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I applied for a chase freedom card online and got the application under review message. i had a bk7 5 years ago. after reading in this forum, i decided to go the recon route. i asked this lady '' she was super nice btw''. if they needed any more info from me cause i havent heard anything yet. she said my app was denied due to bk. so i asked her if i should wait to apply for another chase card until the bk falls of from the cr. she said no , just try to build more credit history, she said i only have 2 cards and one opened this july and the other last year. i said i have another card that has been open for the past 4.5 years. she insisted i build more history.
i havent burned chase in bk, don't have any late payments , i have car loan since november 2012 and all my cards always paid in full.
my question is should call one more time and try it again or this is it for me to get a chase card?
Regardless if you burned Chase or not in BK, the issue still stands for them as a negative. Some folks have tried several times and some have had positive outcomes, while others have not.
The reconsideration channel is no magic wand, it's simply an appeal process to determine whether you can prove your case, but with BK (or any other negatives) that lends itself to be more trivial. They're likely going to ask you why you filed BK, or they may not like the fact that you have a thin file or not a strong credit file to be extended further credit. So, it just depends on whether you feel that your profile warrants reconsideration and you have sufficient information to back it up. The other factor to weigh is, if they approve you, it will likely result in a very low limit and very supbar credit terms - so the question begs, is that the outcome you desire?
what is your score?
what are the limits on these other cards and what banks issue them?
why have you only restablished 2 accounts since bk 5 years ago... i say 2 because she didn't seem interested in that other 4.5 year account you mentioned so i assume it is a really small rebuilder account and these other 2 might be a little more major?
you have to find someone that is not only nice but then you need to PUSH hard why you deserve this card and why they should let you in with them and give you a chance to show the bk is behind you and you will be a great chase customer.
Equifax is at 667. i had a fledling business when i was hit by a car and had to have surgery and i simple wasn't able to work. so when i filed bk i said to my self no more credit .. i didnt wanna put myself into same predicament any more. i only applied for cap 1 card solely so i could rent a car and what not..the only reason i wanted to work on my credit is i wanted to buy a house , my other cards are barclays apple 1700cl , i converted cap 1 to a quicksilver card after they raised the limit on their own from 750 to 1750..and i am an authorised user on a amex., which i use for business purposes. yes i am willing to go with a low limit and high apr ,cause i pif every month
@stengiz wrote:Equifax is at 667. i had a fledling business when i was hit by a car and had to have surgery and i simple wasn't able to work. so when i filed bk i said to my self no more credit .. i didnt wanna put myself into same predicament any more. i only applied for cap 1 card solely so i could rent a car and what not..the only reason i wanted to work on my credit is i wanted to buy a house , my other cards are barclays apple 1700cl , i converted cap 1 to a quicksilver card after they raised the limit on their own from 750 to 1750..and i am an authorised user on a amex., which i use for business purposes. yes i am willing to go with a low limit and high apr ,cause i pif every month
i would recon a couple times if I had to... I can't believe with a 667 and only 2 credit cards you wouldn't be a great canidate for a $500 or even $1k limit... i mean I would give you higher but if they want more experience...
Worse case scenario they say no again, and no again - they hold the gold. Or maybe yes. In all reality, the card itself and rewards structure isn't going away anytime in the foreseeable future.
@stengiz wrote:I applied for a chase freedom card online and got the application under review message. i had a bk7 5 years ago. after reading in this forum, i decided to go the recon route. i asked this lady '' she was super nice btw''. if they needed any more info from me cause i havent heard anything yet. she said my app was denied due to bk. so i asked her if i should wait to apply for another chase card until the bk falls of from the cr. she said no , just try to build more credit history, she said i only have 2 cards and one opened this july and the other last year. i said i have another card that has been open for the past 4.5 years. she insisted i build more history.
i havent burned chase in bk, don't have any late payments , i have car loan since november 2012 and all my cards always paid in full.
my question is should call one more time and try it again or this is it for me to get a chase card?
I have done some research on Chase and other lender's blacklist (BL) policy becasue I find them to be inconsistent with their approvals. What I found out is that Chase and many other lenders don't really have a BL policy and they tend to be pragmatic on their approval guidelines. While having a BK or a Chase loss on your report is a negative it could be offset with positive aspects. I think the lady you spoke is suggesting that you have a few more accounts and probably wants to see larger credit lines. I would try to get a creditline increase with your current accounts and apply for another credit card maybe Barclays or Discover.
It sounds to me like the BK is spooking them for some reason. Your FICO scores by themselves are within the range to be accepted for the card. I got one with lower scores than that. i believe my scores were in the 640s. From what you posted it sounded at least from that particular rep that they were pretty firm that they weren't going to give it to you at that moment. I like the idea that you had to ask them what it is gonna take to get a card. If you can get them talking about how you are determined to get a Chase card and how you are very serious about rebuilding your credit and you are positive and saying that you really want the card then ask them what it will take. I am wondering how much of your available credit is being used and how many 30 60 and 90 and 180+ lates you have on your report. If you are using a lot of your availalble credit (say over half) then go through the motions of paying everything off except for like 1 dollar on one card, let them all report, then call them back and recon. That will not only pop your score, but it will also show them that you are not desperate for credit. Better to be in a situation where you are choosing which card you wanna pull out and they have to compete for your business, than being in a situation where you are all maxed out and looking for another thousand dollars in credit anywhere you can find it. This is these people's livelihood and they are fairly sophisticated in their formulae and algorithms to evaliuate people. Good luck. I agree with others. If you are persistant you can get it. Check out my story under my sig. I applied several times and then spent about 5 weeks in reccon and faxing proof of address and other stuff back and forth with them before being eventually approved...... Good luck.
I don't have any lates in my report after the bk. after reading these forums i realised my utilization was high. even though i pay in full every month , credit cards report a balance. and sometimes it is a high balance. so until i figure out when the cards report i will stop using the cards , so my balances will reflect as zero .thank you all for the good , solid advice.
@stengiz wrote:I don't have any lates in my report after the bk. after reading these forums i realised my utilization was high. even though i pay in full every month , credit cards report a balance. and sometimes it is a high balance. so until i figure out when the cards report i will stop using the cards , so my balances will reflect as zero .thank you all for the good , solid advice.
I forgot to mention in my post that utilization is important to lenders especially for folks who are in their rebuilding stages.