topic Re: CHASE DENIALS BECUASE OF BANKRUPTCY in Credit Card Applications

CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Tue, 04 Jul 2017 01:15:23 GMT

I've been working hard at rebuilding my credit and my scores are all in the upper 600's. I realize it's far from perfect, but it's still respectable. Recently I decided to go on a little bit of an app spree and have been approved for 3 cards, an AMEX SPG, and AMEX BCE, and a Discover IT. I've already had a Quicksilver and a Capital One for years. In May I applied for a Amazon Visa and was denied due to the bankruptcy that is on my record from 8 years ago after my divorce. I called the recon line and after 20 minutes of talking and putting me on hold, he apologized and said sorry but he couldn't approve me at this time. Realizing it is a Visa Signature product that requires a 5k limit, I decided to try a different route and this month applied for both the Freedom and IHG cards. The IHG gave me a 30 day message, and the Freedom was an instant denial. I called last week to the automated status line and after putting in my Social was directed straight to a human being. He explained that actually both my applications were being reviewed and a decision was still being made. I explained I just wanted to get my foot in the door with Chase, and he replied "We want all of you, not just your foot!" I left the call thinking I had a realistic chance of getting approved. Then today I received 2 letters from Chase saying I was denied for both cards. And the denial reason.....There is a Bankruptcy on your report.

So does Chase deny all applicants with former bankruptcies? Is it even worth calling the reconsideration line? Or am I going to have to wait another 2 years until it falls off? I know about the 5/24 rule and really wanted to get Chase in my wallet. But if all my applications are going to be declined I might as well forget about them. Has anyone else had this issue?

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Tue, 04 Jul 2017 01:43:31 GMT

Yes, Chase will deny all apps with BK. You must recon. As for the chase amazon card, even though it's a visa signature, the requireed starting limit is not 5k. Even cards with $500 limits are also VS.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

pizza1 — Tue, 04 Jul 2017 01:47:50 GMT

Yes automatically declines any app online for BK, so you always have to call into UW and recon the app.

Did you IIB Chase? If so, that could be part of your issue.

I would at this point stop applying with Chase for a bit....like 3-6 months, and let those apps just chill.

The Amazon Visa even though is a Siggy, is not a min CL of $5k, because I got mine with a SL of $3k, and someone else here, got a SL of $500.

I always say to recon denied apps....You have nothing to lose this point. Call back in and grovel, Tell them why you filed BK, etc...tell them what they want to hear..anything!.

There have been lots of folks successful with Chase post BK...just need to find the right UW to recon with

Also, at the time of apps what was your FICO scores, and overall util?

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Tue, 04 Jul 2017 02:27:53 GMT

What is IIB? I just got the denial letters today so I haven't tried to recon yet. My scores as of last month were:

EX 675

TU 662

EQ 670

I have 19% Utilization but have a couple 30 day lates from Feb 16 when I was unemployed and 2 medical collections that are 2 years old. Other than that my record has perfect payment history since my BK.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Tue, 04 Jul 2017 02:30:48 GMT

I just figured out what IIB is. No I've never had a Chase Card. I had BOA, CITI, Lowes, Cabelas, and Commerce Bank in Bankruptcy. None of the accounts show on my report anymore. Just that I had the BK in 2009.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

UncleB — Tue, 04 Jul 2017 05:16:53 GMT

Welcome to myFICO!

Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

CreditInspired — Tue, 04 Jul 2017 14:16:38 GMT

@Anonymous wrote:
What is IIB? I just got the denial letters today so I haven't tried to recon yet. My scores as of last month were:
EX 675
TU 662
EQ 670

I have 19% Utilization but have a couple 30 day lates from Feb 16 when I was unemployed and 2 medical collections that are 2 years old. Other than that my record has perfect payment history since my BK.

Hi Shocknu

It's not good to have any derogatory marks on your CR after a BR, not even one 30-day late. Like others have said, I would also suggest that you not apply to Chase, IMHO, not for another year at least or even 2 years when the BR falls off of your report. I think even with reconning, once they do a manual review and see the two very recent 30-day lates, they would more than likely still decline you. And, you have a good line-up of cards in your wallet. GL to you.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

AverageJoesCredit — Tue, 04 Jul 2017 14:22:16 GMT

Iib stands for Included In Bankruptcy.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Tue, 04 Jul 2017 16:17:48 GMT

I guess I'll just have to forget about Chase and Citi until my BK falls off. Sucks cause they have all the cards left I am wanting. The Freedom would be a great complement to my Discover and I am really wanted the Marriott card to pair with my SPG Amex since I don't know what the future holds with the Marriott Starwood merger and with getting the extra 80,000 bonus points. I also figured the IHG would be a keeper since it gives a free hotel stay every year for $49. I've also been denied for the Citi Costco Card and Double Cash and I really wanted the Costco Card since I shop there regularly and can get 4% for gas. I guess my app spree is over and I'll just have to garden for the next 2 years. Bummer:-( Thanks to all for the advice

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Scupra — Wed, 05 Jul 2017 19:07:51 GMT

Recon, recon, recon! Especially with a Chase denial and a BK reporting.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Thu, 06 Jul 2017 00:01:06 GMT

Yeah I tried reconning. Explained everything. He said he had to stand by the denial. Could try to recon the other app but don't think there is any use.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Thu, 06 Jul 2017 22:54:49 GMT

@Anonymous wrote:
Yeah I tried reconning. Explained everything. He said he had to stand by the denial. Could try to recon the other app but don't think there is any use.

Sorry to hear it worked out that way. My own 2014 BK (in which I included a Chase Visa) is pretty much the main reason why I haven't attempted to apply to Chase since my rebuild began. I'd like to get the Amazon Visa myself, but even though it's a co-branded card I'm not sure if the same strictures would apply; and also, I am not certain but that I might fall under the dreaded 5/24 rule (i.e., you can't obtain a Chase card if you got 5 credit cards or more from any source in the past 24 months) - I'm heading into the garden having gotten 7 cards and an auto loan since this past Thanksgiving, so if 5/24 applies to co-branded cards like Amazon, I'm unfortunately out.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Scupra — Fri, 07 Jul 2017 00:27:03 GMT

@Anonymous wrote:
Yeah I tried reconning. Explained everything. He said he had to stand by the denial. Could try to recon the other app but don't think there is any use.

It couldn't hurt to recon the Freedom app.. Is there anything else Chase may not be liking? Do you clear 5/24?

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Fri, 07 Jul 2017 12:15:00 GMT

It was brought up overnight on the Chase AARP thread that some co-branded cards don't fall under 5/24 because the companies/organizations contracting with Chase for the CC don't want that restriction. Is Amazon one of them?

EDIT: Per AJC, the Amazon Visa isn't subject to 5/24.

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Anonymous — Fri, 07 Jul 2017 17:03:34 GMT

Yeah I reconned the Freedom Card and he agreed with the decision. I didn't even bother with the IHG. One bad month in 8 years will kill you I guess. It is what it is. I'm just going to garden my cards and try to increase my limits. I think between my SPG, Discover, and Quiksilver I can work up some reasonable rewards since I use it a lot and pay off every month. Chase will just have to wait until 2019

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Namaste7 — Fri, 07 Jul 2017 22:06:30 GMT

@Anonymous wrote:
Yeah I reconned the Freedom Card and he agreed with the decision. I didn't even bother with the IHG. One bad month in 8 years will kill you I guess. It is what it is. I'm just going to garden my cards and try to increase my limits. I think between my SPG, Discover, and Quiksilver I can work up some reasonable rewards since I use it a lot and pay off every month. Chase will just have to wait until 2019

Appreciate the lenders that apprecate you. In your case, it seems like AMEX, Disco and C1 appreciate your business.