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NEED BK BANKING ADVISE

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sihmud
Regular Contributor

NEED BK BANKING ADVISE

Hello all,

 

looking to get some advice and data points. i plan on moving my personal checking and savings over to a commercial bank. id like to bank somewhere where i know it's possible to get credit in a year or so. my goal is to establish a strong relationship somewhere. currently have a chase business account and was thinking of opening a chase personal account however i know for a fact they won't give me credit for at least 3-4 years due to BK. so my other option was wells Fargo. I'm getting mixed data points on here. some people say they are not BK-friendly and others say they were approved for a credit card 1 year post-DC. id like to leverage the fact that it im opening the account and maintaining a fairly healthy balance. (above 20k) so I know that has to help in some way. i did include WF in my BK but I didn't burn them in the BK the credit card I had with them had charged off many years before I filed. does this completely blacklist me from obtaining credit from them? what do you guys think? should I go with chase and establish myself for the next few years until they give me credit? or will wells lend to me sooner than chase?

 

a CU would be the best i know but i burned NFCU and all other CU are so heard to deal with when trying to deposit cash with the limited amount of location

 

i filed bk 10/26/2021 DC on 02/01/2022

Message 1 of 11
10 REPLIES 10
cashorcharge
Community Leader
Senior Contributor

Re: NEED BK BANKING ADVISE

I think your focus should be on reestablishing credit as you've stated...but these larger banks mentioned...especially considering where we're at today with inflation and so forth, you may be hard pressed to get credit from them and will likely need to look to other rebuilder type banks like Capital One or CreditOne for credit in the future.  There are a few others as well...and once you establish those accounts, pass time and get your score up, then getting credit will be easier and the fact that you bank with them will not be as much a bearing.  

 

Sad to note CU comment as that was my first thought as they tend to be more relationship based versus Chase, Wells Fargo or Bank of America.  

Message 2 of 11
FireMedic1
Community Leader
Mega Contributor

Re: NEED BK BANKING ADVISE

Been with Chase for yrs. Checking/Savings/Auto Loan. CSR in branch says no go even for Amazon Prime multiple times. Even a Freedom for $500 I'd take. Nope. Enough was enough. So today I opened Checking with Wells due to early payday and will transfer everything once its set and ready to roll. That 1 approval was a fluke. Never saw that before. Got in under the radar. Like @cashorcharge posted. You'll have to start like we all did. The big boys are out. Didnt burn AMEX then 5yrs 1 month. Time to rebuild scores. The rest will fall into place.


Message 3 of 11
sihmud
Regular Contributor

Re: NEED BK BANKING ADVISE

@FireMedic1  yea figured chase would be a waste of time. in my back pocket i had the possibility of building a strong relationship with them and my wife as a co-owner then just having her apply for a card and add me to it. but i just dont like the fact of it being MY OWN card. 

 

which approval was a fluke? the wells card? hows wells with Bks? i get contradicting DP on here.

Message 4 of 11
Creditrecipe
New Contributor

Re: NEED BK BANKING ADVISE

Big banks will not be your friend for 5-10 years, don't waste your time.

 

PenFed or NavyFed are great starting points that you can get decent limits within a few years, 20k limits are not going to happen overnight. 

 

- or - 

 

find a good local cu who is trying to get a bigger portfolio and and loosened lending standards. 

Message 5 of 11
srloring13
Regular Contributor

Re: NEED BK BANKING ADVISE

Look for a credit union that is part of the COOP network and/or participate in shared branches.  Don't forget to inquire on their funds availability policy for cash deposits.

 

I use Alliant Credit Union and live in California. Since they are part of the COOP network I can make cash deposits to my account at any atm with the COOP symbol without any holds on my deposits.

FILED CH7 BK 02/25/13 -- DISCHARGED 06/10/13
Starting Scores 06/10/13 EQ474 EX538 TU503
Message 6 of 11
sihmud
Regular Contributor

Re: NEED BK BANKING ADVISE

@srloring13 is Alliant BK friendly?

Message 7 of 11
MichaelMyer
Valued Member

Re: NEED BK BANKING ADVISE


@Creditrecipe wrote:

Big banks will not be your friend for 5-10 years, don't waste your time.

 

PenFed or NavyFed are great starting points that you can get decent limits within a few years, 20k limits are not going to happen overnight. 


Can you get a card with NFCU after you included one of their cards in bankruptcy? 

Message 8 of 11
srloring13
Regular Contributor

Re: NEED BK BANKING ADVISE

I got in with them after my Chapter 7 bankruptcy. Definitely talk to a loan advisor to get info on their loan and credit approval process/requirements. Their savings account have a better rate than most regular savings accounts.

FILED CH7 BK 02/25/13 -- DISCHARGED 06/10/13
Starting Scores 06/10/13 EQ474 EX538 TU503
Message 9 of 11
twono
Frequent Contributor

Re: NEED BK BANKING ADVISE

I joined a local CU and another local/regional bank before i filed BK in 2019.  Figured I'd establish a relationship with a CU prior to BK.

 

My Ch 7 BK was DC'd in June 2019....About 16 mos post DC, my CU approved me for a $2500 credit card and an RV loan for $22,000.  An RV is considered a 'toy' so being approved for a 'toy' after BK is not very common or easy to do.

 

Can't go wrong with a local CU.

 

 

Message 10 of 11
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