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Chase Bank, how I covet thee 5/24 CC!

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Valued Contributor

Chase Bank, how I covet thee 5/24 CC!

As many of you know, I desire my first Chase CC. I have been in the garden since November 2018 do get below the 5/24 threshold so I can apply.

 

The 2008 recession was hard on many of us, myself included. I was not as credit knowledgeable and made many mistakes. After losing my great paying job I burned several creditors, one of which was Washington Mutual. I burned Washington Mutual and potentially Chase in 2009 when I defaulted on my debt. 

 

Last year in August 2018 I leased a vehicle from Subaru thru Subaru Motors Financing which I later discovered was underwritten by Chase. 

 

So my question is, does have my lease finance by Chase mean that all is forgiven and that I am not blacklisted? Or is there an element I am not aware of and I will be denied when I apply for my coveted Chase 5/24 CC?

 

My hope is that having a lease with Chase Bank will be an added bonus as I now have an internal history of timely payments and that it will increase my chances of approval.

 

Anyone have any experience or thoughts they can share with me?

 

TIA


















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Message 1 of 39
38 REPLIES 38
Moderator

Re: Chase Bank, how I covet thee 5/24 CC!

Unfortunately, the Chase auto finance/lease or mortgage side of the business does not improve any chances of getting an approval. Totally separate divisions from credit card lending.

The only way to know for sure is when you apply for any of their CC products whether that's through the branch (if pre-approved offers are available) or a cold application.
Message 2 of 39
Valued Contributor

Re: Chase Bank, how I covet thee 5/24 CC!

Not was I was hoping to hear however it is what I expected. I am going to wait until January 2020 before I apply to be sure all of my 12 month inquires have dropped off and I am well within the 5/24 rule.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 3 of 39
Moderator

Re: Chase Bank, how I covet thee 5/24 CC!

My recommendation is once you're out of the 5/24 restriction, just visit a branch and speak to a banker (provided Chase has a presence in your area) and explore to see whether any pre-approved offers are available.
Message 4 of 39
Super Contributor

Re: Chase Bank, how I covet thee 5/24 CC!

All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.








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Message 5 of 39
Valued Contributor

Re: Chase Bank, how I covet thee 5/24 CC!

The nearest Chase branch is about 80 miles away. I might consider doing so. I am still concerned about my WaMu history though.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 6 of 39
Valued Contributor

Re: Chase Bank, how I covet thee 5/24 CC!


@Brian_Earl_Spilner wrote:

All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.


So you are saying that defaulting on a WaMu CC had no internal influence on getting a Chase auto finance? What will the effect be on trying to obtain a Chase CC?


















Your FICO credit scores are not just numbers, it’s a skill.

Message 7 of 39
Moderator

Re: Chase Bank, how I covet thee 5/24 CC!

As mentioned upthread, the predecessor bank (WaMu) would have had no bearing on the auto lease approval. Different systems and departments altogether.

Typically, when the submit button is clicked, that's when the CC division performs a cross-reference check (aside from the CR) on its internal records to determine whether or not you meet internal criteria for approval. The outcome would hinge on whether the WaMu account is picked up (or not).
Message 8 of 39
Established Member

Re: Chase Bank, how I covet thee 5/24 CC!

Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.
Message 9 of 39
Valued Contributor

Re: Chase Bank, how I covet thee 5/24 CC!


@Pijoo wrote:
Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.

Thank you. That bit of info has lifted a weight off my shoulders. My WaMu card had a $1000 CL and I don't recall how much I defaulted for. Knowing that when I get out of the garden I am not blacklisted when I apply for a Chase card is a relief. Again, thank you for the info.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 10 of 39
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