@JcT21 wrote:@i filed ch13 in 2009. discharged in 2012. currently have fair/good credit scores. its been over 5yrs since i filed. its scheduled to fall off in 2016. however i would like to get a card from a big lender like chase, amex or discover. would those lenders hold that bk against me? my scores are in my sig. i do not have any collections and 0 missed payments since i filed bk. i have 0 collection accounts. 4% utilization and my highest credit limit is my cap 1 qs @ 2,300. i do have 19 inquires on my report due to my auto loan i got in may 2013. no inquires in 8 months. i would like your input regarding how long is long enough for a lender to trust someone with a previous bk with a good credit score. ....thanks.
it depends on many factors the biggest one being did you include them in the BK... Prime banks like Chase dont like to see BK on someones report, IMO you would be better served going with other lenders who are known BK tolerant.
Like others have already typed - there are other factors that come into play, and I am not so sure that those factors do not change. When I first started coming to MyFico - 6 years ago - the common response was that the "big" banks - Chase - Citi - Discover - AMEX would automatically deny you if you had a BK - It certainly was the consensus that you had little chance of securing a card with any of them if you included them in a BK. These days - you can read of folks' experiences defying this. Last year - at least where Discover was concerned - it seemed that more and more members were reporting approval with at least an 8-year-old BK. I think recently - I read that someone who had a 3-year-old BK was approved for one of these cards; I think.
My Personal experience was as follows -
Discover - Included in BK - Approved for Discover More - with BK showing at 8 years - I had applied several times prior to this - and was denied.
Citi - Included in BK - Was not approved until BK fell off
Chase - Never had previously - Applied several times over the past 3 years - Applied ASA BK fell off - still denied. - Was approved 5 months later, however.
AMEX - Never had previously - Applied several times over the past 2 years - Applied ASA BK fell off - still denied - Was approved 9 months later, however.
In all cases - I had/have two judgments - one paid, one unpaid - and one multiple late payments from 2009-2011, which report only on EX. My scores were 703-748.
I almost forgot that two years ago - a Chase rep did say they were more concerned about the late payments than they were about the BK and if I could have those removed - they would consider an approval.
Last July when I was denied for Chase and AMEX - they both claimed that I had two unpaid judgements - which I did not have. And apparently - again - they were less concerned about the BK than they were about these supposed unpaid judgments. I do not know where they were getting this stuff from - but I find it interesting that they both said this was the case - and that I was not approved for an AMEX until I was approved for a Chase - and when I asked about these supposed unpaid judgments after approval - in both cases the reps with whom I spoke said they only saw one.
“We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty.”
@JcT21 wrote:i didnt file on any "big banks" like chase, discover or amex. i did file on capital one and now they are the most generous with their credit limits. they didnt give me a 2300 cl prior to chapter 13. mostly medical related / old divorce reasons. and a few credit cards like capital one, hsbc & orchard that were joint and some over 10yrs old. been trying very hard rebuilding my credit. so far im better off now than i previously was. my scores have climbed to over 700 for the first time ever and also for the first time ever all 3 of my reports are free from anything bad, other than the bk from 2009. this time around im gonna get it right. i thought that getting credit from a big bank would help me along somewhat.
Try Barclays Bank, they are a prime big name player and are BK friendly.
@compassion101 wrote:Chase would be the toughest imo. They even have the first question on the app "Is your credit history clear of bankrupcies?"
AMEX is certainly possible at some point if you didn't burn them in the BK. As far as how soon, it all depends. I got an AMEX with a 9yo BK reporting. I had tried at 7 years and was denied but the rest of my credit was poor then.
Discover is certainly the most forgiving of the 3.
+1
@changingmantra2 wrote:Like others have already typed - there are other factors that come into play, and I am not so sure that those factors do not change. When I first started coming to MyFico - 6 years ago - the common response was that the "big" banks - Chase - Citi - Discover - AMEX would automatically deny you if you had a BK - It certainly was the consensus that you had little chance of securing a card with any of them if you included them in a BK. These days - you can read of folks' experiences defying this. Last year - at least where Discover was concerned - it seemed that more and more members were reporting approval with at least an 8-year-old BK. I think recently - I read that someone who had a 3-year-old BK was approved for one of these cards; I think.
My Personal experience was as follows -
Discover - Included in BK - Approved for Discover More - with BK showing at 8 years - I had applied several times prior to this - and was denied.
Citi - Included in BK - Was not approved until BK fell off
Chase - Never had previously - Applied several times over the past 3 years - Applied ASA BK fell off - still denied. - Was approved 5 months later, however.
AMEX - Never had previously - Applied several times over the past 2 years - Applied ASA BK fell off - still denied - Was approved 9 months later, however.
In all cases - I had/have two judgments - one paid, one unpaid - and one multiple late payments from 2009-2011, which report only on EX. My scores were 703-748.
I almost forgot that two years ago - a Chase rep did say they were more concerned about the late payments than they were about the BK and if I could have those removed - they would consider an approval.
Last July when I was denied for Chase and AMEX - they both claimed that I had two unpaid judgements - which I did not have. And apparently - again - they were less concerned about the BK than they were about these supposed unpaid judgments. I do not know where they were getting this stuff from - but I find it interesting that they both said this was the case - and that I was not approved for an AMEX until I was approved for a Chase - and when I asked about these supposed unpaid judgments after approval - in both cases the reps with whom I spoke said they only saw one.
I was approved 22 months post discharge....However I did not include Discover as I did with other big 3.
