Prime/Blacklist Approval Experiment, who's with me?

[Scupra]

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@SoulMaster wrote:

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@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!

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@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

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I have not applied for Discover yet. I was planning on waiting until I was 2 years post d/c because of the results I have seen from others.

- I have never had, or been an AU on any Discover card. I did not burn Discover either.

- NFCU secured card does not report as secured FYI
- Have 6 total inquiries (gotta love NFCU) on EQ right now, 2 within the past six months. By 10/2014 I will only have 3 inquiries total on EQ with none being within six months

- My DTI is currently at 11%

[SoulMaster]

Ahhh - For some reason I thought you had already applied.  Hmm.  Someone did.

Anyhow, when I read my post back, did more research, and used common sense I decided not to apply for the CSP, and to apply for the Freedom instead.

Of course I got the we'll let you know in 30 days message I expected.  So I called the analyst for reconsideration.  She said I was declined and that the only reason was the BK.  I explained that I figured as much, and was hoping she could review my account and overturn that decision.  She verified some info I already gave them, asked my why I filed BK (because I sucked) and what I was doing to not file in the future (not sucking anymore).

She put me on hold twice and said that the app needed even more review by a different department.  They'd call me if they needed more info, and I'd have a decision in a couple weeks.  (This may have been a polite way of her saying "No, you still suck").

I honestly don't care whether or not I'm approved exept for the experimental purposes.  If I get it, I'll use the card for gas when its a 5% category and that's it.  Of course, I'll let you all know the final-final outcome.

If I am denied, I may go stuff $10K in a Chase bank account for 6 months (they give you like $200 just for opening an account anyway) and see if I can get approved then (more experimenting).  Unfortunately, "having a chase bank account" will also coincide with "4 years since filing" so if I'm approved we won't know if it was either-or-both that did it.  Hopefully, they'll just approve me now and we can tag it with YMMV, no Chase bank account needed.

Anyhow... moving on.

-SM

P.S. At no point did she mention that I'd burned Chase for $1089 in the BK.

[Scupra]

Just the fact that you got her to review it, is awesome! I will cross my fingers for you.

Someone applied for Discover, and hopefully they will chime in with the info. Would be great if we could figure it out. I will be a data point come October though. I did, just today, apply for the Barclays Arrival and was instantly approved for $3,000 CL. Called backdoor to inquire about a $5k CL and approval for WMC version, no dice! He told me to wait 6 months and to call customer service blah blah blah. May try again later I really want to purchase a house mid 2015 so I am going to slow down now and just build AAoA. ALL IIBK accounts will be gone by mid 2015 as well.

[starry1]

I'm probably going to see where I stand with Discover in July.  I did not burn them because I've never had them.

[Scupra]

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@starry1 wrote:

I'm probably going to see where I stand with Discover in July.  I did not burn them because I've never had them.

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Nice! You can test the waters for me   I can't wait for you to request a CLI on your NFCU cards hahaha

[sjt]

Hi All,

I have been doing some research on card approvals, mainly focusing on "blacklisting" I became interested in learning about bank's "blacklisting" policy since many banks (Chase, Discover, Citi, BofA) seem to be so inconsistent. In the beginning of my research I called up Chase's recon line and asked about their policy. The person I spoke with told me that they don't have a Blacklist policy and that every application is evaluated on their own merits (or lack of.) I thought she was full of it. It turns out she was right. Since then I had made calls to several banks and spoke to an Analyst friend of mine for my research.

Here is what I discovered:

As banks and other lenders have started to lend more, they have loosened up their policies. They realize that potential super prime customers are a very small market and they realized they need to expand their target base, but rather going after the sub prime group in general, they are being more strategic. They are targeting potential "near prime" customers. They are defined as people with past problems but have recovered and trending towards the "super prime" category.

When I spoke to Chase they told me when they evaluate an application and they see a BK or a past charge off with them, it isn't necessarily a automatic decline. They do take it into consideration the negative but they try to balance it with the positive attributes of the application. Examples of positives would be the credit established, utilization ratio, banking relationship, employment, etc. It also depends on the analyst reviewing the application as well.

A loan officer friend of mine also stated when someone has a past BK, they focus on payment pattern and utilization ratio, in addition to credit established. He also told me that a minimum of 3 years from a BK discharge gives them a good assessment on how a person handles their credit and how much credit they established since their BK.

Paying off a prior charge off counts, especially with Amex. However many lenders will sell off their debt to a JDB. Paying off a JDB doesnt really help.

I still need to do more research, but I learned that the door is not automatically shut when you have a BK or charge on your credit report.

[SoulMaster]

For grins, and because I'm bored today, I thought I'd call the automated app-status line to check on it.

Got the "to activate your card" message, skipped it.  0 balance, $5000 limit.  We'll see the official when it comes in the mail.  If it's all true, I'll post a "Chase does NOT black-list (YMMV)" thread in addition to posting here.

Cheers,

-SM

[sjt]

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@SoulMaster wrote:

For grins, and because I'm bored today, I thought I'd call the automated app-status line to check on it.

Got the "to activate your card" message, skipped it.  0 balance, $5000 limit.  We'll see the official when it comes in the mail.  If it's all true, I'll post a "Chase does NOT black-list (YMMV)" thread in addition to posting here.

Cheers,

-SM

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You got the card! Congrats! The SP is a great card. Comes with an EMV.

[QFJFKSYD]

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@SoulMaster wrote:

For grins, and because I'm bored today, I thought I'd call the automated app-status line to check on it.

Got the "to activate your card" message, skipped it.  0 balance, $5000 limit.  We'll see the official when it comes in the mail.  If it's all true, I'll post a "Chase does NOT black-list (YMMV)" thread in addition to posting here.

Cheers,

-SM

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Congrats if it becomes official.

This would make me very happy. 

[SoulMaster]

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sjt wrote:  

You got the card! Congrats! The SP is a great card. Comes with an EMV.

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I actually didn't apply for the CSP.  If you see a later post of mine, I opted for the Freedom to start with.  I'll let this one age a while then grab a CSP; assuming that I'm in, I don't see that being a problem.  Thanks for the 'grats, though.

-SM