival+ 9.5k, BC AA Aviator 4K, AKUSA FCU -10k , Comenity Blue Nile 11k, Discover (2) 11k , Kohls-4k, CHASE Amazon Prime VS 500, BofA AK Air Siggy 9.8k, BofA Secured $500, Synchrony Cathay Pacific Visa 9k, Synchrony E-bates Visa $2.4k, PFCU Plat Rewards Siggy 18k, PFCU Power Cash Rewards 21.5 k, NFCU Go Rewards 24k , NFCU Flagship 31.5k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $3250, Target 1k, BLIS PAY 5k, Pay Pal 1k, CO Venture 23k, 259k total available credit. Utiliz-2%, Current FICO EQ-707, EX 702,TU 715 Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 720 of 952