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Lenders that let you back in

Valued Contributor

Lenders that let you back in

So I’m including pretty much all the major players in bankruptcy. Capital One for almost $30K, Citi and Chase for almost $15K each, my local CU for $5000. I’ll never be able to pay them back. Of the smaller debts I have Paypal credit for around $3800 Discover $3300 and Amex $1700. Once I get the debts discharged, is there a way to be let back in? If I had time and money to plan for paying back I would, but I just don’t see it happening with a new baby on a teacher salary. I wanted to save Amex and Discover but couldn’t. If there’s no hope, what are some other banks I can look into? I just want 1-2 cards for day to day and booking travel
Currently awaiting BK discharge ?
Message 1 of 8
7 REPLIES
Community Leader
Super Contributor

Re: Lenders that let you back in

Icyhot....

You have been around these forums for awhile now, and should know these things! Forget Chase....wont happen till 7yrs to BK off reports. They have changed their policy on BK's, and its near impossible to be approved even for a co-brand now.

Amex is clear. If you burned them in BK, you will have to pay them back in full before they will consider any cards in the future, or you'll be in BL land for many many years. The soonest you can get back with them if they weren't IIB is 5 yrs and 1 month post file date, no exceptions.

Citi is the same....4-7 yrs depending on IIB, and what rebuild profile looks like.

Usually everyone will get Cap1 again shortly after BK. Keep checking their pre-qual for anything after your DC, and after your reports reflect DC.

Discover is hit and miss. If you didn't IIB, go possibility 1 yr post DC. If you did....1-7yrs. Just depends on how forgiving they are feeling at the time.

Just do your research here... utilize the search button, and you'll come back with tons of hits.

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 2 of 8
Established Contributor

Re: Lenders that let you back in

icyhot, 

 

Congratulations on the baby!

 

From my personal experience, it has been 6 years since my chapter 7 discharge. I have not been able to get back into Chase, Bank of America, Citi, and Discover. I can not longer bank with SECU(in NC) and Safe FCU(in SC). I was able to get back in Capital One after the one year mark. At the 5 year mark, I got back in with American Express. I didn't burn but if you do, you're basically blacklisted for life. 

 

I did use SoulMater's 24 month plan. It actually worked for me. I got my score up to low 700's. Right now my core go to banks and credit unions are PNC, SCSCU, and Navy Federal.  I still think credit unions are the best for a credit rebuild.

 

Hope this helps.

 

Guyatthebeach

Message 3 of 8
Frequent Contributor

Re: Lenders that let you back in


@pizza1 wrote:
Amex is clear. If you burned them in BK, you will have to pay them back in full before they will consider any cards in the future, or you'll be in BL land for many many years. The soonest you can get back with them if they weren't IIB is 5 yrs and 1 month post file date, no exceptions.

I have given up on Chase until my BK falls off next year.  It is pointless to try with them.

 

As for Amex I didn't have a card with them and now they are offering me thier Amex Platinum card.




FICOBeginning (6/2017)Current
Equifax636692
Transunion627722
Experian623724
Message 4 of 8
Valued Contributor

Re: Lenders that let you back in

Cap one is probably the only one you will be able to get back with in the near future.

 

Chase has the longest memory IMHO, followed by AMEX and CITI.

 

I filed for BK 2005, it took me thirteen years to get back in with AMEX and Citi.

 

Chase still says nope, but I don't blame any of them. 

Penfed gold
Penfed promise
NFCU cash rewards
NFCU Amex
Nfcu Platinum Citi simplicity
Discover
Amex BCE
Amex Magnet
Amex SPG
Wayfair
Care credit
Macys
Amazon store card
Walmart store card
Marvel card
FICO EXP 728 TU 723 EQ 718
Message 5 of 8
Valued Contributor

Re: Lenders that let you back in

Forget Chase/Amex/Citi/etc., and get in with a BK friendly credit union. You'll probably need to wait a year post discharge for an unsecured approval, so do a secured card or two (or even a subprime unsecured card) and have that positive history ready. Also be sure that your accounts/inquiries don't look "trigger happy" as I think it can lessen chances of approval with the CUs.

 

As others have mentioned, CapOne lets most folks back in although that wasn't the case for me.

 

I have done so well with Navy and PenFed that I really don't care about CCs from the major banks at all, and I would never for a minute consider paying back $ discharged in a BK. Plenty of others to do business with.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
Message 6 of 8
Valued Contributor

Re: Lenders that let you back in

How can I get in with Navy Fed if I have no military background and don’t know anyone who is?
Currently awaiting BK discharge ?
Message 7 of 8
Valued Contributor

Re: Lenders that let you back in

Perhaps not a way into Navy for you, but anyone can get into PenFed and there are other CUs that are BK friendly as well. 

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
Message 8 of 8