In my time away recovering I did a TON of research in to Chase. It's appearing more and more like they are BK friendly, even if you burned them. The reports are that most require recon, and that some (but only some) require you to PIF your past obligations with them.
Anyhow, just for sport (and the free $450 they give you for signing up + 1 year no AF) and to test whether or not it can be done, I'm thinking about applying for a Chase Sapphire Preferred. I burned Chase in my BK to the tune of $1089. All the scores I can actually see (FICO and FAKO) are hovering between 705 and 720 and I have the income to support it, so I'm fairly certain I'd be approved if the BK weren't there.
I don't need the card, because I don't ever need a new CC again. So other than proving it can be done and getting free money I'll probably PC it over to a Freedom in a year when the AF hits and use it the same way I use my Disco (5% categories only).
Still debating in my head,
-SM
Starting Score: ~470 preBK(8/2010)
Try the Wells Fargo Secured Card. You can have a Credit line of up to $10,000, min is $300 ($25 annual fee) Graduate in 1yr.
Fine print: You cannot have any baddies with WF ever! Even if you were a child and your savings closed owing 4 dollars. That is instant denial. Theres some dark system that knows these things when applying lol.
If you have never done business with WF, they are great for rebuilding. Even if you are in ChexSystems, they have a Checking/Savings account called Opportunity.
I would recommend using 1% of whatever you decide to have your credit line be. Or, even easier, if you have netflix/hulu, set up your automatic debit through the CC and cut it up so you dont get tempted. Thats what I did...Hope this helps.
*I used to work there as a Banker*
@Playthegame wrote:Try the Wells Fargo Secured Card. You can have a Credit line of up to $10,000, min is $300 ($25 annual fee) Graduate in 1yr.
Fine print: You cannot have any baddies with WF ever! Even if you were a child and your savings closed owing 4 dollars. That is instant denial. Theres some dark system that knows these things when applying lol.
If you have never done business with WF, they are great for rebuilding. Even if you are in ChexSystems, they have a Checking/Savings account called Opportunity.
I would recommend using 1% of whatever you decide to have your credit line be. Or, even easier, if you have netflix/hulu, set up your automatic debit through the CC and cut it up so you dont get tempted. Thats what I did...Hope this helps.
*I used to work there as a Banker*
Wow. This sounds like an Ad for WF. Since it's OP's first post, I'm going to throw it to Revelate.
In any event that it's real... Welcome to the forums! Unfortunately, the Card/Path your suggesting is absolutley not a prime card (it's just a secured card) and if you don't have any baddies, then it's not really in the blacklist category either.
-SM
@SoulMaster wrote:
@Playthegame wrote:Try the Wells Fargo Secured Card. You can have a Credit line of up to $10,000, min is $300 ($25 annual fee) Graduate in 1yr.
Fine print: You cannot have any baddies with WF ever! Even if you were a child and your savings closed owing 4 dollars. That is instant denial. Theres some dark system that knows these things when applying lol.
If you have never done business with WF, they are great for rebuilding. Even if you are in ChexSystems, they have a Checking/Savings account called Opportunity.
I would recommend using 1% of whatever you decide to have your credit line be. Or, even easier, if you have netflix/hulu, set up your automatic debit through the CC and cut it up so you dont get tempted. Thats what I did...Hope this helps.
*I used to work there as a Banker*
Wow. This sounds like an Ad for WF. Since it's OP's first post, I'm going to throw it to Revelate.
In any event that it's real... Welcome to the forums! Unfortunately, the Card/Path your suggesting is absolutley not a prime card (it's just a secured card) and if you don't have any baddies, then it's not really in the blacklist category either.
-SM
It's awkward (possible solicitation, Playthegame, soliciation is against our Terms of Service) but we have similar posts over in the credit card forums for certain folks who like card XYZ for whatever reason.
There's some useful information in it, though as a point of anecdotal fact: WF's graduation policies are the worst in the industry: if that changed it would be welcome news but it'd have to have been recently if so.
Also in full disclosure, I've been a pretty substantial voice regarding the WF Secured card should simply be avoided or at best picked up as the third card in people's lineup; however, if they are BK friendly it's not a bad target as I know options are more limited (I'm really not familiar with BK underwriting, tax liens are my boat anchor).
I do appreciate the heads up but as a moderator going to let it stand for now.
--Rev
@Scupra wrote:Funny you say this. I have seen some people getting approved with Chase as soon as 4-5 years post d/c. Most of the stories I have seen have the kicker that the applicant banks with Chase. Whatever you choose to do good luck! I still envy your Discover card haha!
@I think we should try and get to the bottom of the Disco problem. In real-life (not on the forums) the cleints I work with face-to-face have no problem getting their Discovers assuming they've never burned Disco and have followed the 7 to 700 plan to the letter. But, I do know you're not the only one who thinks there should be a YMMV on that step of my plan, so maybe we can figure out the differences. Unfortunately, I don't know any analysts @ Disco that I can just call and ask. So if you don't mind, maybe we can use your situation as a "figure this out" case.
When you apped for the Disco:
1. Had you ever had a Disco (or were an AU on a Disco) before?
2. Was your secured NFCU card still on your CRs?
3. Did you have any Inq's that were less than 6mo old?
4. How many total Inq's did you have on whatever Disco pulled?
5. Did you have at least 1 revolving TL that was more than 6 mo old that showed monthly useage and PIF every month?
6. Did you have at least 1 installment TL that was more than 6mo old with perfect payment history?
7. When you apped, were you at least 12 months post-filing? (not discharge, discharge doesn't matter in this case... filing does)
Finally, if you don't mind sharing, do you know your DTI ratio when you apped?
Anyone else who couldn't get a Disco post-BK can answer these, too. Let's crack this nut!
Cheers,
-SM
Thanks Rev -
In the BK world, (and obviously IMO) all secured cards should be avoided for the reasons I point out in my "they're worthless" thread. Appreciate your added insight to the WF one specifically.
Cheers,
-SM
Hi,
BK 7 08/2008. Chase not IIB Discover was IIB
No inquiries for the past 14 months prior to apps.
Just approved for Discover IT 5K 01/08/2014. Discover included in BK. No recon but not instant. Had to call to verify identity. Pulled EQ only
Just approved for CSP on Recon 01/11/ 2014 for 5K. (Triple pull) Had Freedom for 14 months and stuck at $500 Bank with Chase for 3 yrs+ recently and had a great history prior to BK with Chase like a paid mortgage and car loans. (Freedom was also on recon 14 months ago). No go on upping the Freedom limit a bit, didn't want to push my luck either but did try...lol
Scores are real close at 735 - 743
