Nasty Surprise Post-BK from US Bank

[Anonymous]

---

wrote:

So, I applied for and I'm qualified for a Secured Skypass Visa from US Bank (meaning that until they get confirmation that they did transfer the $1,000 security deposit from my savings account, they can't say that I'm approved but I'm pretty much approved) and I was speaking with a lady at their call centre over the phone. One of my questions got her thinking and looking at my credit report and she noticed my bankruptcy (as it was filed in January of last year) and she told me that US Bank has a hard rule that they don't give unsecured credit for five years post filing, so I won't be qualified to graduate to an unsecured card with US Bank until February 2022!

---

You could use the US Bank secured card to help build your credit for a year, then close it and get your money back. It should have served it purpose by then, allowing you to qualify for unsecured cards. There's no way I would tie my funds up for 5 years in a secured card.

[Anonymous]

What would I be able to use in a reconsideration call with Chase and when should I make that call? Like, once I have a year long, pristine payment history on all my cards? Or should it be longer, like two years?

[Anonymous]

---

wrote:

What would I be able to use in a reconsideration call with Chase and when should I make that call? Like, once I have a year long, pristine payment history on all my cards? Or should it be longer, like two years?

---

You can search for some of threads on Chase reconsideration to see what folks said who got approved. I don't think you will be able to get approved after a year, probably more like 3 or more years.

[Anonymous]

Had to ask. I am interested in getting these nicer cards like Chase Sapphire or the United cards.

[Dalmus]

I have to ask, why do you want to get another secured card?  According to your signature, you already have more than enough credit accounts for maximizing your FICO score.  Remember, "nicer cards" are a want, not a need.  Your FICO score and, and the automated systems of lenders, don't care if you have a CreditOne or an Amex Platinum.  They only care about payment history and utilization.

I don't see the point in tieing up more money in secured cards at this point.  I would let what you have age for a at least 6 months, then start checking CapOne and Layne Bryant for soft pull CLI's.  Then start checking the prequalify sites:  If you behave for the 6 months, you'll likely start qualifying for better unsecured cards from Capital One at the very least.

My other, unsolicited advice (that you may have seen elsewhere here) don't fall into the Store Card trap that many of did at the start of our rebuild.   In the long run, having a ton of store cards is more of a clerical and security burden than they're worth, not to mention they cause you to buy things you don't need just to keep them active and open.  Also, they can potentially harm you when it comes to things like insurance rates.

But congrats on the discharge...  Its an amazing feeling to have the dead weight lifted from around your neck, isn't it? 

[VLGaffEsq]

From my own personal experience (even with a FICOscore of 747), Amex will not give you a credit card even after a bankruptcy falls off all 3 of your credit reports UNLESS you work out something with your prenvious accounts with them.  When I recently applied for the Amex Everyday Blue Cash card, they didn't hit me with a hard inquiry, but wanted me to call and discuss settling up with my previous Amex Gold card account.  No thanks...I'm fine with my Well Fargo Cash Wise Visa ($7,000), Chase Freedom Unlimited Visa ($4,500), Discover It ($2,500) and CapitalOne Quicksilver Visa ($3,250).  I may try and back door into an Amex branded card in a year with US Bank, but only if my credit score is over 800.

[Anonymous]

Amex will approve you once your bankruptcy is 5 years, 1 months old, as long as you never burned them.