Can I ever have a Chase, Citibank BofA, Amex, again post Chapter 7?

[Anonymous]

Frustrated here!

I filed Chapter 7 and was discharged in August of 2009. I did include debts on Chase, BofA and Amex. Is it true that I will never be able to have accounts from them again, even when the filing falls off in 2019? I have heard stories that they never reapprove you if you have defaulted in the past.

Also, when do things really start improving? I have been stuck with $5,000 limits on my cards even as I approach year 6. Is there a magic time, say 7 years out or 8 years out? I'm assuming both the delinquent payments and the bankruptcy drop off at 10 years, is that correct? 

Thanks fot the help.

[Scupra]

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@Anonymous wrote:

Frustrated here!

I filed Chapter 7 and was discharged in August of 2009. I did include debts on Chase, BofA and Amex. Is it true that I will never be able to have accounts from them again, even when the filing falls off in 2019? I have heard stories that they never reapprove you if you have defaulted in the past.

Also, when do things really start improving? I have been stuck with $5,000 limits on my cards even as I approach year 6. Is there a magic time, say 7 years out or 8 years out? I'm assuming both the delinquent payments and the bankruptcy drop off at 10 years, is that correct? 

Thanks fot the help.

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With the lenders you listed it will be hard to get back in once burning them. As far as limits go, it isn't all about time. Plenty of things go into deciding a limit.. lender, usage, payment history, income, amount of avail credit, etc...

[RaiseMyScoreASAP]

Which cards do you currently have and what are the limits on each?

I ask myself this question: if a friend borrowed $5,000 from me six years ago and didn't pay it back and then showed up today asking to borrow another $5,000, what would I say? I probably would not lend/give the person the money. Even though old charge offs and late payments drop will eventually drop off your credit report, they won't in general drop off of the creditor's internal computer. 

A few weeks ago I was pre-approved for all the Bank of America cards and have banked with them since 1988. However, I had a charge off from 1990 from a bank that Bank of America later acquired. BOA denied my application based solely on the bad relationship with the acquired bank. I can however voluntarily pay back the money to BOA and they would approve me for a card. 

With AMEX, they took me back into the fold after they closed two of my accounts in 1995. So if you are willing to wait 20 years, then you can probably get back the AMEX although there is no guranatee. I was prepared to pay back the original amounts owed to AMEX, but wasn't required to do so. I was approved for a charge card. However, it is very likely I would pay off those amounts before I would apply for a revolving credit card with them. AMEX is a great card, but the magic of that card is the back dating to your original member date. In my case, an additional 28 years of age is added to my AAOC with each "new" AMEX. I consider myself very fortunate that AMEX forgave me and welcomed me back to the family.

So, I would find out the amounts you owed and if you really want to do business with these companies then voluntarily pay what you owe and request forgiveness. It's a total cost/benefit analysis. I can tell you, however, that there is a very positive carthartic feeling that comes with acceptance.

[Scupra]

RaiseMyScore: How do you pre qualify for Bank of America cards? thanks!

[shols44]

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@Anonymous wrote:

Frustrated here!

I filed Chapter 7 and was discharged in August of 2009. I did include debts on Chase, BofA and Amex. Is it true that I will never be able to have accounts from them again, even when the filing falls off in 2019? I have heard stories that they never reapprove you if you have defaulted in the past.

Also, when do things really start improving? I have been stuck with $5,000 limits on my cards even as I approach year 6. Is there a magic time, say 7 years out or 8 years out? I'm assuming both the delinquent payments and the bankruptcy drop off at 10 years, is that correct? 

Thanks fot the help.

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Short answer-Yes......but it takes time.

Chase-The absolute wait is anywhere from 9-10 years or 3 years! There is at least one report of a successful ap within 2.5, and soulmaster on this very board at 3 years. It will involve recon. I burned chase and reapplied at 3 years. I reconned and was told "I already have too much credit,"but i was very close to landing the CSP. 2nd call desperately wanted to approve me but cited I had 0.1% util on almost 60K at the time, and that I didn't have any other business relationship with chase. 

Amex- Standard is 10 years, but reports of approval at year 8 with BK reporting. Paying and going to oasis route may accelerate re-entry.

Citi- 10-12 years. 

BOA- as early as 7 years per blacklist thread.

As always YMMV. Income, business relationships and credit performance since IIb will make a difference. 

Google master blacklist thread and subscribe. 

[Anonymous]

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@Anonymous wrote:

Frustrated here!

I filed Chapter 7 and was discharged in August of 2009. I did include debts on Chase, BofA and Amex. Is it true that I will never be able to have accounts from them again, even when the filing falls off in 2019? I have heard stories that they never reapprove you if you have defaulted in the past.

Also, when do things really start improving? I have been stuck with $5,000 limits on my cards even as I approach year 6. Is there a magic time, say 7 years out or 8 years out? I'm assuming both the delinquent payments and the bankruptcy drop off at 10 years, is that correct? 

Thanks fot the help.

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Never say never.. But it will depend on how much you burn them for.  How much where each debts for this companies if you don't mind me asking.  These companies have loooooong memories.  It you didn't burn them much, then there is a chance you will get in after a few years...

[jim44]

OP.. All good answers here and I agree YMMV.  I was 6 months out of CP7 and needed a  car.  WF was IIBK, however WFDS did finance a car for me at that time.  My secured card with BOA just graduated after 9 months. I was denied with Chase after recon when the primary reason was bankruptcy.  The CA told me that I had a high utilization with one card that was the reason for the 2nd denial. Both Discover and Citi told me that after time BK becomes less and less a reason for denial.  Stay on course, and the best of luck with your journey. 

[somotao]

This is a very intersting thread to read and thanks OP for initiating it.

Here's my case BK7 Filed in 2010. I Included Bank of America, City Chase and Wells Fargo in my BK (mind you these were all real estate loans) no Credit card loans in my BK. I did have very bad usage of credit cards before filing for BK...they were all settled before the filing.  I have also been banking with Wells fargo and Bank of America for over 10 years. Everytime I go into the bank they keep asking me if I want a credit card. Knowing my BK would be a hinderance I usually decline.

 I walked into Bank of America last month to apply for their rewards credit card, did not get a response immediately, I was told I would get something in the mail. A few weeks pass and I have a letter here statingThanks for applying but they are unable to approve my original request, However I have been preselected to receive the BankAmerica Rewards Platinum Visa card with a $500 Credit Limit. There's even a note at the bottom of the letter stating that they based the decision on previously filed BK.

 I currently have Cap1 Quick Silver, Barclays Reards Visa and Discover with very decent limits. Also have amazon store card and Walmart card. I recently paid of a two year lexus financial car loan.  I was trying my luck at the prime guys. I most probably will accept the Bank of America offer and shoot for Chase and Amex in December when i will be 5 years post BK7.

[DaveInAZ]

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@somotao wrote:

This is a very intersting thread to read and thanks OP for initiating it.

Here's my case BK7 Filed in 2010. I Included Bank of America, City Chase and Wells Fargo in my BK (mind you these were all real estate loans) no Credit card loans in my BK. I did have very bad usage of credit cards before filing for BK...they were all settled before the filing.  I have also been banking with Wells fargo and Bank of America for over 10 years. Everytime I go into the bank they keep asking me if I want a credit card. Knowing my BK would be a hinderance I usually decline.

 I walked into Bank of America last month to apply for their rewards credit card, did not get a response immediately, I was told I would get something in the mail. A few weeks pass and I have a letter here statingThanks for applying but they are unable to approve my original request, However I have been preselected to receive the BankAmerica Rewards Platinum Visa card with a $500 Credit Limit. There's even a note at the bottom of the letter stating that they based the decision on previously filed BK.

 I currently have Cap1 Quick Silver, Barclays Reards Visa and Discover with very decent limits. Also have amazon store card and Walmart card. I recently paid of a two year lexus financial car loan.  I was trying my luck at the prime guys. I most probably will accept the Bank of America offer and shoot for Chase and Amex in December when i will be 5 years post BK7.

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Holy thread resurection! Well, not that old a thread and it does have alot of useful info. My 2010 BK7 was almost entirely CC debt and that definitely holds me back with prime CCs. I have 9 IIB derog accounts, 1 is my mortgage that I didn't reaffirm & was discharged but I'm still paying & never a late, just no one knows except me & therm. The others are all CCs, Chase x2 to the tune of $18k+, I don't expect to ever do biz with them again. Cap One x2 to the tune of $18k+, I avoided them for several years, then after joining MyFico and seeing how BK forgiving them I apped last fall and netted a QS sig Visa w/$10k SL. Citi x3 to the tune of $22k , I'd put them in the same category as Chase but I actually have a card from them, through the "back door" -  Best Buy MC originally issued as a sub prime card by HSBC which Citi acquired, and they even approved a $1k CLI last fall. Their pre-qual site still say 'we go nothin' for you', Maybe in a couple more years .....

I'm doing great with Cap One, Barclays Rewards MC & NFL Visa, and Synchrony Walmart & Lowes. I've never done any biz with BoA but did burn them for one card which they acquired from another lender. I really want a Fidelity Amex so I recently apped & was approved for a secured CC to start working my way back into their good graces. Discover hates me for some reason even though I've never done biz with them either; well, I'm not going to waste time & effort chasing the least accepted card. US Bank also hates me even though we've never done any biz. A recent check on their pre-qual site resulted in them offering me a secured card, previously they always said 'nuthin fer you'; sorry fellas, you're no Bank of America and aren't worth it.

[somotao]

I still haven't accepted the offer. $500 credit limit seems just too low for me......Not sure it is worth it just to get back in with Bank of America......at the same time I really don't want to waste my inquiry. End of this year will be 5 years post BK7 so will be looking to try for Amex and Chase.