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Beware of CC denying for old baddies !!

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Regular Contributor

Beware of CC denying for old baddies !!

Just wanted to let you know some of the bank cc have been denying some of my friends cc . I'm sure it is because of the credit mess but please beware. We certainly don't need any more trouble. My friend has scores in the low to mid 700's and was denied . Yes he had a bk7 over 9yrs ago but he has been spotless since then and has bought a home over 5 yrs ago with no lates. But they still got him for having a bk on record. I think they are looking for any reason to get us.You would think he  stole 50 billion dollars lol. Oh I got to go my jet is running!!!

Starting Score: 550-tu 550-eq
Current Score: 745-tu 777-eq (ex-736 lo)
Goal Score: 800-tu 800-eq


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3 REPLIES
Valued Contributor

Re: Beware of CC denying for old baddies !!

Is his BK still showing on his reports if so that's why he received a denial.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Moderator Emerita

Re: Beware of CC denying for old baddies !!

I agree with mjb. A bankruptcy will stay on credit reports for 10 years. Some lenders are absolute in their policies to not lend if there is a history of bankruptcy. It doesn't matter how stellar the history has been since the discharge. Until that major derog is gone, the risk is high. Some lenders will even blacklist for life if you burned them.

 

It's nice to hear, though, that your friend has been able to recover from bankruptcy, and has gone on to re-establish a solid credit history. Obviously, some lenders are more forgiving than others. They're the ones who will benefit from your friends business. Smiley Happy

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Super Contributor

Re: Beware of CC denying for old baddies !!

Some companies might be less concerned about BK on the CR. Now a days most companies do reject app if there is a BK on CR. Especially for Amex it is a no no.