@pizza1 wrote:
There are always exceptions to the rule. Im definitely one of them. Im extremely aggressive, and I was completely rebuilt credit wise within one year post DC, the word NO really wasn't in my vocabulary, but I also worked my butt off, researched like crazy, and knew the ins/outs of credit, who to go to etc...
But, I also had a very thick profile before BK with credit cards showing back to 1998, and loans back to 2005. I was already established with a long credit history as well.
That first part is KEY. In my research, 97% of people denied for credit either don't care enough to recon, or are too scared to call for recon! 97%! The remaining 3% will bash down the door until they're approved. I know someone on another forum who was denied for a Chase credit card and literally called recon over a dozen times, sometimes talking to the same rep more than once. The 12th call they got their denial overturned and approved and I would have bet $500 it never would have been approved.
I don't recon my denials, but I should. It's neither a fear factor nor a not-caring factor, I just prefer to get approved when I'm worthy versus hammering for an approval. I have yet to see a recon attempt get denied by folks who will write letters, faxes, emails, call every department, etc. Sometimes it's a 28 day long process talking to dozens of people before finding that one CSR who can override a denial. I'm not that patient or aggressive, lol.
The second point you made is also key: for folks who have non-derogatory accounts pre-BK, having that extra age can boost your scores 20, 30 or even 50 points versus someone with NO history at all. One of the things I've seen folks do before filing BK is close any active and positive accounts down so they retain age for 10 years. The one guy I know who has filed BK 3 times in his life (!!!) always did this and he was rebuilding just a year out of DC with good credit cards again. No idea how banks approve someone who has IIB'd them 3x, but I've seen it happen with my own eyes.
As for your other data points, I truly believe that's the case. But on the flip side, there are many folks who got their BK tradelines and information removed by various methods, so obviously it's a matter of patience, drive, focus and a cup of arrogance to get there.
