I have been rebuilding since Aug 07...the usual garbage (FP, Salute (yuk), etc). Managed to get pre-approved for J.C. Penny's in November and a Cap1 in February.
Finally in March I was softed for a BoA Choice Hotel w/ 6k limit....and then I couldn't stop...started apping for everything in sight.
I even apped for several Chase cards (the reason for this post). Got declined. Read about recons on here and made the call. Ended up with Mariott Sig Visa and MGM MC total limit 7k.
Since I had the bug and suffer from some sort of Hyper-Application-Syndrome...and couldn't stop. More is better -- right? WRONG
On Saturday I received a letter from Chase --- "...We have elected to close your account(s)"...BOTH OF THEM...due to to0 many NEW accounts and too many INQ!!! Hadn't even received a statement yet.....I was distraught. Suicide Prevention wouldn't even answer. And to make matter worse, it was a long weekend.
Today I called and spoke to the Risk Department. I carefully explained that the INQ were because I was trying to fit all of my new credit into a window, so that next year they would all drop off. And that none of my new accouts were opened after they opened mine. These are true statements.
The CSR went away for a few and came back and said that he could re-open both of them.
So, I have learned my lesson. I am in a really good place to have received more than my share of cards with less than a great score. I need to fly under the radar, take care of business and work on CLI's not new credit.
Thanks to everyone, otherwise I would have just taken what then sent me.
Remember (cuz I didn't) -- rebuilding is a marathon, not a sprint!!! But if you get into trouble, don't panic and consult the forums -- there are tons of really smart people in here who can help you out of a jam!
Aug 07 -- EQ 520/TU 518/EX 530
Mar 08 -- EQ 575/TU 583/EX 595
May 08 -- EQ 600/TU 604/EX 635
Message Edited by each-day-better on 05-27-200802:54 PM
Just make sure that you keep incredibly low balances on those cards because Chase might not be the only one that gets nervous. Some of the other banks might soft you just because your history is new with them and if they see a ton of new accounts (especially with balances) they might lower your limit or cancel the card.
After a few months this shouldn't be an issue, especially if your utility is very low.
Congrats! Those approvals are impressive. I'm rebuilding but I will not app with Chase. I had a auto loan through Chase Manhattan Bank that I included in my BK. I paid it off, but I highly doubt they'd give me any more credit.
Good advice on the marathon v. sprint analogy. I'll apply that to my walk to rebuild.
Starting Score: TU 723, EQ 708 Current Score: TU 796, EQ 743 Goal Score: TU 800, EQ 800
I just got lucky with Chase after being turned down over a 2 weeks ago.
I had applied and was denied and then I called the recon number and was told by a specialist I should wait about 6 months and re-apply.
I called yesterday (5-27-08) and talked to another account analyst after I received the denial letter and she asked some basic questions about my former BK and my income and job and told me to hold on while she checked with her manager. Low and behold she came back and told me I was approved for a Chase Platinum Visa with a starting cl of $1000.
Im pretty happy with that because I really wanted to get a Prime Bank in my list of cards.
Thanks again to those who suggested never give up and keep trying. I does work and I am greatful. Now I am done applying for a long while.
Ch13 BK Discharged 4-17-08
NFCU nRewards Visa (4/2008) - $4000 NFCU Platinum Mastercard (4/2008) - $4000 NFCU Navcheck LOC (4/2008) - $2500 Juniper Platinum Mastercard (1/2008) - $600 Orchard Mastercard (4/2004) - $400 Credit One Platinum Visa (3/2006) - $700 Target (2/2008) - $200 to $500 (on 5-06-08) Macys (5/2008) - $100 $200 (on 5-16-08) CIT Credit (3/2007) - $2400 US Dept. Ed Student Loan (2002) - $6200 HSBC Platinum Mastercard (3/2007) - $400 (closed 3/2008) First Premier Visa Gold - (3/2007) $250 (closed 3/2008)
Fico Scores: EQ 667 (8/10/14) EX 661 (6/28/14) TU 640 (6/6/14) New Cards after BK DC: C1 Quicksilver Plat MC $4000 (2/2014) Survived BK Filing: Fort Knox CU Plat Visa $5000 / Lowes $7000 / HSN Card $3000 / Walmart Card $2000 / Macys $800 / Target Red Card $500 / Fingerhut $600
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.