topic Re: Opening up bank account with lender I burned? in Rebuilding Your Credit

Opening up bank account with lender I burned?

onepointatatime — Fri, 02 May 2014 20:50:57 GMT

Hi everyone! So, I burned Chase for $2,500 on a Chase credit card back in 2009. At some point they sold it off to Portfolio RC. A credit repair company I hired last year somehow managed to get this removed (though I have no idea how) so it hasn't been on my report in some months.

Question - do you think that opening up a bank account at Chase now would open up a can of worms? Would I get denied for a bank account, even though I'm not applying for credit? Or do you think my name/SSN would be flushed out of their systems by now because they effectively sold off the debt years ago, thefefore I legally owe Chase nothing now?

Any insight is appreciated!

Re: Opening up bank account with lender I burned?

Whitneyy — Fri, 02 May 2014 21:11:24 GMT

Me personally, I wouldn't mess with it, I would go with the second chance banking from Wells Fargo instead unless you really want Chase.

Re: Opening up bank account with lender I burned?

onepointatatime — Fri, 02 May 2014 21:50:00 GMT

Hi, thanks for the input. May I ask if your opinion is based on experience, or just a hunch?

I would like the Chase account specifically, but I wouldn't be willing to open up a can of worms to do it :-)

Re: Opening up bank account with lender I burned?

gdale6 — Fri, 02 May 2014 21:55:31 GMT

Chase remembers those who burn them and the memory can be long depending on the overall amount. Personally I dont do business with banks that I have burned in the past either by CO or BK. I would not put my hard earned funds at risk of possible seizure or forced delays they may impose in order to assure no further losses.

Re: Opening up bank account with lender I burned?

Whitneyy — Fri, 02 May 2014 22:07:31 GMT

I speak from experience. I opened up with Suntrust though. Did it online, made my deposit inside the store.

Re: Opening up bank account with lender I burned?

Whitneyy — Fri, 02 May 2014 22:08:23 GMT

But I know Wells Fargo has the second chance accounts that upgrade once you show you can handle your account, AND you can get a secured card with them. Just an FYI.

Re: Opening up bank account with lender I burned?

pip3man — Fri, 02 May 2014 22:36:44 GMT

From personal experience, I had charged off a Chase checking account for a couple of dollars, I settled it for less than the full balance. I was still able to open another checking account with them plus just a few days ago, I applied and was approved for the Chase Freedom. Also Bank of America I had a credit card that was charged off with them recently and they are actually giving me an option to reopen the Credit card account. So absolutely you can burn a lender and still get back with them one way or the other... At least in my experience

Re: Opening up bank account with lender I burned?

chalupaman — Fri, 02 May 2014 22:57:48 GMT

I had a charge off on an old joint account I had with Wells Fargo a long time ago. I was still a minor then but I basically paid the charge off in full and was able to open a whole new student account with them. I was eventually able to get the college card without a problem after many months of banking with them other than having to do a recon over the phone just because their system automatically denied me due the charge off.