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I've been working hard at rebuilding my credit and my scores are all in the upper 600's. I realize it's far from perfect, but it's still respectable. Recently I decided to go on a little bit of an app spree and have been approved for 3 cards, an AMEX SPG, and AMEX BCE, and a Discover IT. I've already had a Quicksilver and a Capital One for years. In May I applied for a Amazon Visa and was denied due to the bankruptcy that is on my record from 8 years ago after my divorce. I called the recon line and after 20 minutes of talking and putting me on hold, he apologized and said sorry but he couldn't approve me at this time. Realizing it is a Visa Signature product that requires a 5k limit, I decided to try a different route and this month applied for both the Freedom and IHG cards. The IHG gave me a 30 day message, and the Freedom was an instant denial. I called last week to the automated status line and after putting in my Social was directed straight to a human being. He explained that actually both my applications were being reviewed and a decision was still being made. I explained I just wanted to get my foot in the door with Chase, and he replied "We want all of you, not just your foot!" I left the call thinking I had a realistic chance of getting approved. Then today I received 2 letters from Chase saying I was denied for both cards. And the denial reason.....There is a Bankruptcy on your report.
So does Chase deny all applicants with former bankruptcies? Is it even worth calling the reconsideration line? Or am I going to have to wait another 2 years until it falls off? I know about the 5/24 rule and really wanted to get Chase in my wallet. But if all my applications are going to be declined I might as well forget about them. Has anyone else had this issue?
Yes, Chase will deny all apps with BK. You must recon. As for the chase amazon card, even though it's a visa signature, the requireed starting limit is not 5k. Even cards with $500 limits are also VS.
What is IIB? I just got the denial letters today so I haven't tried to recon yet. My scores as of last month were:
EX 675
TU 662
EQ 670
I have 19% Utilization but have a couple 30 day lates from Feb 16 when I was unemployed and 2 medical collections that are 2 years old. Other than that my record has perfect payment history since my BK.
I just figured out what IIB is. No I've never had a Chase Card. I had BOA, CITI, Lowes, Cabelas, and Commerce Bank in Bankruptcy. None of the accounts show on my report anymore. Just that I had the BK in 2009.
Welcome to myFICO!
Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458
@Anonymous wrote:What is IIB? I just got the denial letters today so I haven't tried to recon yet. My scores as of last month were:
EX 675
TU 662
EQ 670
I have 19% Utilization but have a couple 30 day lates from Feb 16 when I was unemployed and 2 medical collections that are 2 years old. Other than that my record has perfect payment history since my BK.
Hi Shocknu
It's not good to have any derogatory marks on your CR after a BR, not even one 30-day late. Like others have said, I would also suggest that you not apply to Chase, IMHO, not for another year at least or even 2 years when the BR falls off of your report. I think even with reconning, once they do a manual review and see the two very recent 30-day lates, they would more than likely still decline you. And, you have a good line-up of cards in your wallet. GL to you.
Recon, recon, recon! Especially with a Chase denial and a BK reporting.