Does this make any sense to you.. Citi gave me $4,000 Sears Platinum MC but they won't even consider me for the Citi Simplicity Card even after executive review. I know different cards have different criteria but I heard Citi approved people with bk around the 3-5 year post mark do you know anything about that? I'm done applying now I'm gardening as you can see below the amount of inquiries I got on Equifax alone. Citi didn't decline me for that I was black listed for that BK. You know I filed on Citi sears in 2009 the regular sears store only card $600 about then I guess this nice whopper of $4k which is excellent for me. When you have limits of $31,900 and $20+ on 7 cards before you can hardly get used to these tiny $500 limit cards Imagine if you had to file bk and al the hard work you have done rebuilding sayn for 6 year after you filed bk and you got declined still for that BK. You know what I feel like? I feel like a low down dirty man all because of the bk. I was 24 years old back then I'm 29 now just had a birthday april 10th. When I'm 35 this bk will be gone in June 2019. American Express told me to try once a year they take people with bk the new accounts dept told me try after 7 years. Their ececutive office said their policy their changes all the time they say. I got amex prepaid cards I love amex. I wonder why they don;t come out with card for people with fair credit like mine? Chase is a Prime lender and they got stuck with $27,000 by my bk and they reconsidered me for their Slate card and gave me a $700 limit. I thought that was awesome of them to do that. I thanked them so much. I appreciate when banks do that.. Discover won't approve bk either. Their cards go up to 20 some percent APR and low credit lines of $500 on Discover IT I just cannot believe they are that tough on those small amounts. I pay all my cards in full. The only card that has a balance is my Capital One Visa Sparks card.
Starting Score: TU:599 EXP: 596 EQ: 595 Starting Year 2009
The issue is that you are assuming this is all solely from the BK. Between your three reports you have over 100+ inqs and a bunch of new cards. The inqs and new accounts are enough for many lenders to outright deny you without baddies on your report. Now you take into account a BK and you continually apply for new credit. You said you would go to garden, which you need, then make another topic about another business card you applied for. You current behavior based on your reports is extremely risky in lender's eyes and they may see it as you not having learned a lesson from the BK yet. Even if they give the reason as BK, it doesn't mean it was SOLELY the BK but that combined with other factors.
As far as Chase approving you after burning them, that's great but not all banks are the same. It's been said they are well within their rights to deny for any reason they want. A lot of banks use their own risk model that can be screwy sometimes. Someone with less inqs and a 4 year old BK that didn't burn Chase could just as easily be denied.
Not knowing the full history of OP's finances and troubles, I would say that the minute you file a BK, you become a higher risk.
It doesn't matter whether you can't refile or not. Picture yourself lending someone money and not getting it back, would you lend the same person money lets say a year later?
In this day and age of financial crisis, banks are leary to lend and it's always a YMMV but BK is a bad sign for any lending institution. Granted thr BL slowly loses it's power after 5 years or so but still a major risk.
Although credit is not a right, it is a benefit, we must use it wisely but we cannot always since people have their own problems and trials in life. But for banks, it's just how they can trust you, are you a good risk, how much money can they make off you and what's your history. That's all it is.
@mikey4833 wrote:My question is why does banks decline people for bankruptcy? I mean its like you cannot refile but every 8 or 10 years... When your like 4-5 years in they are protected from bankruptcy... Really theyt are missing out on a very profitable market... I'm so tired of being declined for bk I'm going to start a credit card blog website. I used to have a retail self defense products website so I know how to get it up in the search engines. I'm going to write about different things like this and start petitions and send them to the president and Financial bureau of financial protection. If we all do our part maybe we can change somethings. I believe its credit descrimination in my book. Many people agree with me, I'm not speaking for the people who purposely run up cards and file for bk. I'm speaking for the working people who had a problem like I did my business went under. Chase understood me even after I stuck them with 27k. American Express is too hard too get. Those charge cards are pay in full they shouldn't be so hard to get... I have so many inquiries on my credit I just want a decent card not trash with 25% APR. Yeah I have a $4,000 limit Sears Platinum MC but 25.9% apr and no balance transfer offers at all and 4 capital one cards and 1 chase and several store cards. If I get approved for Citi Simplicity I will be happy their president's office is reconsidering my app from March. A very nice woman called me from their office.. I tried to have my amex app reconsidered before and I got a response back that not even a supervisor could overide their tough criteria. Discover won't approve me either even for they're smallest $500 minimum limit just due to BK but others get the card with BK not me though. They said they accept people with bk but they cannot tell me when their cut off time is and he said their criteria changes every day.. I said 4 years is the basic cut off time with Citi I got a Sears Card from them and I filed 30k bk on Citi business and a sears card and they still approved me but all my others cards are 1k lines about. I want to re-start my business and I have only a $750 limit cap 1. I need a decent card for business but because of BK that is a no can do...My fico scores are decent but vantage score says I'm 815 good. Credit scores don't matter in reconsideration. I cannot even get a $500 limit highest apr possible discover it card. That makes me feel like getting out of the credit card world people like me work so hard to rebuild their credit but get black listed by banks like Amex, Bofa and Discover.
im sorry you are having a hard time finding credit from banks.
but you have to think about it this way...
you filed BK,automatically you are a HIGH RISK,regardless of the time period and time frame in between the BK and NEW apps for credit.
even when it "falls off"
it will still show but "not counted" sense the time has elasped and has expired.
with that being said,if someone files BK,it is because they were hungry for credit,could have been for a good intent or it could have been for a bad intent,regardless of the reason,banks do not care...bottom line is you failed to pay back the debt.sorry your business went down and under but you have to see it in their point of view,its not personal,its business.with all the INQ you have you are only proving the banks right,a person was hungry for credit and ended up filing BK,now even after a BK is still hungry for CREDIT,you seem desperate and only a higher risk of failure to pay due to that BK,helping them think no different of you from back then till now.old habbits come back,what has changed?it would be hard to trust someone with that on their record and all those INQS..it LOOKS WRONG,my advice is,to take it easy and back off a bit till MOST of the INQ fall off,i would even RECOMMEND waiting a FULL 2 YEARS rather than the 12 MONTHS,an INQ is and INQ and having that BK you will be treated that way with NO leniency.
show them they can trust you by taking care of those INQ and paying all your bills on time.
@mojobones89 wrote:
@mikey4833 wrote:My question is why does banks decline people for bankruptcy? I mean its like you cannot refile but every 8 or 10 years... When your like 4-5 years in they are protected from bankruptcy... Really theyt are missing out on a very profitable market... I'm so tired of being declined for bk I'm going to start a credit card blog website. I used to have a retail self defense products website so I know how to get it up in the search engines. I'm going to write about different things like this and start petitions and send them to the president and Financial bureau of financial protection. If we all do our part maybe we can change somethings. I believe its credit descrimination in my book. Many people agree with me, I'm not speaking for the people who purposely run up cards and file for bk. I'm speaking for the working people who had a problem like I did my business went under. Chase understood me even after I stuck them with 27k. American Express is too hard too get. Those charge cards are pay in full they shouldn't be so hard to get... I have so many inquiries on my credit I just want a decent card not trash with 25% APR. Yeah I have a $4,000 limit Sears Platinum MC but 25.9% apr and no balance transfer offers at all and 4 capital one cards and 1 chase and several store cards. If I get approved for Citi Simplicity I will be happy their president's office is reconsidering my app from March. A very nice woman called me from their office.. I tried to have my amex app reconsidered before and I got a response back that not even a supervisor could overide their tough criteria. Discover won't approve me either even for they're smallest $500 minimum limit just due to BK but others get the card with BK not me though. They said they accept people with bk but they cannot tell me when their cut off time is and he said their criteria changes every day.. I said 4 years is the basic cut off time with Citi I got a Sears Card from them and I filed 30k bk on Citi business and a sears card and they still approved me but all my others cards are 1k lines about. I want to re-start my business and I have only a $750 limit cap 1. I need a decent card for business but because of BK that is a no can do...My fico scores are decent but vantage score says I'm 815 good. Credit scores don't matter in reconsideration. I cannot even get a $500 limit highest apr possible discover it card. That makes me feel like getting out of the credit card world people like me work so hard to rebuild their credit but get black listed by banks like Amex, Bofa and Discover.
im sorry you are having a hard time finding credit from banks.
but you have to think about it this way...
you filed BK,automatically you are a HIGH RISK,regardless of the time period and time frame in between the BK and NEW apps for credit.
even when it "falls off"
it will still show but "not counted" sense the time has elasped and has expired.with that being said,if someone files BK,it is because they were hungry for credit,could have been for a good intent or it could have been for a bad intent,regardless of the reason,banks do not care...bottom line is you failed to pay back the debt.sorry your business went down and under but you have to see it in their point of view,its not personal,its business.with all the INQ you have you are only proving the banks right,a person was hungry for credit and ended up filing BK,now even after a BK is still hungry for CREDIT,you seem desperate and only a higher risk of failure to pay due to that BK,helping them think no different of you from back then till now.old habbits come back,what has changed?it would be hard to trust someone with that on their record and all those INQS..it LOOKS WRONG,my advice is,to take it easy and back off a bit till MOST of the INQ fall off,i would even RECOMMEND waiting a FULL 2 YEARS rather than the 12 MONTHS,an INQ is and INQ and having that BK you will be treated that way with NO leniency.
show them they can trust you by taking care of those INQ and paying all your bills on time.
ONE MORE THING,despite those cc you have,take it,apreciate it,and move on,be happy to even get those approvals,it is good enough(for now)
ask yourself,do you need them or do you want them?what is the point you are trying to prove and to who?so what,you made a mistake that was probably not your fault,either way there are consequences for taking that risk.
stop hurting your credit by trying to apply for more CC that may not be necessary.agian...your only proving right to decline you..LOW CREDIT SCORE + ALOT OF INQ+BK=A FULL PAINTED PICTURE.
let them fall off
(HIGH CREDIT SCORE+0INQ+BK=hey give this guy a chance)
IMO, I think this thread has run its course.
Thank you all for all the info. See in my signature I promised no more apps till Next year. I'm gardening now the only thing going on is maybe 1 hard pull from My HSBC/Discover Card with a $500 limit I called the president's office for that sect of cards and they took my request and first its going to be reviewed by credit dept. Then if they don't raise the limit that way its going to be manual which means a equifax hard pull.... Not to change the subject but I opened a Capital One 360 checking account and they put 3 inquiries on my credit. I saved my app one day, then every time I logged back in they pulled my credit.... That is rediculus. Be careful if any one openes a former ING direct account with Cap1 with all those inquiries. And the best laugh of the day... I have a $25.00 back up line of credit their max in $1k I got the smallest.... 