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I filed for Chapter 7 BK in Dec 2011 and it was Discharged 4/2012. Since BK 7 I have gotten 3 unsecured credit cards. Cap One QS ($3,500 CL), Provident CU Visa ($7,500 CL), Patelco CU Visa ($2,500 CL). Decided this morning to apply online for Discover IT Rewards and I was Approved for $4,500, I was shocked since reading these threads figured I would have to call and recon and explain BK. Not the case, Approved right away !! I did not burn Discover in my BK 7.
Also this morning I applied for the Chase Freedon credit card, I did not want to apply since I burned WAMU (Chase accuired them) in the BK 7 with 2 credit cards and I did a short sale on 2 WAMU (Chase accuired them) home loans in 4/20012. My banker said he would talk with underwriter directly and push hard for them to give me a second chance, he also said being a Chase Private client will help in my situation. So I decide to apply, I want back in with Chase. I will take any limit they give me !!
All my scores are in the 720's from myfico
I was at 4% utilization when Discover and Chase pulled my credit. Chase pulled Equifax and Experain while Discover only pulled Equifax.
Hoping above info helps !!!!!!
Probably could have gotten the discover IT a bit sooner. Many people report getting it in less than a year post BK, I got mine 4 months and 1 day post discharge.
I applied with Discover 1 year and 2 years after BK 7 Discharge and they declined me. I tried several times on each decline to recon with back door numbers and had no luck.
Congrats on the Discover approval and good luck with the Chase app!
More great news, I was approved for Chase Freedom card this morning. Original approval starting limit was $500 but my private banker called underwriter directly (for higher limit) with me sitting next to him, she asked to speak to me directly asked me a few questions and I answer them for her. She put me on hold for a few minutes (seemed like hours) came back to phone call and said will start you off at $2,500 limit. Music to my ears as I am glad to get back in with Chase!!!
So there is hope with Chase, if they approved me while burning them with 2 credit cards in BK7 and short sale of 1st mortgage and equity line there is light at the end of the tunnel.
I cant thank these Forums enough for all the information & knowledge, it has helped me out a ton while rebuilding after my BK7 !!
Woooo! Huge congrats on the Chase approval. They have been amazing for me
I am going to use this Freedom card for everything and PIF each month. How long should I wait before asking for a credit limit increase?
@sweetz28 wrote:I am going to use this Freedom card for everything and PIF each month. How long should I wait before asking for a credit limit increase?
I believe the rule of thumb is a minimum of 3 months, meaning 3 statements.
I app'd for Discover just shy of 4 years after BK7 discharge and was instantly denied. Then 6 months later started getting app invite mailers. On the 3rd one in 3 weeks I decided to risk another credit pull - instant approval w/4K SL, and I don't see where they even pulled my credit. After the 3rd statement I requested a CLI and got a measly $500. Then at 6 months I requested another CLI and got $1500 - 50% CLI in the first 6 months is good for me.
I was just posting with a guy in the CC Applications forum here. He's a former Chase branch manager and he said he thought I could get approved w/Chase at 5+ years post discharge, even though I included a couple Chase cards in my BK. I'm going to hold off for now though, not in any hurry for any new cards.
@sweetz28 wrote:I am going to use this Freedom card for everything and PIF each month. How long should I wait before asking for a credit limit increase?
I would wait 6-12 months for Chase. I waited 8 months I think and went from $500 to $5,000 Remember that even CLI requests are auto declined for BK and will require a recon. Good luck!