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CHASE DENIALS BECUASE OF BANKRUPTCY

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CHASE DENIALS BECUASE OF BANKRUPTCY

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?

Message 1 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY

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. 

Got some pruning to do... No more new cards!
Message 2 of 16
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Super Contributor

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Yes automatically declines any app online for BK, so you always have to call into UW and recon the app.

Did you IIB Chase? If so, that could be part of your issue.

I would at this point stop applying with Chase for a bit....like 3-6 months, and let those apps just chill.

The Amazon Visa even though is a Siggy, is not a min CL of $5k, because I got mine with a SL of $3k, and someone else here, got a SL of $500.

I always say to recon denied apps....You have nothing to lose this point. Call back in and grovel, Tell them why you filed BK, etc...tell them what they want to hear..anything!.

There have been lots of folks successful with Chase post BK...just need to find the right UW to recon with Smiley Wink

Also, at the time of apps what was your FICO scores, and overall util?

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY

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. 

Message 4 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY

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.

Message 5 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Welcome to myFICO!  welcome.gif

 

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

Message 6 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY


@SHOCKNU 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.



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 16
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Community Leader
Mega Contributor

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Iib stands for Included In Bankruptcy.
Message 8 of 16
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Re: CHASE DENIALS BECUASE OF BANKRUPTCY

I guess I'll just have to forget about Chase and Citi until my BK falls off. Sucks cause they have all the cards left I am wanting. The Freedom would be a great complement to my Discover and I am really wanted the Marriott card to pair with my SPG Amex since I don't know what the future holds with the Marriott Starwood merger and with getting the extra 80,000 bonus points. I also figured the IHG would be a keeper since it gives a free hotel stay every year for $49. I've also been denied for the Citi Costco Card and Double Cash and I really wanted the Costco Card since I shop there regularly and can get 4% for gas. I guess my app spree is over and I'll just have to garden for the next 2 years. Bummer:-( Thanks to all for the advice
Message 9 of 16
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Super Contributor

Re: CHASE DENIALS BECUASE OF BANKRUPTCY

Recon, recon, recon! Especially with a Chase denial and a BK reporting.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 10 of 16
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