cancel
Showing results for 
Search instead for 
Did you mean: 

What does “recent” mean in a credit decision?

Back2Reality
Frequent Contributor

What does “recent” mean in a credit decision?

Hi all

 

 just a quick question. I'm 11 months post BK7 and wanted to know the meaning of "recent " in credit decisions like the one below. 

 

I applied for an Apple Card (I do it every 6 weeks or so as my score improves, and it is always a soft pull, so no risk!) because it gives me a free TU FICO 9 score each time. Here's what I got tonight. What's does "recent" mean? 1 year? 2 years? 5 years?

 

 Thanks!!

 

— — 

"Thank you for your interest in Apple Card. Goldman Sachs Bank USA has reviewed your application, and it was not approved at this time because:

  • You have recently been past due
  • You have recently filed for bankruptcy
  • You have recently filed for bankruptcy or experienced another negative public record on the credit file"



Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [___] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
12 REPLIES 12
mikesonthemend
Valued Contributor

Re: What does “recent” mean in a credit decision?

I don't know if there are enough data points on Goldman and Apple to say where this cards is concerned. Typically, it means whatever the lendor wants it to mean.




Living through Darwinism is so much worse than learning about about it in school.
Message 2 of 13
Azuieldrago
Frequent Contributor

Re: What does “recent” mean in a credit decision?

Most "recent" definitions will fall between 1-2yrs lenders choice. I can see the BK having a longer "recent" just because of the seriousness of it. But probably nothing past 5 yrs. Atleast with a Chp7 vs Ch13 (which could be less, since debts were repaid.) 






30 day post DC
60 days post DC
94 days post DC

INQUIRES






Store Cards
Message 3 of 13
Morpho
Valued Contributor

Re: What does “recent” mean in a credit decision?

In lending/credit "recent" usually means within the last 2 years.

Message 4 of 13
Morpho
Valued Contributor

Re: What does “recent” mean in a credit decision?


@mikesonthemend wrote:

I don't know if there are enough data points on Goldman and Apple to say where this cards is concerned. Typically, it means whatever the lendor wants it to mean.


Maybe not on myfico. But because of the popularity of Apple as a brand, there are more data points in 6 months than even the most popular cards here. There is a very comprehensive collection of data points over on Reddit collected into one doc.

Message 5 of 13
Back2Reality
Frequent Contributor

Re: What does “recent” mean in a credit decision?

Thanks everyone for your feedback. I just feel like "recently " is a legal yet utterly ambiguous word. I realize credit is not a race but a marathon @firemedic but it would be great to have a goal in mind like, "OK I know that 'recent BK7' means 2 years, so I'll avoid banks that say that." I think it is Citi that states clearly— even for its secured card--that a BK had to be 2+ years old. Is that a definition for "recent?"


 




Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [___] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 6 of 13
Azuieldrago
Frequent Contributor

Re: What does “recent” mean in a credit decision?

From what I understand, CITI doesn't like anyone with a BK on their report. 






30 day post DC
60 days post DC
94 days post DC

INQUIRES






Store Cards
Message 7 of 13
Back2Reality
Frequent Contributor

Re: What does “recent” mean in a credit decision?


@Azuieldrago wrote:

From what I understand, CITI doesn't like anyone with a BK on their report. 


I found this on Citi’s Secured Card site :

 

"Apply for the Card

  • You must meet our credit qualification criteria, which includes a review of your income and your debt.
  • We’ll use the information you provide to help determine whether you’re approved for a Citi Secured Card account, subject to receipt of collateral. (“Collateral” refers to your security deposit, which is equal to your credit limit.)
  • You must not have any bankruptcy history in the last two years."



Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [___] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 8 of 13
Azuieldrago
Frequent Contributor

Re: What does “recent” mean in a credit decision?


@Back2Reality wrote:

@Azuieldrago wrote:

From what I understand, CITI doesn't like anyone with a BK on their report. 


I found this on Citi’s Secured Card site :

 

"Apply for the Card

  • You must meet our credit qualification criteria, which includes a review of your income and your debt.
  • We’ll use the information you provide to help determine whether you’re approved for a Citi Secured Card account, subject to receipt of collateral. (“Collateral” refers to your security deposit, which is equal to your credit limit.)
  • You must not have any bankruptcy history in the last two years."

I am just going by what the data points given here is. Everything I've read says, not gonna happen until after the BK falls off your reports. Same with Chase. Others may be able to chime in if they have different results. 






30 day post DC
60 days post DC
94 days post DC

INQUIRES






Store Cards
Message 9 of 13
sznnmnt
Established Member

Re: What does “recent” mean in a credit decision?

I have a BK from 2015. I applied for a Citi card, the prestige, I got turned down probably because of the BK itself although they give you very obscure language to make you wonder what it was about. I mean: Can't they just be direct and stop beating around the bush already?

 

i called recon and the advice was to open a secured card. Secured cards turn into unsecure in ~ 18 months if you remain pristine. I've also heard the approve after 5years bk w/out secured card process. I'm so close to 5 years that I won't tie up funds in a secured card.

Starting Score: 600
Current Score: 696
Goal Score: 850


Take the myFICO Fitness Challenge
Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.