Credit Cards

[shakalaka]

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masscredit wrote:

I've been looking into Chase recently. Had a balance of $81k with them when I filed for BK in '09. I might put an application through and see if they throw darts at my picture. 

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Wow, with 81K could be a big dart. Please tell us what happened after the apllication.

[masscredit]

On their site now, when filling out the application the first question (even before your name) is - Is your credit history clear from bankruptcies and/or seriously delinquent accounts?

Looking at their Freedom card.

[masscredit]

Researching more. I have the app half way filled out and looking into my info to see if I should complete it.

[shakalaka]

Well, if you are blacklisted no Inq. So what can you loose? You will know, if you are blacklisted and if rejected for other reasons, they will tell you why.

As another member told me yesterday, it is only an Inq. They will fade away.

Good Luck

[Revelate]

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masscredit wrote:

Researching more. I have the app half way filled out and looking into my info to see if I should complete it.

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I think they'd have an issue with 81K lost via your BK (was it mortgage / heloc / similar?), but if you don't have any real credit plans for the next year I think Chase is one of maybe two lenders which is deserving of spending a recon inquiry on to see where you stand.

[xi]

your mid-low 600s credit score or bankruptcy alone would be enough to get you denied for the card. But both of those together AND including Chase ($81k at that!!!) in the bankruptcy mean there's no way you're getting approved. 

[masscredit]

It was a credit card (yup, it went that high). The economy and my business went downhill then my credit went down in the landslide. 

[masscredit]

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xi wrote:

your mid-low 600s credit score or bankruptcy alone would be enough to get you denied for the card. But both of those together AND including Chase ($81k at that!!!) in the bankruptcy mean there's no way you're getting approved. 

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I'm kind of seeing that in my research. I think maybe I'll sit tight until next Summer, let my new accounts grow and score hopefully my score will crest 700.  Then I'll give them a shot. 

[Revelate]

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xi wrote:

your mid-low 600s credit score or bankruptcy alone would be enough to get you denied for the card. But both of those together AND including Chase ($81k at that!!!) in the bankruptcy mean there's no way you're getting approved. 

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Freedom approvals on this forum have gone down to around 630 or so since June.  One outlier was lower than that, was a rash of apps in June/July when people realized that the Freedom was opened to a much wider audience.   I'm pretty much absolutely confident I could obtain one now with a 645ish score, but my own elephant in the living room credit issue isn't a recent BK.

While I too think there's a low probability as a result of not only the recent BK but a BK with an 81K Chase tradeline included, Chase really seems to want new customers these days, we're in strange economic times, and there might be a $500 approval possible under their current guidelines.  Hence I suspect it's a recon inquiry, but it's sometimes worthwhile to know if you're blacklisted with a lender, and FICO is pretty meaningless interstitially and a single inquiry isn't a huge factor even short term.

[masscredit]

Ok... I did it and received this response -

Thank you for applying. Your application requires further review before making a decision.

Here's what you can expect:

• Our goal is to notify you in writing within 10 days; however, in some circumstances it may take up to 30 days.
• If you are approved, you will receive your card and other important information in the mail.
• Please do not resubmit this application.

I guess I'll wait for the envelope to arrive that says NO stamped on the outside