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Moderator
09Lexie
Posts: 26,592
Registered: ‎09-13-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?

OP, I wish you luck getting your credit back on track. In the future, CLI's that are SP's would be best for you or waiting for auto CLI's. the number of inq's you have are extremely high and it would be best to let them age off.

Regarding, ING I had an account with them ( closed it last year during the Cap 1 conversion) the loc is an overdraft line of credit which must be paid in 30 days. I'm not sure why you had multiple inq's from logging in- it almost seems like you were requesting an increase on that loc. if I were you I would send a secure message to them and ask for them to delete the additional inq's. they do run a cc on all req for the OD- seems like its a glitch.

Good luck.
Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
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Re: Why do banks decline people for credit cards that have bankruptcy?

People have different views on bankruptcy and emotions surrounding this subject can become charged. This is just a gentle reminder that, while we don't have to agree with each other, we do have to be respectful. Play nicely...


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?

OP, I think you need to hit the garden right now hard. That's what I would do if I were you. Each additional inquiry you add right now is causing immense damage to your credit because you already have so many inquiries. You have NINE cards since 2009. I have 6 cards since 2009. Your BK is 4.5 years old. Mines are 8 and 9.5 years old. Your INQs, 10+. My INQs, 6. Your gardening until May 2014. I'm gardening until July 2014. July 2014, 3 of my INQs will be gone and I will be left with 3. How many INQs will you have left over in May 2014? If it is more than I will have, it is probably best to garden for a little bit longer. What is your total credit limit across all nine cards?

The reason, "I just want to get my foot in the door", comes secondary to the reason, "I want to rebuild my credit". You can't trash your credit with INQs trying to push your way through the door. The Banks will just reinforce the door the next time you come. If you get denied for BK the first time, you wonder if X lender would consider you. The second denial reinforces the first. At this point, STOP, for at least 6 months. Freeze your reports if you have to.

You have 3 more cards than I do and my BKs are older. If you want a mortgage in the future, you need to stop apping and start watching your nine revolving accounts grow. You have gotten a second chance, show you can handle it by building positive history with your nine CC accounts. Granted they aren't the lenders you want (except Chase), but you have to start somewhere. And you have enough credit to just chill for 3 years. You need to take meaningful breaks from apping and your credit will blossom and you will probably learn better habits to be more conservative in the future. This change in behavior will make lenders look at you in a different light and then those doors that were once closed, will open.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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blondy250
Posts: 465
Registered: ‎01-03-2013
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Re: Why do banks decline people for credit cards that have bankruptcy?

[ Edited ]

Gunnar419 wrote:

mikey4833 wrote:

This issue drives me crazy so I took action on it and we'll see how many people sign my petition to get creditors not to be able to use bankruptcy against you after 4+ years 1,000,000 signatures I'm going for. Citi Declined me for Citi Simplictiy catrd even after executive office review just because of a 4 year old bankruptcy its sickning. Here is the link to sign the petition. Edited


Wait a minute. Aren't you the guy who complained just today in another thread (http://ficoforums.myfico.com/t5/Credit-Cards/My-wife-just-applied-me-for-credit-one-and-the-last-dig... that your own wife was busily ruining your credit after the bankruptcy? And haven't you already said you have all kinds of other credit troubles?

 

Why don't you work on straightening these things out? Then you might be able to get good credit.

 


I think you won the award fro Troll Hunter of 2013, so far.


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Experian-820, Equifax-834, Transunion (Discover)--850-- 7/6/14
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Contributor
mojobones89
Posts: 252
Registered: ‎01-21-2013
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Re: Why do banks decline people for credit cards that have bankruptcy?

[ Edited ]

blondy250 wrote:

Gunnar419 wrote:

mikey4833 wrote:

This issue drives me crazy so I took action on it and we'll see how many people sign my petition to get creditors not to be able to use bankruptcy against you after 4+ years 1,000,000 signatures I'm going for. Citi Declined me for Citi Simplictiy catrd even after executive office review just because of a 4 year old bankruptcy its sickning. Here is the link to sign the petition.  Edited


Wait a minute. Aren't you the guy who complained just today in another thread (http://ficoforums.myfico.com/t5/Credit-Cards/My-wife-just-applied-me-for-credit-one-and-the-last-dig... that your own wife was busily ruining your credit after the bankruptcy? And haven't you already said you have all kinds of other credit troubles?

 

Why don't you work on straightening these things out? Then you might be able to get good credit.

 


I think you won the award fro Troll Hunter of 2013, so far.


what does "troll" mean?

 

Frequent Contributor
blondy250
Posts: 465
Registered: ‎01-03-2013
0

Re: Why do banks decline people for credit cards that have bankruptcy?

http://en.wikipedia.org/wiki/Troll_(Internet)

MyFico 4/18/14
Experian-820, Equifax-834, Transunion (Discover)--850-- 7/6/14
Aaoa-9yrs, Oldest-14yrs
1 inquiry equifax 04 Chase mortgage
"Because your FICO® score is exceptionally high, there are no actionable negative factors present with your score".
Contributor
mojobones89
Posts: 252
Registered: ‎01-21-2013
0

Re: Why do banks decline people for credit cards that have bankruptcy?


blondy250 wrote:
http://en.wikipedia.org/wiki/Troll_(Internet)

did not know that,i know for sure that term was not around in my teen years.

thanks MAN.

Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
0

Re: Why do banks decline people for credit cards that have bankruptcy?

I just think you need to give it time and I agree about freezing your reports. It has helped me SO much in refraining to app. If you can just let those inquiries fall off and new accounts age, you might find the Bankruptcy becomes less of an issue. At least when you go to recon, they will not be asking why you have a zillion inquiries. It makes you look desperate and pair that with a recent bankruptcy, your a big risk in their eyes. Bankruptcy gives a person the means to a fresh start, but it is not a miracle and it is not immediate. Just be patient.

 

BTW, Citibank denied me three times. I have no collections, never been late, and have never filed bankruptcy but the last denial they were uneasy about all my new accounts last year. Okay, I will try again at a later date.

 

Just garden and in time all will work out.

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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Why do banks decline people for credit cards that have bankruptcy?

All I can say is good luck OP. :smileyhappy:

 

You have a situation that is very "unique".




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Established Member
Layered
Posts: 36
Registered: ‎04-09-2013
0

Re: Why do banks decline people for credit cards that have bankruptcy?

I've seen someone file for bankruptcy several years ago. Before she did that though she maxed every card she and her husband had; she bought expensive items which they could later resell, went on vacation, and enjoyed life before losing their commercial building to the bank. They borrowed over 1 million and never paid back.

 

I'm sure everyone has a different story to tell but in my opinion, anyone with BK on their credit report should be treated the same. Credit discrimination? I say no, it's a fair treatment.


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