topic Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point in Bankruptcy

US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Dreamliner — Thu, 25 May 2023 02:54:25 GMT

All, This is my first post. Thought to share some data points regarding getting approved for US Bank post-BK.

CH7 discharge: Jan 2018

FICO scores: 680's

Inquiries in the past 2 years: 3

No US Bank cards were IIB. Applied March 2022 for Altitude Connect Visa Signature for 50,000 signup bonus. Instant approval for $5000.

Credit accounts opened post-BK

Capital One Venture X Visa Infinite - $20,000 (upgraded from Ventrue. CLI from $5,000 to $8,600 to $10,000 to $20,000 UPDATE 5/20)
Capital One Savor One WEMC - $18,000 ($10,000 to $18,000 UPDATE 5/20)
Capital One Spark Business Visa Signature - $5,000
Upgrade Cash Rewards Elite Visa Signature - $5,000 ($17,000 to $5,000 decrease UPDATE 5/20)
Apple Credit Card - $4,500 (CLI from $3,000 to $3,500 to $4,500 UPDATE 5/20)
Amazon Synchrony Card - $10,000 (CLI from $3,000 to $6,000 to $10,000)
Wells Fargo Cash Active Cash Visa Signatrue - $3,000
US Bank Altitude Connect Visa Singature - $5,000
Capital One QuickSilver WMC- $3,600 (upgraded from QuickSilver One AF $39. CLI from $2,000 to 3,000 to 3,600. First card after BK)
BILT Wells Fargo - $15,000 UPDATE 5/20. Just opened this to pay rent.

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

sihmud — Mon, 21 Mar 2022 03:16:12 GMT

@Dreamliner wow, that's an impressive rebuild list. Seems you never had low starting limits or subprime cards. Would you mind sharing the dates of each approval so I can get an idea of which how far after discharge those cards were approved. I'm just starting my rebuild and I'd like to have a similar road map as you.

tbanks for sharing!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Red1Blue — Mon, 21 Mar 2022 03:19:15 GMT

Congratulations @Dreamliner

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

FireMedic1 — Tue, 22 Mar 2022 12:47:43 GMT

Congrats. Still trying to figure out how you got some of those with 680's? Wow!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Jordan23ww — Tue, 22 Mar 2022 15:15:59 GMT

Congratulations on your approval! Thank you for all the data points!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Dreamliner — Fri, 25 Mar 2022 04:02:02 GMT

I am not sure exactly but I can explain my story/strategy. Maybe useful for someone.

I've been banking with capital one for more than a decade. I didn't have a credit card with them though. My annual income at the time of BK was around $60K and all of it was getting direct deposited into capital one checking. 2 months post BK, I applied for Quick Silver One (the annual fee version for bad credit) and was approved with CL $2,000. Used that card for about an year, always paying bills on time and in full.

1 year 2 months post BK, capital one offered an upgrade to regular no annual fee version of QS as well as from master card to World MC. Taking this as a positive sign, I requested for a CLI and they approved $3,000. A couple of months later, I decided to apply for a more premium Venture card and was instantly approved for $5,000. So I switched daily usage from QS to Venture and continue to pay on time and in full.

After an year (2 years 4 months post BK) got CLI on Venture to $8,600. At the same time, also applied and approved for Spark and Savor Cards with $5K and $10K respectively. Also, apped and approved for Amazon Synchrony card with $3K. So basically, 2 years 4 months post BK, I have had multiple cards with decent credit limits.

An year later (3 years 4 months post BK), I applied for Apple Card and was approved for $3K. This was relief to me knowing that other banks are willing to approve. In the following months Venture got a CLI to $10K, Amazon to $6K to $10K, Apple to $3.5K.

I let these cards grew until March 2022 (4 years 2 months post BK). At this time, I requested Venture to be upgraded to Venture X and got an instant approval. At this point, I wanted to establish relationship with other mainstream banks besides capital one but decided to stay clear of all banks that were IIB.

I wasn’t sure who to apply. There were many choices. So I checked card offers with excellent or outstanding approval odds in Credit Karma, Experian and TrueIdentity. Upgrade, US Bank, and Wells Fargo cards showed up in these services and had very nice bonus offers. So I applied for each of them and got instant approvals. Upgrade CL $17K ($400 bonus), US Bank CL $5K ($500 bonus), Wells Fargo $3K ($200 bonus).

Couples of key points that I believe to be helpful in my case are:

Existing banking relationship with capital one helped me get my first card with decent limit right after BK
Multiple capital one cards with high CL in the following years
Always paying bill on time and in full
Rather than applying randomly, applying for cards came up as targeted in credit monitoring services

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

FireMedic1 — Fri, 25 Mar 2022 08:47:59 GMT

Nice job. Congrats!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

sznthescore — Fri, 25 Mar 2022 11:52:44 GMT

Nice job demonstrating good credit behavior and money management skill! 🎉

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Guyatthebeach — Sat, 26 Mar 2022 14:14:01 GMT

Dreamliner,

Congratulations on your approval! That's fantastic to see an approval from US Bank without a recon.

Great rebuilding too!

Guyatthebeach

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Kasuito39 — Sat, 26 Mar 2022 15:55:17 GMT

Congrats on all your approval. Overall, you used great strategies to acquire great cards. Time, patience and relationship banking factors played a huge roll to a mass such an awesome CL line up! Kudos!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Zoostation1 — Thu, 31 Mar 2022 04:54:45 GMT

Happy to see that someone overcame what seems to be a low success rate in getting a PC from QS1 to QS! All the reading up I've done seems to indicate that's pretty rare and quite it's typically a Venture One PC if anything is even offered at all (with my minimal travel, none of the Venture cards would be really useful).

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

rosco75 — Tue, 23 May 2023 13:51:48 GMT

I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Lurker22 — Tue, 23 May 2023 14:53:12 GMT

@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!

FYI USB offers a secured version of C+ that does graduate

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

rosco75 — Tue, 23 May 2023 15:49:53 GMT

@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate

I called the bank and was told that thier current policy is 4 years post filing for any of thier card products, which includes their secured cards. The rep did tell me that there were discussions in place to update that policy but for right now, that is what it is.

I assume that this policy has changed through the years as data points on this forum point to a 5 year policy initially which was then amended to around 2 years. It seems that they often review and revise the policy so it would be a benefit to call before applying and determine what the current policy is at the time you want to apply.

4 years, even post filing date just seems like a dreadful amount of time to have cash held up. Its a shame, as its probably one the THE BEST secured card options on the market these days. 5% in two selectable categories and 2% other purchases is nothing to sneeze at!

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Lurker22 — Wed, 24 May 2023 10:54:29 GMT

@rosco75 wrote:
@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate
I called the bank and was told that thier current policy is 4 years post filing for any of thier card products, which includes their secured cards. The rep did tell me that there were discussions in place to update that policy but for right now, that is what it is.

I assume that this policy has changed through the years as data points on this forum point to a 5 year policy initially which was then amended to around 2 years. It seems that they often review and revise the policy so it would be a benefit to call before applying and determine what the current policy is at the time you want to apply.

4 years, even post filing date just seems like a dreadful amount of time to have cash held up. Its a shame, as its probably one the THE BEST secured card options on the market these days. 5% in two selectable categories and 2% other purchases is nothing to sneeze at!

I'm sitting here trying to think of any recent DP's on the secured cards but can't recall any discussion on their approval recently - I obtained mine a bit ago but was during an open/active 13 - and I believe one of them (I have both Secured Alt Go and Cash+) was opened before the 4 year threshold - I wonder if the agent you spoke with was just making an assumption (happens all the time with call centers but honestly not sure)

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

rosco75 — Thu, 25 May 2023 13:14:15 GMT

@Lurker22 wrote:
@rosco75 wrote:
@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate
I called the bank and was told that thier current policy is 4 years post filing for any of thier card products, which includes their secured cards. The rep did tell me that there were discussions in place to update that policy but for right now, that is what it is.

I assume that this policy has changed through the years as data points on this forum point to a 5 year policy initially which was then amended to around 2 years. It seems that they often review and revise the policy so it would be a benefit to call before applying and determine what the current policy is at the time you want to apply.

4 years, even post filing date just seems like a dreadful amount of time to have cash held up. Its a shame, as its probably one the THE BEST secured card options on the market these days. 5% in two selectable categories and 2% other purchases is nothing to sneeze at!
I'm sitting here trying to think of any recent DP's on the secured cards but can't recall any discussion on their approval recently - I obtained mine a bit ago but was during an open/active 13 - and I believe one of them (I have both Secured Alt Go and Cash+) was opened before the 4 year threshold - I wonder if the agent you spoke with was just making an assumption (happens all the time with call centers but honestly not sure)

It is possible, although unlikely. I should note that I did state that the rep was very pointedly stating the CURRENT part of her answer. You most likey had gotten your result while they had a different policy altogether, and im almost positive that they have changed their policy a few times in the past few years. I also suspect that this policy will change again.

The question that anyone has to ask themselves (who has a BK on thier profile) is this - is it worth the HP to find out? I would absolutely LOVE if someone who was between 2-4 years post filing / discharge could check for us =)

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

Lurker22 — Fri, 26 May 2023 13:00:35 GMT

@rosco75 wrote:
It is possible, although unlikely. I should note that I did state that the rep was very pointedly stating the CURRENT part of her answer. You most likey had gotten your result while they had a different policy altogether, and im almost positive that they have changed their policy a few times in the past few years. I also suspect that this policy will change again.

The question that anyone has to ask themselves (who has a BK on thier profile) is this - is it worth the HP to find out? I would absolutely LOVE if someone who was between 2-4 years post filing / discharge could check for us =)

Don't disagree with anything you're saying and agree would be neat if someone has a recent DP (I guess my point was I'm not sure I trust a call center agent but then again there's no reason not to trust them other than many DP's say not to....catch 22 right?)

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

butterpecan — Sun, 28 May 2023 04:19:19 GMT

@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate

@Lurker22 Would you know any other DP's regarding the secured version with US Bank? I don't have BK but I do have 4 small baddies all 5 1/2 years old. I tried for Discover secured and was denied so I am just trying to gather knowledge about the banks commonly mentioned here for later because ultimately I was approved for a secured through NFCU but obviously will need to span out further later.

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

PayAndProsper — Sun, 28 May 2023 07:04:49 GMT

@rosco75 escribió:
I called the bank and was told that thier current policy is 4 years post filing for any of thier card products, which includes their secured cards. The rep did tell me that there were discussions in place to update that policy but for right now, that is what it is.

I assume that this policy has changed through the years as data points on this forum point to a 5 year policy initially which was then amended to around 2 years. It seems that they often review and revise the policy so it would be a benefit to call before applying and determine what the current policy is at the time you want to apply.

4 years, even post filing date just seems like a dreadful amount of time to have cash held up. Its a shame, as its probably one the THE BEST secured card options on the market these days. 5% in two selectable categories and 2% other purchases is nothing to sneeze at!

It's nice, but not that nice. It's two selectable 5% categories, one selectable 2% category, and 1% on all other eligible purchases.

@butterpecan escribió:
@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate
@Lurker22 Would you know any other DP's regarding the secured version with US Bank? I don't have BK but I do have 4 small baddies all 5 1/2 years old. I tried for Discover secured and was denied so I am just trying to gather knowledge about the banks commonly mentioned here for later because ultimately I was approved for a secured through NFCU but obviously will need to span out further later.

Nothing is guaranteed, but if you have a profile that is not suitable for a Discover secured card (unless you have burned them in the past, or some other very particular differentiating circumstance), you are unlikely to qualify for US Bank, all else being equal between the CRs (likely different CRAs pulled), as US Bank is notoriously more strict and sensitive to new accounts and inquiries. Don't take my word for it though. Take a look around the MF forums. There are tons of DPs out there.

Re: US Bank Credit Card after Bankruptcy Ch 7 - Data Point

butterpecan — Sun, 28 May 2023 13:00:48 GMT

@PayAndProsper wrote:
@rosco75 escribió:
I called the bank and was told that thier current policy is 4 years post filing for any of thier card products, which includes their secured cards. The rep did tell me that there were discussions in place to update that policy but for right now, that is what it is.

I assume that this policy has changed through the years as data points on this forum point to a 5 year policy initially which was then amended to around 2 years. It seems that they often review and revise the policy so it would be a benefit to call before applying and determine what the current policy is at the time you want to apply.

4 years, even post filing date just seems like a dreadful amount of time to have cash held up. Its a shame, as its probably one the THE BEST secured card options on the market these days. 5% in two selectable categories and 2% other purchases is nothing to sneeze at!
It's nice, but not that nice. It's two selectable 5% categories, one selectable 2% category, and 1% on all other eligible purchases.

@butterpecan escribió:
@Lurker22 wrote:
@rosco75 wrote:
I have been searching threads regarding US Bank as I am interested in the Cash+ for its 5% categories. I have a BK7 that is 2 years post discharge so ive been hesitant to pull the trigger.

I came across this thread and I typically do not believe in thread necromancy but WOW! never in my entire time here at MyFICO have I seen anyone with a BK and less than 5 years post DC with UNDER 700 scores achieve those limits or get these approvals. You are a magician, and I dont know how you did it with US Bank as nothing i read indicates they are friendly to having a BK less than 5 years old. Crazy, but well done!
FYI USB offers a secured version of C+ that does graduate
@Lurker22 Would you know any other DP's regarding the secured version with US Bank? I don't have BK but I do have 4 small baddies all 5 1/2 years old. I tried for Discover secured and was denied so I am just trying to gather knowledge about the banks commonly mentioned here for later because ultimately I was approved for a secured through NFCU but obviously will need to span out further later.

Nothing is guaranteed, but if you have a profile that is not suitable for a Discover secured card (unless you have burned them in the past, or some other very particular differentiating circumstance), you are unlikely to qualify for US Bank, all else being equal between the CRs (likely different CRAs pulled), as US Bank is notoriously more strict and sensitive to new accounts and inquiries. Don't take my word for it though. Take a look around the MF forums. There are tons of DPs out there.

@PayAndProsper I didn't burn Discover and the denial letter was just a generic "we're sorry but no" because of my 2018 delinquencies still being a thorn in my side. Here is just a little insight on my file:

My baddies are 2 medical bills and 2 dept stores (Kohl's through Cap1 and Firestone through Credit First) all 4 baddies are from 2018 sitting at $3k combined total.

A total of just 1 hard pull inquiry across all 3 CRA's resulting in 1 new account, which is Cap1 secured knowing I have a baddie with them via the Kohl's card from 2018 they still gave me the $200 secured CC. I have not had or applied for any credit at all since 2016.

There is 1 closed satisfactory account on my report dating back to 2017. That's it.

Fast forward to after the Cap1 secured card I opened PayPal Line of Credit with a $1500 limit. I am still shocked I was approved. This account had not reported to my TL yet if that makes a difference to Discover I don't know but...

Then I tried the prequalify for Discover (denied)....so ultimately I moved along and got a secured CC with Navy Federal. I plan on trying again with Discover in 6 to 9 months but in the meantime I'm gathering data here. Thank you for adding to it, I was wondering about US Bank and a few others so I'm off to the posts to keep reading. 🤓