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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?

Yep I have. Not good...especially with his wife applying for credit in his name. I wonder why OP wasn't checking his credit on a regular basis. That would have prevented the default after BK when his wife ran up a card for sausage and cheese. That is one thing a lot of people learn after filing BK is CHECK YOUR CREDIT OFTEN or at the very least sign up for alerts through Credit Karma. There is a lot I don't understand and wouldn't do. My husband on the other hand, is a stay at home Dad and he lets me control the finances. He is an AU on most of my cards and has been very good with keeping me in the loop. But he understood after BK that it is very difficult and hard to rebuild after BK. I also talk to him about credit and I tell him some of the things I learned on this forum. After BK, he let me drive and I drove us to a brand new Acura with tier 1 lease financing, new construction home, and 6 new CCs. So he knows I know what I am doing and listens when I talk to him about credit. I wouldn't be surprised if OP's wife's behavior is reinforced by his own behavior. If he sets a good example, accomplishes things for his family through the use of credit, and keeps an open dialogue with his wife about credit, his wife may desire to pay down her own cards and stop apping in his name. But there is a lot OP still needs to learn about credit first. I wonder if him and his wife filed BK together or was it just him that filed. The husband and wife need to be equally yoked in regard to finances in order to be financially stable. Financially stable is more than having ample savings and paying your bills on time. Your credit also has to be up to par in order to be able to obtain credit when needed as you are able to do things financially that can't be done with cash.
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
Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: Why do banks decline people for credit cards that have bankruptcy?

To answer the OP's questions of "why" Banks declinet for BKs.  

 

The reason is because financial institutions are hurt most by BKs, since they're debts mostly unsecured are completely wiped out with their losses passed on to consumers who pay an ever increasing higher APR.  The moment Banks start to forgive BKs, the more some can plan strategic defaults.  To try to limit and make people consider BK a last resort, there has to be lasting repercussions for the decision, otherwise unscrupulous BK attorneys for the fee will steer everyone in this direction.

 

The harsher the penalty, only those who find it absolutely necessary will file BK; as opposed to those who would do so strategically if the negative repercussions were less.

 

So, to answer your questions, it makes absolutely *NO SENSE* to pass a law forcing financial institutions to forgive a BK in a certain amount of time, since they all already have this discretion.  All this would do is make it open season for all the strategic BK'ers out there who are out to game the system.

Established Member
mikey4833
Posts: 90
Registered: ‎01-26-2013
0

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

[ Edited ]

To tell you all the truth I'm bipolar and you know what bipolar can do sometimes. Yes I work hard own at my job and run a business and stuff. I don't have any debt except $700 I'm just too much addicted to applying for cards because I'm never happy with what I got. I pushed the limit again and got a Lowes store card even with all them inquiries. I have to give up applying that is it but doing it is easier said than done.. I stopped before I can do it again. I don't make bills I cannot afford I just like to have a lot of cards and play the card game like some others do and I envy these people who have 30 cards with 20k limits on here I seen I cannot believe how these people even have that many. 15 Has always been my top limit. I guess keep some for 1 year others 2 3 or forever. It all depends on what the APR is and card features but I have to realize I got a bk I'm not prime not until 2019 wheh its completely gone from my record and I'm very happy with what I have now. Right now all my APR's are at 20% largest limit is $4,000 with Sears Mastercard and I just had all my limits on all 3 of my Capital One accounts increased from $1,000 to $1,500 even with all these inquiries they did soft inquiries. I will not mess with any credit limit increases with Chase they HP and if Chase takes my card away as someone said its their loss not mine. Barclays did that back in January and now they are sending me pre-approved offers saying we want to win you back. I cut them offers up I hate Barclays I paid in full 5 times within 1-1/2 months and just because I requested a increase their own inquiry made them close the card without notice and I went to pay for our dinner out me and my mother, father and my wife and myself it was declined. I got so mad at that company but I said oh well their loss not mine and btw they closed it not because of that they used that as an excuse because whatever rep I made a complaint against for being extremely rude he didn't want to handle a simple dispute for a charge I didn't authorize he said I would have to call back later on then I asked for a supervisor and he refused, Then the very next day my card was closed by grantor and I filed a complaint with the Consumer Bureau of Financial Protection and they fowarded my request to the president's office and I got a sorry and we cannot re-open your card I would have to re-apply. I called them and said I'll take my business elsewhere and right after I got my $4k MC but the one poster got me nervous about my damage of inquiries and possibly losing Sears card I don't care so much about Chase since its only a $700 limit but I just got approved last night for a $650 limit Lowes Store card... Plus you all know of that Applied Bank Business card before that.  I know I'm dumb keeping that and that I applied again... I am now offically taking all of your advice and am really gardening and not applying anymore. I disputed some inquiries because some were not mine me and my father have same identical name and address no JR or SR. The credit card companies told me to use JR on my name it should help. I lost 10 inquiries overall from equifax which is good there but the other bureaus are not so hot well none are. If I started having debts on 3 or more of my card out of these 11 personal ones over 50% of the limits I would definately lose my cards my decent ones. I talked to a credit dept person from Citi Bank from my Sears Card, He said don't apply for no increase in their card for 1 year at least he said your credit is way to hot.... And I paid off in full the cheese and junk my wife ordered after bk andf now I have a lower Fico then before hen they were just charge offs. They put on reasons for declines date of missed payments unknown because they reported it wrong to all the bureaus. I disputed it 4-5 times no luck fixing it, They will fall off in end of 2016. Well guys I'm in the garden until next year or maybe longer thanks for all your insight I much appreciate it I have to learn self control when it comes to applying for credit. I handle them excellent but too much applying. My BK teached me a lesson when i went through those pre-bankruptcy courses and then from my own mistakes and plus all the good information you get from here, I'm all set just hope they don't take my card Sears away or Chase. If I lost Chase I would be bummed out but I know its my fault, And your all right starting a petition against BK making a law to where banks cannot use a bk after 4 or 5 years is wrong. Because for one there is too many people who abuse the system and the banks don't know the rotten applies from the good ones like somone said before. They can be less strict already Chase didn't have to give me anything they lost almost 30k.... I feel bad about it. I was in a deep depression over these bills before when my business went under due to too much competition and lack of sales drove me out I couldn't pay my medical bills for my surgery or my business credit card debt. It isn't like the old days you cannot choose oh lets leave this creditor out and keep this one in... I asked Chase and many others if I could sign a form that would make me responsible for the debt again and get my old account back they said that is not possible you could pay it off on your own but they don't and cannot issue pre-bankruptcy accounts whether included or not thats according to Cap 1 and Chase, I wish I could get back my Cap 1 from year 2000 but they said no accounts before BK can be reopened there or anywhere else. Maybe non financial places like Swiss Colony whom still is sending me junk since I settled the debts under same 2002 account number and no my wife cannot order anymore junk I have a fraud alert on my account there so if there is any activity they call my cell phone..My mother opened an account from that same place when I was 9-10 years old they told me and they know because the checks that were mailed in were signed by her... And she lies to this day they still want their $175 from 1994 zombie debt ID theft.. Some collection agency calls here about that he prouds himself saying he collects debt from people as far back as 1980's! I cannot believe that these debt collectors being able to collect on zombie debt. I told him I was 9or 10 he says I have no DOB on you here you have to send in driver's license to prove my age. I said no and handed it over to my bk lawyer and I haven't heard nothing over that debt or a actual debt from that cheese company that I actually filed on they break the law and they get away with it. My lawyer is in the slow process of bring them before the bankruptcy court for being in contempt despite their threats of them "sanctioning" me or my lawyer because they said it was used after BK yet its listed on credit files as discharged. Theres nothing they can do to get out of this lie. Well I wish you all good luck to your keeping good credit and I promise to everyone right here I will not apply for no more cards till next year after May if I want to then. Because I seen one of you said read all this op's other post. Yeah learned my lessons now thanks for all the advice.. I forgot to answer some poster's questions... My wife is a divorced mother of 2 gown kids the same age or older than me she filed chapter 13 bk  in 2002 way before I met her on 2008 from NC and I'm in PA. I filed bk chapter 7 individually. And I am on top of my credit reports. i check experian every day if I can I have the service through experian.com for unlimited access with fako score of just that bureau then i have quarterly monitoring on here and I just gave score watch up I never plan to buy a house I live with my parents yet I'm 29 with all kinds of health aliments heart disease, hypertension that I just got dianosed with and I'm scared of cat scan they think I have something in my head :smileysad: I know this forum is for credit but if I lose my income I will be surviving on my wife's income I don't have enough work credit's for SSD and SSI is a welfare program and my wife;s checks are $15k about. We can live on that just not continue our current lifestyle. But I can still manage my $14k in limits on that income because I don't run up debt like my wife does. I am going to teach her better habbits she don't follow my example she always wants to run her cards over the limit she don't care about her credit anymore. Well I do I got alot on my plate as you can see the worry and stress. But I thank you all again for your knowledge.


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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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

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


Open123 wrote:

To answer the OP's questions of "why" Banks declinet for BKs.  

 

The reason is because financial institutions are hurt most by BKs, since they're debts mostly unsecured are completely wiped out with their losses passed on to consumers who pay an ever increasing higher APR.  The moment Banks start to forgive BKs, the more some can plan strategic defaults.  To try to limit and make people consider BK a last resort, there has to be lasting repercussions for the decision, otherwise unscrupulous BK attorneys for the fee will steer everyone in this direction.

 

The harsher the penalty, only those who find it absolutely necessary will file BK; as opposed to those who would do so strategically if the negative repercussions were less.

 

So, to answer your questions, it makes absolutely *NO SENSE* to pass a law forcing financial institutions to forgive a BK in a certain amount of time, since they all already have this discretion.  All this would do is make it open season for all the strategic BK'ers out there who are out to game the system.


Totally agree! :smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

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


mikey4833 wrote:

To tell you all the truth I'm bipolar and you know what bipolar can do sometimes. Yes I work hard own at my job and run a business and stuff. I don't have any debt except $700 I'm just too much addicted to applying for cards because I'm never happy with what I got. I pushed the limit again and got a Lowes store card even with all them inquiries. I have to give up applying that is it but doing it is easier said than done.. I stopped before I can do it again. I don't make bills I cannot afford I just like to have a lot of cards and play the card game like some others do and I envy these people who have 30 cards with 20k limits on here I seen I cannot believe how these people even have that many. 15 Has always been my top limit. I guess keep some for 1 year others 2 3 or forever. It all depends on what the APR is and card features but I have to realize I got a bk I'm not prime not until 2019 wheh its completely gone from my record and I'm very happy with what I have now. Right now all my APR's are at 20% largest limit is $4,000 with Sears Mastercard and I just had all my limits on all 3 of my Capital One accounts increased from $1,000 to $1,500 even with all these inquiries they did soft inquiries. I will not mess with any credit limit increases with Chase they HP and if Chase takes my card away as someone said its their loss not mine. Barclays did that back in January and now they are sending me pre-approved offers saying we want to win you back. I cut them offers up I hate Barclays I paid in full 5 times within 1-1/2 months and just because I requested a increase their own inquiry made them close the card without notice and I went to pay for our dinner out me and my mother, father and my wife and myself it was declined. I got so mad at that company but I said oh well their loss not mine and btw they closed it not because of that they used that as an excuse because whatever rep I made a complaint against for being extremely rude he didn't want to handle a simple dispute for a charge I didn't authorize he said I would have to call back later on then I asked for a supervisor and he refused, Then the very next day my card was closed by grantor and I filed a complaint with the Consumer Bureau of Financial Protection and they fowarded my request to the president's office and I got a sorry and we cannot re-open your card I would have to re-apply. I called them and said I'll take my business elsewhere and right after I got my $4k MC but the one poster got me nervous about my damage of inquiries and possibly losing Sears card I don't care so much about Chase since its only a $700 limit but I just got approved last night for a $650 limit Lowes Store card... Plus you all know of that Applied Bank Business card before that.  I know I'm dumb keeping that and that I applied again... I am now offically taking all of your advice and am really gardening and not applying anymore. I disputed some inquiries because some were not mine me and my father have same identical name and address no JR or SR. The credit card companies told me to use JR on my name it should help. I lost 10 inquiries overall from equifax which is good there but the other bureaus are not so hot well none are. If I started having debts on 3 or more of my card out of these 11 personal ones over 50% of the limits I would definately lose my cards my decent ones. I talked to a credit dept person from Citi Bank from my Sears Card, He said don't apply for no increase in their card for 1 year at least he said your credit is way to hot.... And I paid off in full the cheese and junk my wife ordered after bk andf now I have a lower Fico then before hen they were just charge offs. They put on reasons for declines date of missed payments unknown because they reported it wrong to all the bureaus. I disputed it 4-5 times no luck fixing it, They will fall off in end of 2016. Well guys I'm in the garden until next year or maybe longer thanks for all your insight I much appreciate it I have to learn self control when it comes to applying for credit. I handle them excellent but too much applying. My BK teached me a lesson when i went through those pre-bankruptcy courses and then from my own mistakes and plus all the good information you get from here, I'm all set just hope they don't take my card Sears away or Chase. If I lost Chase I would be bummed out but I know its my fault, And your all right starting a petition against BK making a law to where banks cannot use a bk after 4 or 5 years is wrong. Because for one there is too many people who abuse the system and the banks don't know the rotten applies from the good ones like somone said before. They can be less strict already Chase didn't have to give me anything they lost almost 30k.... I feel bad about it. I was in a deep depression over these bills before when my business went under due to too much competition and lack of sales drove me out I couldn't pay my medical bills for my surgery or my business credit card debt. It isn't like the old days you cannot choose oh lets leave this creditor out and keep this one in... I asked Chase and many others if I could sign a form that would make me responsible for the debt again and get my old account back they said that is not possible you could pay it off on your own but they don't and cannot issue pre-bankruptcy accounts whether included or not thats according to Cap 1 and Chase, I wish I could get back my Cap 1 from year 2000 but they said no accounts before BK can be reopened there or anywhere else. Maybe non financial places like Swiss Colony whom still is sending me junk since I settled the debts under same 2002 account number and no my wife cannot order anymore junk I have a fraud alert on my account there so if there is any activity they call my cell phone..My mother opened an account from that same place when I was 9-10 years old they told me and they know because the checks that were mailed in were signed by her... And she lies to this day they still want their $175 from 1994 zombie debt ID theft.. Some collection agency calls here about that he prouds himself saying he collects debt from people as far back as 1980's! I cannot believe that these debt collectors being able to collect on zombie debt. I told him I was 9or 10 he says I have no DOB on you here you have to send in driver's license to prove my age. I said no and handed it over to my bk lawyer and I haven't heard nothing over that debt or a actual debt from that cheese company that I actually filed on they break the law and they get away with it. My lawyer is in the slow process of bring them before the bankruptcy court for being in contempt despite their threats of them "sanctioning" me or my lawyer because they said it was used after BK yet its listed on credit files as discharged. Theres nothing they can do to get out of this lie. Well I wish you all good luck to your keeping good credit and I promise to everyone right here I will not apply for no more cards till next year after May if I want to then. Because I seen one of you said read all this op's other post. Yeah learned my lessons now thanks for all the advice.. I forgot to answer some poster's questions... My wife is a divorced mother of 2 gown kids the same age or older than me she filed chapter 13 bk  in 2002 way before I met her on 2008 from NC and I'm in PA. I filed bk chapter 7 individually. And I am on top of my credit reports. i check experian every day if I can I have the service through experian.com for unlimited access with fako score of just that bureau then i have quarterly monitoring on here and I just gave score watch up I never plan to buy a house I live with my parents yet I'm 29 with all kinds of health aliments heart disease, hypertension that I just got dianosed with and I'm scared of cat scan they think I have something in my head :smileysad: I know this forum is for credit but if I lose my income I will be surviving on my wife's income I don't have enough work credit's for SSD and SSI is a welfare program and my wife;s checks are $15k about. We can live on that just not continue our current lifestyle. But I can still manage my $14k in limits on that income because I don't run up debt like my wife does. I am going to teach her better habbits she don't follow my example she always wants to run her cards over the limit she don't care about her credit anymore. Well I do I got alot on my plate as you can see the worry and stress. But I thank you all again for your knowledge.


Why not freeze your report, shred the PINs. and jump in the Garden for 2 years?? Clears all your INQ's off the table and age's your new accounts!!!

 

Help yourself and take advice for the people here!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
0

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

To speak in absolutes on ANY matter financial is to indirectly admit a failing of logic and reasoning. I don't quite understand the logic of a person who desires NO path out of the persistent misery of lawsuits, garnishments and attachments...even when 100% of the circumstances were beyond that person's control. Even the scripture allowed for the forgiveness of debts...and that was written at a time when they allowed people to sell their children into slavery.

 

That having been written, regardless of the reason for filing BK, you should expect a period of time where you have to prove yourself and gradually erode your credit risk. Once credit has been re-established and the BK falls off the reports, Primeville typically calls your name...you don't even have to go looking for it :smileyhappy:

 

And really, who gives a flip whether Citi, BOA, Amex and the like don't want to do business with you? There are plenty of people who DO give cards to people who have established credit with BK still on the reports: Discover, Barclay, GE co-branded cards...the list is endless. Take what you can score...use the cards wisely...then take the first train to Primeville when the ticket arrives.

 

FYI...BK7 filer here (3+ years discharged...medical bills that kept my kid alive...no regrets)...and Discover still won't dance with me, but I'll keep asking her until she says yes :smileyhappy:

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
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LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

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


CreditCrusader wrote:

To speak in absolutes on ANY matter financial is to indirectly admit a failing of logic and reasoning. I don't quite understand the logic of a person who desires NO path out of the persistent misery of lawsuits, garnishments and attachments...even when 100% of the circumstances were beyond that person's control. Even the scripture allowed for the forgiveness of debts...and that was written at a time when they allowed people to sell their children into slavery.

 

That having been written, regardless of the reason for filing BK, you should expect a period of time where you have to prove yourself and gradually erode your credit risk. Once credit has been re-established and the BK falls off the reports, Primeville typically calls your name...you don't even have to go looking for it :smileyhappy:

 

And really, who gives a flip whether Citi, BOA, Amex and the like don't want to do business with you? There are plenty of people who DO give cards to people who have established credit with BK still on the reports: Discover, Barclay, GE co-branded cards...the list is endless. Take what you can score...use the cards wisely...then take the first train to Primeville when the ticket arrives.

 

FYI...BK7 filer here (3+ years discharged...medical bills that kept my kid alive...no regrets)...and Discover still won't dance with me, but I'll keep asking her until she says yes :smileyhappy:


Tough love, but good advice.

 

Hope to see you in the Garden and you can really prove to yourself and the prime banks you want your worthy again!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

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

[ Edited ]

LS2982 wrote:

mikey4833 wrote:

To tell you all the truth I'm bipolar and you know what bipolar can do sometimes. Yes I work hard own at my job and run a business and stuff. I don't have any debt except $700 I'm just too much addicted to applying for cards because I'm never happy with what I got. I pushed the limit again and got a Lowes store card even with all them inquiries. I have to give up applying that is it but doing it is easier said than done.. I stopped before I can do it again. I don't make bills I cannot afford I just like to have a lot of cards and play the card game like some others do and I envy these people who have 30 cards with 20k limits on here I seen I cannot believe how these people even have that many. 15 Has always been my top limit. I guess keep some for 1 year others 2 3 or forever. It all depends on what the APR is and card features but I have to realize I got a bk I'm not prime not until 2019 wheh its completely gone from my record and I'm very happy with what I have now. Right now all my APR's are at 20% largest limit is $4,000 with Sears Mastercard and I just had all my limits on all 3 of my Capital One accounts increased from $1,000 to $1,500 even with all these inquiries they did soft inquiries. I will not mess with any credit limit increases with Chase they HP and if Chase takes my card away as someone said its their loss not mine. Barclays did that back in January and now they are sending me pre-approved offers saying we want to win you back. I cut them offers up I hate Barclays I paid in full 5 times within 1-1/2 months and just because I requested a increase their own inquiry made them close the card without notice and I went to pay for our dinner out me and my mother, father and my wife and myself it was declined. I got so mad at that company but I said oh well their loss not mine and btw they closed it not because of that they used that as an excuse because whatever rep I made a complaint against for being extremely rude he didn't want to handle a simple dispute for a charge I didn't authorize he said I would have to call back later on then I asked for a supervisor and he refused, Then the very next day my card was closed by grantor and I filed a complaint with the Consumer Bureau of Financial Protection and they fowarded my request to the president's office and I got a sorry and we cannot re-open your card I would have to re-apply. I called them and said I'll take my business elsewhere and right after I got my $4k MC but the one poster got me nervous about my damage of inquiries and possibly losing Sears card I don't care so much about Chase since its only a $700 limit but I just got approved last night for a $650 limit Lowes Store card... Plus you all know of that Applied Bank Business card before that.  I know I'm dumb keeping that and that I applied again... I am now offically taking all of your advice and am really gardening and not applying anymore. I disputed some inquiries because some were not mine me and my father have same identical name and address no JR or SR. The credit card companies told me to use JR on my name it should help. I lost 10 inquiries overall from equifax which is good there but the other bureaus are not so hot well none are. If I started having debts on 3 or more of my card out of these 11 personal ones over 50% of the limits I would definately lose my cards my decent ones. I talked to a credit dept person from Citi Bank from my Sears Card, He said don't apply for no increase in their card for 1 year at least he said your credit is way to hot.... And I paid off in full the cheese and junk my wife ordered after bk andf now I have a lower Fico then before hen they were just charge offs. They put on reasons for declines date of missed payments unknown because they reported it wrong to all the bureaus. I disputed it 4-5 times no luck fixing it, They will fall off in end of 2016. Well guys I'm in the garden until next year or maybe longer thanks for all your insight I much appreciate it I have to learn self control when it comes to applying for credit. I handle them excellent but too much applying. My BK teached me a lesson when i went through those pre-bankruptcy courses and then from my own mistakes and plus all the good information you get from here, I'm all set just hope they don't take my card Sears away or Chase. If I lost Chase I would be bummed out but I know its my fault, And your all right starting a petition against BK making a law to where banks cannot use a bk after 4 or 5 years is wrong. Because for one there is too many people who abuse the system and the banks don't know the rotten applies from the good ones like somone said before. They can be less strict already Chase didn't have to give me anything they lost almost 30k.... I feel bad about it. I was in a deep depression over these bills before when my business went under due to too much competition and lack of sales drove me out I couldn't pay my medical bills for my surgery or my business credit card debt. It isn't like the old days you cannot choose oh lets leave this creditor out and keep this one in... I asked Chase and many others if I could sign a form that would make me responsible for the debt again and get my old account back they said that is not possible you could pay it off on your own but they don't and cannot issue pre-bankruptcy accounts whether included or not thats according to Cap 1 and Chase, I wish I could get back my Cap 1 from year 2000 but they said no accounts before BK can be reopened there or anywhere else. Maybe non financial places like Swiss Colony whom still is sending me junk since I settled the debts under same 2002 account number and no my wife cannot order anymore junk I have a fraud alert on my account there so if there is any activity they call my cell phone..My mother opened an account from that same place when I was 9-10 years old they told me and they know because the checks that were mailed in were signed by her... And she lies to this day they still want their $175 from 1994 zombie debt ID theft.. Some collection agency calls here about that he prouds himself saying he collects debt from people as far back as 1980's! I cannot believe that these debt collectors being able to collect on zombie debt. I told him I was 9or 10 he says I have no DOB on you here you have to send in driver's license to prove my age. I said no and handed it over to my bk lawyer and I haven't heard nothing over that debt or a actual debt from that cheese company that I actually filed on they break the law and they get away with it. My lawyer is in the slow process of bring them before the bankruptcy court for being in contempt despite their threats of them "sanctioning" me or my lawyer because they said it was used after BK yet its listed on credit files as discharged. Theres nothing they can do to get out of this lie. Well I wish you all good luck to your keeping good credit and I promise to everyone right here I will not apply for no more cards till next year after May if I want to then. Because I seen one of you said read all this op's other post. Yeah learned my lessons now thanks for all the advice.. I forgot to answer some poster's questions... My wife is a divorced mother of 2 gown kids the same age or older than me she filed chapter 13 bk  in 2002 way before I met her on 2008 from NC and I'm in PA. I filed bk chapter 7 individually. And I am on top of my credit reports. i check experian every day if I can I have the service through experian.com for unlimited access with fako score of just that bureau then i have quarterly monitoring on here and I just gave score watch up I never plan to buy a house I live with my parents yet I'm 29 with all kinds of health aliments heart disease, hypertension that I just got dianosed with and I'm scared of cat scan they think I have something in my head :smileysad: I know this forum is for credit but if I lose my income I will be surviving on my wife's income I don't have enough work credit's for SSD and SSI is a welfare program and my wife;s checks are $15k about. We can live on that just not continue our current lifestyle. But I can still manage my $14k in limits on that income because I don't run up debt like my wife does. I am going to teach her better habbits she don't follow my example she always wants to run her cards over the limit she don't care about her credit anymore. Well I do I got alot on my plate as you can see the worry and stress. But I thank you all again for your knowledge.


Why not freeze your report, shred the PINs. and jump in the Garden for 2 years?? Clears all your INQ's off the table and age's your new accounts!!!

 

Help yourself and take advice for the people here!


I honestly couldn't read OP's last post as that was just one big run on paragraph.  But LS's advice is the easiest way to get out of your circumstance.  Somewhere in the post you wrote something about SSI, SSD and welfare????   By the fact that you are speaking about those programs, I think you have bigger issues to worry about than what your credit profile looks like and why you can't get more CC's and CLI's.  It sounds like you could be back where you started if you don't slow down.

 

And just to give you some more advice regarding BK.  I too had to file and the road to recovery was long and brutal.  It's not meant to be a cake walk but a punishment for 7 to 10 years.  If you filed a 7 then you were able to walk away from all of your debt.  That means that you didn't have to pay your debt whether or not your reason for filing was out of your control.  That is a moot point in the creditors eyes so there is no distinguishment between those that filed due to irresponsiblity or were forced into by other reasons.

 

As a bk'er, the bottom line is that you have to wait your time out and be responsible in your rebuilding efforts.  And from I've read I see nothing but irresponsbility or complete lack of understanding of what you are doing.  I was able to rebuild and its been just shy of 7 years so you can do it.  

 

But you need to take the above advice in red NOW!  You should go over to the rebuilding and bk section and read those and absorb as much as you can the next two years.  If you follow this advice and you become financially sound by that time you will be equipped with the proper knowledge and tools you need to rebuild effectively.

 

Good Luck.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
Gunnar419
Posts: 1,233
Registered: ‎01-23-2013
0

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

People (including me at one point) have been giving this guy advice for weeks and never once has he shown a sign that he's interested in taking any of it.

 

He just comes back and posts contradictory rants about the nature of his problem. Can't get cards after BK. Can only get crap cards. Has tons of cards he's proud of. Has a wife who's ruining his credit with her crazy debts. Has almost no debt. Etc.

 

@Mikey, why don't you slow down now that you've gotten all this very good advice and tell us what your plan is for getting out of the fix you're in, whatever that fix involves?

Established Member
mikey4833
Posts: 90
Registered: ‎01-26-2013
0

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


Gunnar419 wrote:

People (including me at one point) have been giving this guy advice for weeks and never once has he shown a sign that he's interested in taking any of it.

 

He just comes back and posts contradictory rants about the nature of his problem. Can't get cards after BK. Can only get crap cards. Has tons of cards he's proud of. Has a wife who's ruining his credit with her crazy debts. Has almost no debt. Etc.

 

@Mikey, why don't you slow down now that you've gotten all this very good advice and tell us what your plan is for getting out of the fix you're in, whatever that fix involves?


Hi Gunnar419 to answer your question I tried to answer everyones' question in that BIG long paragragh. My plan for getting out of the situation? I am gardening! no more applications as of right now today... I got a Lowes Card last night.... I stated that up there..I will keep it because I closed out a worthless QVC card that I had no use for and I replaced it with Lowes I can use it cause I shop there alot but no more apps that is a promise to everyone who gave me the advice. I thanked every one for their advice I said I have way more than enough cards I learned my lesson through BK and through all the good people on here who given me advice and all the rebuilding info I read. My motto is this... I'm going to be in gardening for 2-3 years from now at least to 2014 July 5 years after BK and all the inquiries will be gone in 2015... My wife doesn't have access to my cards anymore nore to hers I locked them up all her access cards.  I said I may lose my job because of health issues but I still will be ok even on just my wife's little $15,500 a year I pay my cards in full all except 1 business card balance of $580. I still got my business to back me up too I had a mini stroke at 29 years of age the Dr believes. I'm on a inhaler, heart medication, had a cat scan of my head done. I'm frightened and on edge about that just like that after my bday april 10 when I turn 29 I get all these health problems.  As far as bankruptcy goes I agree there should be no law so I am discontinuing that petition.


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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