This would be one that I am also very curious about - cant wait to see if anyone else has any news of it
Maybe Chase started a new program to pay for the 2 billion they just lost last week!!
The taxpayers wont be bailing them out the people with blemished credit will
Starting Score: 0
@Anonymous wrote:Good afternoon all,
I recently heard from my friend's finance who is a Chase personal banker that within the past few weeks Chase launched a new program that helps those with BK get approved for their Chase Freedom card. I received an email from the Chase employee saying to come in and they have a new credit rebuilder program that will approve me for a Chase Freedom card with the override approval code provided from Chase corp. I know she wouldnt lie or exaggerate this (standing up in the wedding) to me but Ive never heard of such a thing. I tried doing some research on Google but cant find anything on this new program. Can anyone shed some light? Seems to good to be true as I have done backflips so far to get a descent unsecured card so far.
Got no real details, but 3-6 months ago there was a rumor (from some decent paygrade internal source) that Chase was looking into subprime market... which doesn't surprise me as there's tons of money to be made there; however, we didn't see anything so far in new products or anything else. This is possibly one of the outgrowths of that, and is a pretty smart plan in my opinion.
All the lenders seem to be going sort of for this:
- BOFA sticking rewards on their secured card if you ask for them
- Chase possibly opening up a more subprime / BK friendly underwriting standards for their bread-and-butter card.
- Cap1 offering to stick a 2% CB offer on a former subprime Orchard customer's card
And this is all within the last 2-3 weeks from reports on the forums, there are probably others too. I sort of figured that this was going to occur with how people's personal finances tanked over the past few years which would decimate the pretty FICO people pool that the prime lenders kept squabbling over.
I'll definitely be watching this thread with interest, and would greatly appreciate knowing any information you find out... I don't have a BK, but I have an ugly tax lien from seven years ago that I figured ruled me out from a Freedom anytime in the near future.
