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Second Chance with Credit Card Companies

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reneasworld
Regular Contributor

Second Chance with Credit Card Companies

I have been searching but I am not sure if anyone discussed it. Do credit card companies ever give you a second chance at having credit with them if you had messed up previously. For instance, about seven years ago, I had an AMEX and a Barclays, lost my job and some other things. I have slowly built my credit back up and they dropped of but I never satisifed the balance. Have companies been known to give someone a credit card after a certain amount of time.

 

Thanks

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 1 of 10
9 REPLIES 9
Kenny
Moderator Emeritus

Re: Second Chance with Credit Card Companies


@reneasworld wrote:

I have been searching but I am not sure if anyone discussed it. Do credit card companies ever give you a second chance at having credit with them if you had messed up previously. For instance, about seven years ago, I had an AMEX and a Barclays, lost my job and some other things. I have slowly built my credit back up and they dropped of but I never satisifed the balance. Have companies been known to give someone a credit card after a certain amount of time.

 

Thanks


Yes, I think most of the CC companies will allow you a second chance so long as you've restablished your new credit history and it's solid. It also depends on how much you burned them for. Amex is odd too in that they've let some back in and blacklisted others with no rhyme nor reason. Chase is a strong hold out for most people.

Message 2 of 10
Creditaddict
Legendary Contributor

Re: Second Chance with Credit Card Companies

Barclay forgave 1 year almost to the day that I settled with them.

GE was more quickly with a store brand I hadn't had before and recently got a walmart which I had settled 1 year to date.

amex seems to be about 8 years but if they think you still owe them it's hit or miss but the plus is if they have you black listed they will tell you and they won't pull credit when you apply.

chase seems to be pretty hard on no bk, different if you just owed them in past but they can be difficult

discover is more forgiving it seems of late with a couple years

cap1 almost instantly!

Bofa seems to want 3 years since baddies

Message 3 of 10
Kenny
Moderator Emeritus

Re: Second Chance with Credit Card Companies


@Creditaddict wrote:

 

Bofa seems to want 3 years since baddies


An interesting note on this! I recon'd my mom's app for a Better balance reward through the EO! That was a very pleasant experience! She got approved for 1k. The main selling point was that she was trying to re-establish her credit and wanted a chance to prove herself with BoA! Interesting right? She has a recent (last year) charge off from Credit One or whatever subprime predatory card that is.

Message 4 of 10
reneasworld
Regular Contributor

Re: Second Chance with Credit Card Companies


@Creditaddict wrote:

Barclay forgave 1 year almost to the day that I settled with them.

GE was more quickly with a store brand I hadn't had before and recently got a walmart which I had settled 1 year to date.

amex seems to be about 8 years but if they think you still owe them it's hit or miss but the plus is if they have you black listed they will tell you and they won't pull credit when you apply.

chase seems to be pretty hard on no bk, different if you just owed them in past but they can be difficult

discover is more forgiving it seems of late with a couple years

cap1 almost instantly!

Bofa seems to want 3 years since baddies


What if you did not settle with them and it just dropped off your credit report? I did not have any bk. I did have a chase card. I really want to apply for that Discover card, though. I never had a Discover card. Do you think they will give me the a Student reward card, regardless of age if I am in college?

 

Thanks

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 5 of 10
Creditaddict
Legendary Contributor

Re: Second Chance with Credit Card Companies

Check the pre-qual tools on each website... I'd skip student usually unless like full time student with low income
Message 6 of 10
USF813
Frequent Contributor

Re: Second Chance with Credit Card Companies

OP - Chase forgave me exactly 5 years after burning them in BK. It was a relatively small amount under $1k so that might have made a difference, the card I applied for has an AF, and none of my previous chase accounts (even the one in BK) ever had late payments. It took two recons to get the approval.
Message 7 of 10
Anonymous
Not applicable

Re: Second Chance with Credit Card Companies

Most seem possible after a certain length of time.
Message 8 of 10
PlasticOrPlastic
Established Contributor

Re: Second Chance with Credit Card Companies

OP I'd say you'd have no problem with Discover if thats what you want.  Is everything looking ok on CR for last 2-3 years min?  I had a BK7 in 2011 and opened a Discover it January this year.  Great card with great BT options and rewards!  After 7 years you should be fine, especially if it fell off the report, Barclay is also pretty welcoming after a year or so (CA mentioned this).  I have no experience with AMEX or Chase as they both deny me in the blink of an eye. 

Message 9 of 10
MileHigh96
Frequent Contributor

Re: Second Chance with Credit Card Companies

One card I can guarantee that won't give you a second chance is the Macy's credit card.  Not sure about their AmEx branded card, but the Macy's store card will NOT give you a second chance if you ever filed for bankruptcy with their card being on the filing or if you ever defaulted and had the debt charged off by them.  I know this from experience.

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 10 of 10
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