cancel
Showing results for 
Search instead for 
Did you mean: 

Discover IT & Chase Approval !! with Chapter 7BK (4 years old)

tag
sweetz28
Member

Discover IT & Chase Approval !! with Chapter 7BK (4 years old)

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 !!!!!!

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Discover IT Approval !! with Chapter 7BK (4 years old)

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.

Message 2 of 10
0REDSOX7
Valued Contributor

Re: Discover IT Approval !! with Chapter 7BK (4 years old)

I'm two years two months post discharge - with that said, I am just now starting to get Discover IT mailers in the mail.

I really want to pull the trigger, however, we are going for a mortgage next month and want to limit all new accounts/inquiries.
BK Discharge 2/11/14

Currently in the garden.
Message 3 of 10
sweetz28
Member

Re: Discover IT Approval !! with Chapter 7BK (4 years old)

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.

Message 4 of 10
Scupra
Super Contributor

Re: Discover IT Approval !! with Chapter 7BK (4 years old)

Congrats on the Discover approval and good luck with the Chase app!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k 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 | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 5 of 10
sweetz28
Member

Re: Discover IT & Chase Approval !! with Chapter 7BK (4 years old)

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 !!

Message 6 of 10
Scupra
Super Contributor

Re: Discover IT & Chase Approval !! with Chapter 7BK (4 years old)

Woooo! Huge congrats on the Chase approval. They have been amazing for me Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k 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 | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 7 of 10
sweetz28
Member

Re: Discover IT & Chase Approval !! with Chapter 7BK (4 years old)

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?

Message 8 of 10
DaveInAZ
Senior Contributor

Re: Discover IT & Chase Approval !! with Chapter 7BK (4 years old)


@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.

Message 9 of 10
Scupra
Super Contributor

Re: Discover IT & Chase Approval !! with Chapter 7BK (4 years old)


@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!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k 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 | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.