topic Re: Chase Credit Cards and Bankruptcy in Bankruptcy

Chase Credit Cards and Bankruptcy

FICONCLINED71 — Thu, 27 Jul 2023 19:08:59 GMT

First of all I am 3 years out of Chapter 7 BK. I have Chase Checking Account and Savings and I have AMEX Savings Account. Chase and AMEX was not included in my BK from 3 years ago because I did not have either one of them 3 years ago. Now I heard that you have to wait 61 months before getting in with AMEX and I understand that.

I currently have the following cards:

PenFed Power Cash - $3000

PenFed Platinum Visa Siig Card - $7,000

NFCU More Rewards AMEX - $5,000 (Third-party card but I get AMEX benefits)

DiscoverIT Secured Card - $200 (getting ready graduate hopefully, right at 7th month)

Apple Card - $2000

Mercury MC - $2,500

Ally Everyday Cash Back MC - $2400

So honestly I feel blessed to have gotten this far after my BK. I have been "gardening" and working really hard.

BUT......... My question is if you have a BK on your credit report, it is impossible to get any Chase Credit Cards???? I heard that you could after the BK falls off and then I heard that you will NEVER be able to get one if a BK was ever on your report.

Re: Chase Credit Cards and Bankruptcy

FireMedic1 — Thu, 27 Jul 2023 19:16:37 GMT

Long as a BK is on your reports. No Chase for you. AMEX is 61 if they werent burned. I left Chase after being a customer for yrs 4-5 months ago with a 7 yr old BK and still a no go.

Re: Chase Credit Cards and Bankruptcy

TRC_WA — Thu, 27 Jul 2023 19:29:19 GMT

I've never had a Chase account and they still won't touch me because I have a 6+ year old Ch 13 on my reports.

I'm sure I'll get in with clean reports... but not before.

Re: Chase Credit Cards and Bankruptcy

Rogue46 — Thu, 27 Jul 2023 20:27:17 GMT

I'm 8 years post bk7 and was approved for a Freedom Unlimited a few months ago. They were not included in the bk.

Re: Chase Credit Cards and Bankruptcy

Brian_Earl_Spilner — Thu, 27 Jul 2023 20:38:46 GMT

Chase's official policy is if a bk is showing on your reports, you're blacklisted for 10 years regardless of type. 1 year for other financial products like auto. There are some people that got in sooner, but for the most part, they were chapter 13 and the bk was already off the report so chase never saw it. Those with a chapter 13 that applied while still reporting ended up being blacklisted for the full 10 because chase tracks everything and forgets nothing. There are also some outliers that have been approved at the 5 or 6 year mark with bk still on the reports, but that is definitely not typical.

Re: Chase Credit Cards and Bankruptcy

FireMedic1 — Thu, 27 Jul 2023 20:39:32 GMT

@Rogue46 wrote:
I'm 8 years post bk7 and was approved for a Freedom Unlimited a few months ago. They were not included in the bk.

Theres always one that falls thru the cracks on many of the post BK restricted cards. Congrats!

Re: Chase Credit Cards and Bankruptcy

Namaste7 — Thu, 27 Jul 2023 20:51:22 GMT

@FICONCLINED71 wrote:
First of all I am 3 years out of Chapter 7 BK. I have Chase Checking Account and Savings and I have AMEX Savings Account. Chase and AMEX was not included in my BK from 3 years ago because I did not have either one of them 3 years ago. Now I heard that you have to wait 61 months before getting in with AMEX and I understand that.

[...]

BUT......... My question is if you have a BK on your credit report, it is impossible to get any Chase Credit Cards???? I heard that you could after the BK falls off and then I heard that you will NEVER be able to get one if a BK was ever on your report.

Your question: In the last 24 months, there are more favorable data points for Chase Approvals with a BK reporting. The best option appears to be the Chase Amazon Prime Visa, with some approvals less than 7 years post filing. For the best long-term results, I suggest picking up AMEX at 5 years and 1 month post filing and hold for Chase when you're reports are clean (free of negs and BK reporting) and you've closed subprime and low credit line accounts for the strongest approval.

MyFF Chase Approval DPs with BKs: Re: Bankruptcy with Chase. How do i start repairin...

These are DPs on the Approvals board between 2021-2023. Approvals are not guaranteed, but certainly possible.

Re: Chase Credit Cards and Bankruptcy

FICONCLINED71 — Thu, 27 Jul 2023 21:16:01 GMT

Thank you! I honestly want to close the Mercury Card because there are no perks or rewards on this card. I got it But I would wait until I obtain the AMEX card or pay off and close the Mercury and Ally Cards befor applying for AMEX? I have already paid off the Mercury Card. The only thing I have on it is my Spotify subsctiption. That card is in the sock drawer. I am only using it for that reason to keep something on it

Re: Chase Credit Cards and Bankruptcy

Namaste7 — Thu, 27 Jul 2023 21:51:39 GMT

@FICONCLINED71 wrote:
Thank you! I honestly want to close the Mercury Card because there are no perks or rewards on this card. I got it But I would wait until I obtain the AMEX card or pay off and close the Mercury and Ally Cards befor applying for AMEX? I have already paid off the Mercury Card. The only thing I have on it is my Spotify subsctiption. That card is in the sock drawer. I am only using it for that reason to keep something on it

If I were in your shoes, I'd try to grow the two PenFed cards, the NFCU card, and the Apple Card to an average credit like of $7,500 or higher. Prior to applying for the AMEX card in two years, cut any card with a low CL (<5k or 7.5k threshold), an annual fee, or a lender that you do not want to continue a relationship with.

This recommendation may be boring, but sometimes less is more.

Re: Chase Credit Cards and Bankruptcy

FICONCLINED71 — Fri, 28 Jul 2023 15:23:31 GMT

Thanks! Will do. Because I really do no like the Mercury Card. I was just trying to build my credit back up after the bankruptcy. That was my main goal. I know they always say do not close your cards but I am definitely closing this one. Thank God it is not my oldest card. I am really thinking about closing it now as in today!!!!!! But I know that my score will drop. Just wish I knew how much.

Re: Chase Credit Cards and Bankruptcy

TRC_WA — Fri, 28 Jul 2023 18:58:02 GMT

@Namaste7 wrote:
If I were in your shoes, I'd try to grow the two PenFed cards, the NFCU card, and the Apple Card to an average credit like of $7,500 or higher. Prior to applying for the AMEX card in two years, cut any card with a low CL (<5k or 7.5k threshold), an annual fee, or a lender that you do not want to continue a relationship with.

This recommendation may be boring, but sometimes less is more.

Good advice.

That's exactly what I'm doing... I'm planning on keeping my Amex ($10k), NFCU ($6k), WF ($6k), Apple ($1.5k) while getting rid of everything else over the next 6-12 months as my reports go clean and I lower my utilization at which point I will be in the 700 club. NFCU is definitely the CU of choice over PenFed. IMHO PenFed is complete garbage just like their website. The $2.5k card I have with them has been great for 0% BTs and once that is done so is the card.

At any rate the rebuilders have served their purpose.

Re: Chase Credit Cards and Bankruptcy

TRC_WA — Fri, 28 Jul 2023 23:58:58 GMT

@FICONCLINED71 wrote:
Thanks! Will do. Because I really do no like the Mercury Card. I was just trying to build my credit back up after the bankruptcy. That was my main goal. I know they always say do not close your cards but I am definitely closing this one. Thank God it is not my oldest card. I am really thinking about closing it now as in today!!!!!! But I know that my score will drop. Just wish I knew how much.

I get at least one mailer a week from Mercury... and they get shredded. The rebuilder card days are behind me.

Re: Chase Credit Cards and Bankruptcy

Guyatthebeach — Sat, 29 Jul 2023 06:40:52 GMT

@FICONCLINED71 ,

From my personal experience, I couldn't get back into Chase until a few months after my chapter 7 bankruptcy dropped off from CR's. After a couple of months, I had a preapproval for the Amazon Visa which wanted and gladly added to my credit card portfolio. Since you already bank with Chase, check your offers for a preapproval. You never know and you even be surprised.

My recommendation to you is get rid of that secured Discover card because at this point you have some solid cards. You aren't gaining anything significant from a secured card at this stage of your rebuild. Also at the 61 month mark, definitely check Amex for a preapproval.

BTW, you have a solid set of cards right now. Let them age and your score will grow.

Guyatthbeach

Re: Chase Credit Cards and Bankruptcy

FICONCLINED71 — Sat, 29 Jul 2023 10:47:05 GMT

@Guyatthebeach

Thank you so much for the advice! I am actually waiting the Discover to graduate. I am at my 7th month and it should graduate. But if it doesn't by December 1st, it will be closed. I am not carrying cards that are not serving me any purpose into 2024. It is my goal to get Chase & AMEX cards. I also want a Capital One Venture X card too but I burned Capital One for $2,300 in my BK. I will definitely be closing that Mercury card especially since it is not my oldest card 😜

Re: Chase Credit Cards and Bankruptcy

FICONCLINED71 — Sat, 29 Jul 2023 10:55:41 GMT

@TRC_WA

Honestly PenFed is not bad. I have been with them for almost 2 years now and I have 2 cards from already. My highest card w/$7,000 limit is with them. Platinum Visa Signature Card which I think is their best card. And yes you are correct about BT for 0% for 12 mos. I did that too 😊.

I also agree, the website and app need a serious makeover though...

@TRC_WA wrote:
@Namaste7 wrote:
If I were in your shoes, I'd try to grow the two PenFed cards, the NFCU card, and the Apple Card to an average credit like of $7,500 or higher. Prior to applying for the AMEX card in two years, cut any card with a low CL (<5k or 7.5k threshold), an annual fee, or a lender that you do not want to continue a relationship with.

This recommendation may be boring, but sometimes less is more.

Good advice.

That's exactly what I'm doing... I'm planning on keeping my Amex ($10k), NFCU ($6k), WF ($6k), Apple ($1.5k) while getting rid of everything else over the next 6-12 months as my reports go clean and I lower my utilization at which point I will be in the 700 club. NFCU is definitely the CU of choice over PenFed. IMHO PenFed is complete garbage just like their website. The $2.5k card I have with them has been great for 0% BTs and once that is done so is the card.

At any rate the rebuilders have served their purpose.

Re: Chase Credit Cards and Bankruptcy

Rogue46 — Sat, 29 Jul 2023 16:17:57 GMT

@Guyatthebeach wrote:
@FICONCLINED71 ,

From my personal experience, I couldn't get back into Chase until a few months after my chapter 7 bankruptcy dropped off from CR's. After a couple of months, I had a preapproval for the Amazon Visa which wanted and gladly added to my credit card portfolio. Since you already bank with Chase, check your offers for a preapproval. You never know and you even be surprised.

My recommendation to you is get rid of that secured Discover card because at this point you have some solid cards. You aren't gaining anything significant from a secured card at this stage of your rebuild. Also at the 61 month mark, definitely check Amex for a preapproval.

BTW, you have a solid set of cards right now. Let them age and your score will grow.

Guyatthbeach

@Guyatthebeach

Did you try applying for a Chase card at some point while the bk was still showing or waited for a preapproval?

Re: Chase Credit Cards and Bankruptcy

Horseshoez — Sat, 29 Jul 2023 20:07:34 GMT

@Brian_Earl_Spilner wrote:
Chase's official policy is if a bk is showing on your reports, you're blacklisted for 10 years regardless of type. 1 year for other financial products like auto. There are some people that got in sooner, but for the most part, they were chapter 13 and the bk was already off the report so chase never saw it. Those with a chapter 13 that applied while still reporting ended up being blacklisted for the full 10 because chase tracks everything and forgets nothing. There are also some outliers that have been approved at the 5 or 6 year mark with bk still on the reports, but that is definitely not typical.

I'm one of those kinda-sorta exceptions; I filed for Chapter 13 in early 2015 and burned Chase for something north of ten-grand as part of that process. I assumed Chase was a non-starter for me so I never bothered applying, however, for other reasons I was compelled to open a Chase Savings and Checking account back in December 2022 (nearly a year after my Chapter 13 dropped off my reports), and while I was opening those accounts, the Chase associate asked if I wanted a credit card as well. I figured I was very much on the blacklist given I burned them, but I figured I'd try anyway. Bang! Approved for a CSP with a $11,700 SL! Yeah, I was shocked, however, the story doesn't end there; earlier this week they sent me a preapproval for a CFU, and when I applied they granted me a starting limit of $23,600.

Funny thing, prior to last December I had four credit cards in my post-BK credit life; total limit of about $21,000 (which is way more than I need). I now have six cards with a total limit of $61,000, of which well over half that limit is from my two Chase cards. Go figure.

Re: Chase Credit Cards and Bankruptcy

FICONCLINED71 — Sat, 29 Jul 2023 20:46:45 GMT

@Horseshoez

Congrats 🎉

Hopefully I will be able to get into Chase. I have a checking and savings account. 🙏🏾

@Horseshoez wrote:
@Brian_Earl_Spilner wrote:
Chase's official policy is if a bk is showing on your reports, you're blacklisted for 10 years regardless of type. 1 year for other financial products like auto. There are some people that got in sooner, but for the most part, they were chapter 13 and the bk was already off the report so chase never saw it. Those with a chapter 13 that applied while still reporting ended up being blacklisted for the full 10 because chase tracks everything and forgets nothing. There are also some outliers that have been approved at the 5 or 6 year mark with bk still on the reports, but that is definitely not typical.
I'm one of those kinda-sorta exceptions; I filed for Chapter 13 in early 2015 and burned Chase for something north of ten-grand as part of that process. I assumed Chase was a non-starter for me so I never bothered applying, however, for other reasons I was compelled to open a Chase Savings and Checking account back in December 2022 (nearly a year after my Chapter 13 dropped off my reports), and while I was opening those accounts, the Chase associate asked if I wanted a credit card as well. I figured I was very much on the blacklist given I burned them, but I figured I'd try anyway. Bang! Approved for a CSP with a $11,700 SL! Yeah, I was shocked, however, the story doesn't end there; earlier this week they sent me a preapproval for a CFU, and when I applied they granted me a starting limit of $23,600.

Funny thing, prior to last December I had four credit cards in my post-BK credit life; total limit of about $21,000 (which is way more than I need). I now have six cards with a total limit of $61,000, of which well over half that limit is from my two Chase cards. Go figure.

Re: Chase Credit Cards and Bankruptcy

NeverTubetheGoose — Mon, 31 Jul 2023 16:14:32 GMT

I'm also one of those exceptions. I filed BK7 in May 2019, Chase was not included. This last March (less than 4 years post bk) I applied for the Bonvoy Boundless card. I was denied immediately but based on some posts here and called for recon. The rep that I spoke with was very helpful and friendly. I know my personal situation is a bit different (high income earner with great credit that had to file bk due to a bad business purchase). I might have had a card or two with them over the years but no real significant relationship with Chase until this card.

Re: Chase Credit Cards and Bankruptcy

TRC_WA — Fri, 11 Aug 2023 14:52:34 GMT

@FICONCLINED71

PenFed's website is still complete garbage... like it is run on some 20 year old web software although at last check they were in process of updating it.

Once I pay off the BT's I'm most likely done with PenFed. I'm not taking a HP for a CLI... and my Gold card has been $2500 for over a year now with no increase. Not a huge deal really. It's pretty obvious to me that growth will come a lot easier with NFCU.

That being said... PenFed might not be bad... but they are definitely not NFCU.