Update - Approved. CHASE - Was given incorrect information about BKs-
Update for everyone - can anyone verify? Chase told me they put in a new policy in the past 2-4 weeks that anyone with a BK will be denied even with reconsideration. This comes from a supervisor of the agent I was talking to. My BK is 6.5 years old, stellar credit 755, high income, two mortgages with equity... yadda yadda. They said there is no longer any path forward for anyone with a BK on their credit report through the reconsideration process and said to send them feedback asking to reverse the new policy in hopes that it will gain traction with the decision makers. They said lots of folks with great credit are getting turned away as of late. Can anyone else verify?
If this is true, I think Chase is shooting itself in the foot here by turning away a lot of potential customers who've learned a hard lesson through BK and are managing their credit more responsibly now.
This is very interesting... I'd be curious to know if anyone else has some insight on this as well. I was definitely hoping to get in with Chase at some point after I rebuild and obtain a couple more cards and raise my scores some more. I do think it would be a bad move on Chase's part as a lot of us have learned our lessons the hard way and just want a chance to prove we are on the right path now.
Update for everyone - can anyone verify? Chase told me they put in a new policy in the past 2-4 weeks that anyone with a BK will be denied even with reconsideration. This comes from a supervisor of the agent I was talking to. My BK is 7 years old, stellar credit 755, high income, two mortgages with equity... yadda yadda. They said there is no longer any path forward for anyone with a BK.
Makes sense to me. Isn't it 8 years the time between you can declare bankruptcy? Seems someone 7 years out from bankruptcy is more risk than someone 2 years out.
@frogman1 - you may have misread my post. The number of years does not matter - if you have a BK chase said no possibility of reconsideration. This a drastic change from those who have had BK and received credit cards by calling reconsideration in the past. I only mentioned my years as an example of my specific situation.
To be clear, BK will leave your report at some time (7 or 10 years depending on the chapter filed) and then you could get chase. But not until it passes off of your report via many, many years of waiting. Still waiting for someone else to confirm my call with them...
@Anonymous - you may have misread my post. The number of years does not matter - if you have a BK chase said no possibility of reconsideration. This a drastic change from those who have had BK and received credit cards by calling reconsideration in the past. I only mentioned my years as an example of my specific situation.
Chapter 7 bankruptcies are 10 years, Chapter 13 are 7 years. I'm still a bit unclear on this - is Chase now saying that no one who has ever had a bankruptcy will be reconsidered, even after that bankruptcy has aged off the report? If that's what's going on, that's an even worse look than just refusing to recon anyone during the BK period, as I said over in CC Applications.
Good question, to clarify - the agent told me once the BK ages the appropriate 7 or 10 years as mentioned above Chase will grant credit. But it needs to age off of the credit report entirely, whereas before we could prove that we were responsible creditors again within the 7-10 year time frame now that is no longer possible. Seems like a long time to wait and a very hard line approach if you ask me. Would love for someone else to confirm this. Anyone feel like calling reconsideration? 1-800-243-6010
