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Regular Contributor
Posts: 178
Registered: ‎09-12-2012
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Re: Will I ever be prime again....

I haven't had a BK but I've had serious default on SL and charge offs. You never know the gift of credit until you've lost it. my CC profile looked like yours 4 months ago. I know you will be prime again!! 

Contributor
Posts: 85
Registered: ‎01-08-2008
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Re: Will I ever be prime again....

I burned Chase for $3k about 10 years ago (early part of '03). Never paid it. They still know it, every time I speak to underwriting they bring it up :smileysurprised:

I have had a Chase SW card (not signature) since 2007, and just recently closed it myself when I got the freedom since I never used it and they combined limits. They've got to be the most forgiving bank ever. Also have the Ink Cash since mid-2011, but have strong corp credit which was a factor.

 

I also burned Citi for $12k around the same time. I have co-brand sears card with them opened Jan 2012. I also have a Citi business TY World Mastercard with a $10k limit opened in March 2011 (started at $8k). Again, I have strong corp credit, but still I am the guarantor.

 

I burned Cap1 for $1k also 2003. Never app'd for them again, but heard that they forgive. From what I recall, I really only burned them for $500 and the rest were fees. 

 

I burned US Bank for the most @ $27k also in 2003. I haven't app'd for anything with them, but have a feeling I would have a fair shot with them at this point.

 

None of these were IIB for me, and I never had a BK. Just CO'd and never paid. IMO BK should be better in their views, as it's legally discharged, but I could be wrong.

 

No experience with burning Amex, but others have said that you can get back with them after burning them with certain prereq's. So, all hope is not lost OP. As with anything, time and patience will serve you well as you get back to primeville. Concentrate on strengthening your finances (and keeping it strong) in the meantime. Good luck.

Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: Will I ever be prime again....


cardslayer wrote:

I burned Chase for $3k about 10 years ago (early part of '03). Never paid it. They still know it, every time I speak to underwriting they bring it up :smileysurprised:

I have had a Chase SW card (not signature) since 2007, and just recently closed it myself when I got the freedom since I never used it and they combined limits. They've got to be the most forgiving bank ever. Also have the Ink Cash since mid-2011, but have strong corp credit which was a factor.

 

I also burned Citi for $12k around the same time. I have co-brand sears card with them opened Jan 2012. I also have a Citi business TY World Mastercard with a $10k limit opened in March 2011 (started at $8k). Again, I have strong corp credit, but still I am the guarantor.

 

I burned Cap1 for $1k also 2003. Never app'd for them again, but heard that they forgive. From what I recall, I really only burned them for $500 and the rest were fees. 

 

I burned US Bank for the most @ $27k also in 2003. I haven't app'd for anything with them, but have a feeling I would have a fair shot with them at this point.

 

None of these were IIB for me, and I never had a BK. Just CO'd and never paid. IMO BK should be better in their views, as it's legally discharged, but I could be wrong.

 

No experience with burning Amex, but others have said that you can get back with them after burning them with certain prereq's. So, all hope is not lost OP. As with anything, time and patience will serve you well as you get back to primeville. Concentrate on strengthening your finances (and keeping it strong) in the meantime. Good luck.



Damn.  You burned your creditors for a total of 43k!  Never declared BK and talk about how forgiving Chase is. Why dont you just pay them? 



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Frequent Contributor
Posts: 360
Registered: ‎08-09-2011
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Re: Will I ever be prime again....


shols44 wrote:

Point taken. 

 

Assuming I stay the course for another 1 year, when would it be safe to attempt a prime app? Which one would you guys recommend? 


It's never going to be "unsafe" to apply for a prime card... just might be pointless until a couple years after the BK.  There is a good bit of debate as to whether Capital One is a prime lender, but I can tell you that in my mind they are-- they do have subprime products, but also some prime products in the mix-- and for MANY of us they were the first prime-ish lender to give us the time of day after a BK.  In my case, I burned them in my BK (only for about $200) and they turned right around about 6 months after the BK and offered me a Mastercard with a $500 CL.  There was a $39 AF on that particular card and I gladly paid it year after year until about two years ago when it no longer made sense to have it, as I started scoring big with the prime lenders.  Having that Cap One MC, though, made me feel considerably less bad about myself, and also opened the door to a couple of other offers from Capital One, including a favorable rate on a car loan and a subsequent Visa with a $2500 CL a couple years later.

 

5/2002 - Chapter 7
7/2011 - Equifax FICO 693
5/2012 - Equifax FICO 812! In the "800 Club!"
2/2013 - Lender-pulled EQ FICO 821 (car loan)
7/2014 - Lender-pulled EQ FICO 832 (car loan)
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