topic Re: New Chase CC after settlement in Rebuilding Your Credit

New Chase CC after settlement

eljquez — Mon, 06 Jan 2025 22:54:26 GMT

Has anyone had experience with settling a charged-off CC with Chase and after some time reapplying for a new cc?

Re: New Chase CC after settlement

sccredit — Mon, 06 Jan 2025 23:23:03 GMT

Depends on the definition of "some time"

2 years? No way

10+ years? YMMV

Re: New Chase CC after settlement

eljquez — Tue, 07 Jan 2025 00:11:29 GMT

I didn’t have a specific time frame in mind, but your response is helpful.

If it’s possible, should I pay off the full debt instead of settling? If my goal is to get a new credit card from Chase, would that be a good idea?

@sccredit

Re: New Chase CC after settlement

Horseshoez — Tue, 07 Jan 2025 01:12:35 GMT

Why Chase? There are plenty of other good credit cards out there; I'd advise being happy with the settlement and getting other cards.

Re: New Chase CC after settlement

Lurker22 — Tue, 07 Jan 2025 13:21:38 GMT

@eljquez wrote:
I didn’t have a specific time frame in mind, but your response is helpful.

If it’s possible, should I pay off the full debt instead of settling? If my goal is to get a new credit card from Chase, would that be a good idea?
@sccredit

As already mentioned there are other lenders out there, what you need to look at is how much is the settlement and does it outweigh the benefits you'd get with a new card, sometime the math just doesnt work out in the favor of getting a card from JPM

Re: New Chase CC after settlement

CreditCuriosity — Tue, 07 Jan 2025 13:46:55 GMT

PIF or paying part likely won't matter Chase will hold the charge off against you for awhile.

Re: New Chase CC after settlement

KatzNDawgs — Tue, 07 Jan 2025 14:35:19 GMT

I'm at 9 years post-settlement with Chase, and no luv. Not even approved for checking account. From what I hear, 10-12 years is more likely to work. I may try again at year 11, really want the Southwest and Hyatt points.

Re: New Chase CC after settlement

Horseshoez — Tue, 07 Jan 2025 16:41:02 GMT

@KatzNDawgs wrote:
I'm at 9 years post-settlement with Chase, and no luv. Not even approved for checking account. From what I hear, 10-12 years is more likely to work. I may try again at year 11, really want the Southwest and Hyatt points.

Have you tried an in-branch approach to opening a checking account?

Re: New Chase CC after settlement

KatzNDawgs — Wed, 08 Jan 2025 02:45:48 GMT

@Horseshoez wrote:
Have you tried an in-branch approach to opening a checking account?

No I haven't, I may do that with my next attempt - do you know if this improves odds with them? Anyhow, that probably won't be for a while as I'm currently over 5/24 for another year, and if I'm in there I will probably try for a CC as well.

Re: New Chase CC after settlement

Horseshoez — Wed, 08 Jan 2025 02:57:22 GMT

@KatzNDawgs wrote:
@Horseshoez wrote:
Have you tried an in-branch approach to opening a checking account?
No I haven't, I may do that with my next attempt - do you know if this improves odds with them? Anyhow, that probably won't be for a while as I'm currently over 5/24 for another year, and if I'm in there I will probably try for a CC as well.

I burned Chase for a tidy sum in my 2015 Chapter 13; I now have three credit cards with them with limits of $11,700, $23,600, and $8,000 (CSP, CFU, and United Explorer respectively). Here's the story of how I got back in: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/And-just-like-that-I-m-back-in-with-Chase/m-p/6626504#M841752

Re: New Chase CC after settlement

KatzNDawgs — Wed, 08 Jan 2025 15:57:30 GMT

@Horseshoez wrote:
I burned Chase for a tidy sum in my 2015 Chapter 13; I now have three credit cards with them with limits of $11,700, $23,600, and $8,000 (CSP, CFU, and United Explorer respectively). Here's the story of how I got back in: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/And-just-like-that-I-m-back-in-with-Chase/m-p/6626504#M841752

Congrats on that, and thanks for the info!

Re: New Chase CC after settlement

sjt — Thu, 16 Jan 2025 18:10:02 GMT

It has happened. It all depends on the length of time you have had a positive history from your last derog, the amount of credit you reestablished, and your utilization ratio.

Paying Chase back in full is better than settling for less, but it does not guarantee future credit with them.

Re: New Chase CC after settlement

Minimalist — Sun, 19 Jan 2025 19:42:06 GMT

Generally I've heard it's 10+ years removed from any discrepancy with them, BK, Collection, or otherwise. I'm 8 years out from a BK7 in which they were included so no bueno until February 2027, or later. If you're that big on getting a premium card you'd have better luck with AMEX as long as everything else evens out. Then try Chase later.

Re: New Chase CC after settlement

Horseshoez — Mon, 20 Jan 2025 01:04:31 GMT

@Minimalist wrote:
Generally I've heard it's 10+ years removed from any discrepancy with them, BK, Collection, or otherwise. I'm 8 years out from a BK7 in which they were included so no bueno until February 2027, or later. If you're that big on getting a premium card you'd have better luck with AMEX as long as everything else evens out. Then try Chase later.

Not true; I burned Chase for something north of ten-grand in my 2015 Chapter 13 and got back in with them in 2022.