What does “recent” mean in a credit decision?

[Anonymous]

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!!

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"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"

[mikesonthemend]

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.

[Azuieldrago]

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.) 

[Anonymous]

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

[Anonymous]

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@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.

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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.

[Anonymous]

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?"

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[Azuieldrago]

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

[Anonymous]

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@Azuieldrago wrote:

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

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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."

[Azuieldrago]

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@Anonymous wrote:

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@Azuieldrago wrote:

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

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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."

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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. 

[sznnmnt]

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.