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mikey4833
Posts: 90
Registered: ‎01-26-2013
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Re: Why do banks decline people for credit cards that have bankruptcy?

[ Edited ]

Layered wrote:

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.


People that do stuff like that need to go to jail for theft by deception.... But no everyone shouldn't be treated the same and they are not really anyways just like I filed bk on Chase they reconsidered me and understood why my bk happened they asked me 101 questions before they would approve my recent Chase Slate of $700. Like someone said before.credit is different. Someone said my credit was "unique" a lender. And someone said my situation is unique because I have so many credit inquires like 30-50 on each credit bureau but I got 10 cards and I called to have my One cap 1 re-opened since Citi wouldn'r budge on ts decison like the other banks on bk. I hate bk and I feel bad for even filing it... I had $90,000 half business debt.... And lots of medical bills too. I am now happy with what I got all yopu guys on here made me go into the garden and stay no more apps and let them cards ride. But I have to get off the credit limit increase kick I want limits like $2,000 and above on every one of my cards or cut them down in numbers and get them there by raises...


Starting Score: TU:599 EXP: 596 EQ: 595 Starting Year 2009
Current Score: TU:715 (685 FAKO) EXP:647 (673 FAKO) EQX: 637 (FAKO 615) - All on 04/24/13 In the garden until 05/2014 because too many inq and low AAoA 1.4 mo. My BK chap 7 will be 4 yrs old July 2013
Goal Score: 760+ across the board by next year July 2014 5 yrs after BK


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enharu
Posts: 6,984
Registered: ‎02-27-2013
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Re: Why do banks decline people for credit cards that have bankruptcy?


mikey4833 wrote:

Layered wrote:

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.


People that do stuff like that need to go to jail for theft by deception.... But no everyone shouldn't be treated the same and they are not really anyways just like I filed bk on Chase they reconsidered me and understood why my bk happened they asked me 101 questions before they would approve my recent Chase Slate of $700. Like someone said before.credit is different. Someone said my credit was "unique" a lender. And someone said my situation is unique because I have so many credit inquires like 30-50 on each credit bureau but I got 10 cards and I called to have my One cap 1 re-opened since Citi wouldn'r budge on ts decison like the other banks on bk. I hate bk and I feel bad for even filing it... I had $90,000 half business debt.... And lots of medical bills too. I am now happy with what I got all yopu guys on here made me go into the garden and stay no more apps and let them cards ride. But I have to get off the credit limit increase kick I want limits like $2,000 and above on every one of my cards or cut them down in numbers and get them there by raises...


To answer the part I made bold and red..........

NO ONE is going to give you a 2K limit or higher now. None have so far, and its highly unlikely anyone else will within the next 3-6 months. You are just wasting time, effort and inquiries trying. The more you try, the worse it's going to get. Your current lenders (Chase, Capital One, etc) are going to see the number of inquiries you racked up over such a short period of time, and they will FR you, or just close your accounts without even calling you.

 

You have 30-50 inquiries on each bureau. That is a CRAZY number of inquiries to have for anyone, with BK or without BK. Your BK status is just icing on the cake to make things even worse.

 

What you got to do now, is to stop applying. Really, stop.

Let your inquiries fall off. It might take you 1 year, or it might take you the full 2 years.

But practice good credit behavior, and you will be able to get much higher limits in the future.

 

The more you try to apply now, the longer you are going to have to wait to get your 1st 2k or higher CL card. I wouldn't be surprised Chase close your account any moment from now. No, I'm not trying to scare you. It's actually quite probable.

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FinStar
Posts: 5,959
Registered: ‎10-21-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?


MovingForward_2012 wrote:
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.

+1000  I believe mostly everyone has provided some valuable advice on this thread OP.  How you decide to shape your credit picture in a positive outcome is all up to you.  As with any business plan or in life, use the "lessons learned" approach.

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CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?


NJTurnpike wrote:

If this guy is trolling, he's doing an awesome job of it.


No, I don't think he's trolling. Some people honestly are this clueless and are simply not worth bothering with. Sometimes people need to learn a few things on their own before they can be helped.

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09Lexie
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Re: Why do banks decline people for credit cards that have bankruptcy?

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LS2982
Posts: 15,434
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Re: Why do banks decline people for credit cards that have bankruptcy?


CreditScholar wrote:

NJTurnpike wrote:

If this guy is trolling, he's doing an awesome job of it.


No, I don't think he's trolling. Some people honestly are this clueless and are simply not worth bothering with. Sometimes people need to learn a few things on their own before they can be helped.


Agreed. The poster simply can't grasp what he's doing to his credit. Either that or he doesn't care.




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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, forget the CLIs man. It is time to hit the garden. After 2-3 years of gardening, you will probably get some increases automatically by SP. You do not need to burn more INQs for apps nor CLIs that are HPs.

Everyone has a choice in life to heed the wisdom of others or learn the hard way. It is up to you what path you want to take. You know what path you need to take as you have been given excellent advice by us here. And we are all in agreement that you need to garden.
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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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?

One other thing as an example. I applied for the CSP before the Freedom and was instantly denied and denied again on recon. I also read on here that Amex is just as tough as Chase when it comes to BK and applying for a revolvers. I want the CSP and I also want the Amex BCE but I have to wait. I took no for an answer and I am waiting until my BK and INQs fall off, my accounts age, and my score improves. That is what you should be doing instead of starting a petition. You on the other hand are taking it to a whole new level by going up the chain of command at Chase and at Citi. This is not good...this is beyond recon. And since you won Chase that way, it reinforces you to push just as hard or harder when you get future denials. This is not the way to go about it. For me, maybe July 2014, I will have a CSP and/or Amex BCE. But if my reports aren't ready for it, I will wait a little longer. The fact that you think your BK is different is the main problem as you start to feel entitled to prime cards. A BK is a BK is a BK. Obtaining and having prime cards is a privilege, not a right. Same as driving. If your license gets suspended, will you start a petition to make the government unsuspend your license before its due? Just how you wanting the government to force prime lenders to lend to you will cause higher interest for everyone else; wanting the govt to unsuspend your license early endangers people on the road. You have to remember you are talking about this applying to everyone, not just you.

Waiting for the BK to delete is like waiting in timeout when you were little. I am truly skeptical on if you truly learned from your BK or not as your behavior says the opposite. If anyone should be in timeout right now, it's you. When denied, you are supposed to understand why and fix it. Not start a petition for Pres Obama to walk into Citi headquarters to say, this guy needs a Simplicity card...not going to happen and that is also not the right way to go about a denial unless you were denied due to discrimination.
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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dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?


MovingForward_2012 wrote:
One other thing as an example. I applied for the CSP before the Freedom and was instantly denied and denied again on recon. I also read on here that Amex is just as tough as Chase when it comes to BK and applying for a revolvers. I want the CSP and I also want the Amex BCE but I have to wait. I took no for an answer and I am waiting until my BK and INQs fall off, my accounts age, and my score improves. That is what you should be doing instead of starting a petition. You on the other hand are taking it to a whole new level by going up the chain of command at Chase and at Citi. This is not good...this is beyond recon. And since you won Chase that way, it reinforces you to push just as hard or harder when you get future denials. This is not the way to go about it. For me, maybe July 2014, I will have a CSP and/or Amex BCE. But if my reports aren't ready for it, I will wait a little longer. The fact that you think your BK is different is the main problem as you start to feel entitled to prime cards. A BK is a BK is a BK. Obtaining and having prime cards is a privilege, not a right. Same as driving. If your license gets suspended, will you start a petition to make the government unsuspend your license before its due? Just how you wanting the government to force prime lenders to lend to you will cause higher interest for everyone else; wanting the govt to unsuspend your license early endangers people on the road. You have to remember you are talking about this applying to everyone, not just you.

Waiting for the BK to delete is like waiting in timeout when you were little. I am truly skeptical on if you truly learned from your BK or not as your behavior says the opposite. If anyone should be in timeout right now, it's you. When denied, you are supposed to understand why and fix it. Not start a petition for Pres Obama to walk into Citi headquarters to say, this guy needs a Simplicity card...not going to happen and that is also not the right way to go about a denial unless you were denied due to discrimination.

+1

*8/10/13
Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Why do banks decline people for credit cards that have bankruptcy?


LS2982 wrote:

CreditScholar wrote:

NJTurnpike wrote:

If this guy is trolling, he's doing an awesome job of it.


No, I don't think he's trolling. Some people honestly are this clueless and are simply not worth bothering with. Sometimes people need to learn a few things on their own before they can be helped.


Agreed. The poster simply can't grasp what he's doing to his credit. Either that or he doesn't care.


Have you all looked at the OP's other threads??

*8/10/13

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