topic Re: Is Discover BK friendly?? in Credit Cards

Is Discover BK friendly??

WhiteCollar — Mon, 24 Sep 2012 22:06:23 GMT

I have a relative with a discharged BK from 2005 looking to do a balance transfer. Has anyone had success obtaining a Discover card with a BK reporting?

Re: Is Discover BK friendly??

Anonymous — Mon, 24 Sep 2012 22:08:28 GMT

@PrettyNPink wrote:
I have a relative with a discharged BK from 2005 looking to do a balance transfer. Has anyone had success obtaining a Discover card with a BK reporting?

I apped in April 2012....No due to BK..........I called for a recon and no dice....they were not included in the BK.....I am going to try at the 8 yr mark......

Good luck and let us know

Re: Is Discover BK friendly??

LS2982 — Mon, 24 Sep 2012 22:17:37 GMT

@PrettyNPink wrote:
I have a relative with a discharged BK from 2005 looking to do a balance transfer. Has anyone had success obtaining a Discover card with a BK reporting?

AFAIK they are not. YMMV of course, but its best to have BK 8+ yrs old with good TL's reporting.

Re: Is Discover BK friendly??

bostonte — Mon, 24 Sep 2012 22:35:55 GMT

They are, at least for many people.

Not quite 3 years post discharge, and I have a $3,000 line and they've been very good to me.

Re: Is Discover BK friendly??

aussiesareforever — Tue, 25 Sep 2012 00:53:45 GMT

I wouldn't call them "friendly", in the sense of Capital One, who will approve most everybody with a BK reporting.

Discover won't say no just based on the BK alone. At least that was what I was told by their customer service rep. They look at your whole credit picture. If you search these forums, there are many people that have gotten a discover card post BK. As early as 1 year after BK. I decided to go the Barclay route cause I wanted a decent credit line and I wasn't sure how much Discover was going to offer me.

YMMV as always but you (or your relative) won't know unless you apply.

Re: Is Discover BK friendly??

trumpet-205 — Tue, 25 Sep 2012 01:01:26 GMT

@Anonymous wrote:
I apped in April 2012....No due to BK..........I called for a recon and no dice....they were not included in the BK.....I am going to try at the 8 yr mark......

Generally, you want a BK that is at least 3 years old. Discover wants a very old BK.

Re: Is Discover BK friendly??

WhiteCollar — Tue, 25 Sep 2012 01:06:59 GMT

It's been 8 years since the BK occurred. She has a new car loan in her name through Nissan and a credit card accounts in good standing. Does it matter which card she applies for?

Re: Is Discover BK friendly??

BackInTheSaddleAgain — Fri, 15 Feb 2013 02:29:22 GMT

aussiesareforever. I realize this is an old thread, but can you tell me exactly what Barclays card you applied for or which you believe would provide the highest CL ( Barclaycard, NFL, etc.). I am 6 years post BK with a TU 696 and EX 659. My highest CC now is CapOne = $1500 (9 mo's), so I would like somehing much higher if possible. I have good income and zero utilization. I also have 3 other smaller CL cards, but all recent over the past 6 months. No inquires last 4 months.

THANKS

Re: Is Discover BK friendly??

andre181 — Fri, 15 Feb 2013 02:41:06 GMT

My mom got approved with Discover right before Christmas with a BK7 from 2004 reporting. Approved for $5500 CL.

All her IIB accounts are gone and she has many good TL's with no lates. Her score is in the low 700's now.

Also important to note that she burned Discover in that BK. So she apparently wasn't blacklisted with them.

Re: Is Discover BK friendly??

RSCo — Fri, 15 Feb 2013 02:47:36 GMT

@aussiesareforever wrote:
I wouldn't call them "friendly", in the sense of Capital One, who will approve most everybody with a BK reporting.

Discover won't say no just based on the BK alone. At least that was what I was told by their customer service rep. They look at your whole credit picture. If you search these forums, there are many people that have gotten a discover card post BK. As early as 1 year after BK. I decided to go the Barclay route cause I wanted a decent credit line and I wasn't sure how much Discover was going to offer me.

YMMV as always but you (or your relative) won't know unless you apply.

Wow.. you've found Cap One to be friendly??

I've had 2 CC with them for 13 years, one with a 500.00 CL and the other with a 300.00 CL.. I've NEVER EVER been late with them.. My Fico is 703 and I can't get them to increase my CL.. In fact I even have a $30,000.00 brokerage account with them that i've had for 7 years, and still they won't do anything because they say the cards I have are cards that they don't accept customer requested CLIs.. So I said fine, issue me a brand new card, they did a hard pull only to come back and tell me that you can't have more than 2 credit cards under them... Seriously.... I know it's crazy.. I sent a letter today to the CEO telling him i'm pulling my 30k brokerage account from them and they won't get my 115k I have in TRowe Price.. Waiting to hear back.. But I have found them to be completey crazy.. BTW, I just got approved for a Discover IT card this week with a 5k limit... Cap One not soo good..

Re: Is Discover BK friendly??

PNYKILR — Fri, 15 Feb 2013 03:26:56 GMT

@WhiteCollar wrote:
I have a relative with a discharged BK from 2005 looking to do a balance transfer. Has anyone had success obtaining a Discover card with a BK reporting?

I just got approved on Saturday. My BK is 5 years old. Limit is 1K. I'm just glad they let me in. Perfect payments for 5 year and just closed on a new house last Friday. 2 score just under 700 and the other at 711. Scores pulled by my lender.

Re: Is Discover BK friendly??

aussiesareforever — Fri, 15 Feb 2013 05:02:30 GMT

I said Capital One is BK friendly. Not CLI friendly.

They are likely to approve with a fresh BK. Geting thrm to give a CLI is a different story

Re: Is Discover BK friendly??

aussiesareforever — Fri, 15 Feb 2013 05:09:18 GMT

Backinthesaddle, I got an Apple Financing card. I am on the phone so I can't see my siggy or remember my CL but it is over 5k.

Just make sure you have had at least one positive TL reporting for a year after your BK. Be prepared to call to recon. They will likely either deny right off the bat or give you a low limit. I think my limit started at 1.2K. I called the next day and it was bumped to 4k. I got an auto CLI at six months.

The interest rate is terrible but I bought 4 iPads last year and I am slowly paying it off at 0%. I expect to pay it off way before the 1 year interest free period is over. It is a great card to use anywhere else if you pay in full. The interest rate will get you if you plan on carrying a balance

Re: Is Discover BK friendly??

Anonymous — Fri, 15 Feb 2013 18:00:56 GMT

I apped in November with a 9 year old Chapter 7 BK and was approved after answering a few questions

Re: Is Discover BK friendly??

Anonymous — Sat, 16 Feb 2013 18:30:12 GMT

I have a BK 7 on my report that is scheduled to delete Aug 2013. I was going to wait to apply in September but it sounds like I would have a good chance now after I get my utilization down. It is very high as I just closed on a house and had to get furniture and electronics. Once my bonus comes in 3 weeks, the balances will be dropping back down to zero. However, if I wait until September when there are no BKs on my report, I might get a better limit. Hard to decide. I also have 8 inquiries now and that may hurt me. I will probably end up gardening my 4 revolving accounts, new car lease, and mortgage for a little bit. :-)

Re: Is Discover BK friendly??

aussiesareforever — Sat, 16 Feb 2013 18:35:13 GMT

I would wait. You don't need the line of credit and you will likely get better terms without the BK reporting. September is only a few months away and from what I have read, your BK may come off early

Re: Is Discover BK friendly??

Anonymous — Sat, 16 Feb 2013 19:06:05 GMT

You're right. That would be so nice for my BK to come off a little early. I could use a little more credit at this instant but once my bonus comes in March and I pay off my cards, I will be back to having more than enough credit for everyday expenses. I am just between a rock and a hard place right now as my only usable card is the freedom right now. But next Friday, I will start using my regular paychecks to get the balances down as well since I don't have a mortgage payment until April. I spent $3000 just on things like inspection, earnest money, closing. And another $5000 on furniture and electronics. Buying a house is soooo expensive but the interest rates are to die for right now so it was the best decision. Just hard seeing your savings and available credit fly out the door so quickly! We did plan and save up for this though but it is so shocking how quickly the money disappears!

Re: Is Discover BK friendly??

Rhaeny — Sat, 16 Feb 2013 19:08:51 GMT

@aussiesareforever wrote:
I would wait. You don't need the line of credit and you will likely get better terms without the BK reporting. September is only a few months away and from what I have read, your BK may come off early

Well I think with Discover it is YMMV and depending on other factors, of which I have no idea of what those factors are, they will approve with a BK. I have a BK from 2007 and they approved me in December for a card but only with a $1,000 limit. Its a far cry from my other limits but I figured my foot is at least in the door with them. After a year or so if I don't see *some* sort of auto CLI then I will SD except when the rewards categories are applicable to me.

As for the recommendation to wait until the BK is off, definitely +1 to that since they are a very conservative lender. No sense in giving them a reason to not give you the best CL and APR for what amounts to a few months waiting period.

Re: Is Discover BK friendly??

aussiesareforever — Sat, 16 Feb 2013 19:10:06 GMT

Aargh. You are making me dread the house buying process. Gotta save more money. Did you have to pay a down payment or did you do USDA/VA?

Stay strong. Like I said, many people report the BK came off 1-3 months early. Hang in there

Re: Is Discover BK friendly??

Anonymous — Sat, 16 Feb 2013 19:18:38 GMT

Thanks so much for the encouragement. I found a great program through our local housing authority that allows 3% of your downpayment to be rolled into a second mortgage. The remaining 0.5% down required by FHA was covered by my earnest money ($2000). This program allowed us to purchase a really nice new construction home priced at $347,900. Even without a large downpayment, it was still a very expensive endeavor.

So I encourage you to research assistance programs through your local housing authority.