Chase CC after bankruptcy....I know, I know, this is a worn out topic.....but wait, there's more!

[Anonymous]

Hi all,

I'm new to myFico, but have really appreciated all of the informational threads!    Unfortunately, I haven't been able to find anyone that has quite the same situation as me, so I'll give this a try...

I would love to get a Chase Sapphire Reserve (or Preferred, or frankly any Chase card) to start utilizing the UR as soon as possible.  I applied in Feb 2017 and was denied due to my ch 7 bankruptcy in Jan 2010; I called recon, they said no and they seemed to reference the bankruptcy as the main reason from what I recall.  The problem is I don't remember if our foreclosure was Chase.  Our loan was sold to a few different banks and I don't remember if Chase was one of them, but it may have been. I don't remember the rep saying anything about Chase taking a loss from us. I don't think she said they would never extend credit, just that I would have to wait to establish a relationship with them somehow, or something like that.

Since our bankruptcy/foreclosure (aka the worst time of our lives), we have reestablished our financial situation and are doing well now.  Our credit reconstruction began almost immediately and our scores were never below 660, probably because they were so good before the BK.  We have no debt other than mortgage and $12,500 in student loans (as a cosigner).  I have a few credit cards: Barclay X2 with 10K and 16K limits, Citi with $12,500, and a few other nominal cards.

My current credit scores are EF 813 (bk not showing, no idea why), TU 732, EXP 725. 

We purchased a home a year ago(YAY!), and now have a Chase mortgage (ironic, right?!) and Chase checking and savings with about $20k in them to attempt to establish a relationship with them. (We also have our regular checking and savings through Wells Fargo). Of note: We didn't go through Chase originally for our mortgage; our loan was sold to them; but hey, they did buy it which I'm hoping is a good sign?!?

I really don't want to ding my credit if there is no way that I'll get approved due to possible loss.  I'm working so hard to get my scores up in the 800s where they used to be, and I know that in 17 months when that dang BK seasons off, I'll be there. In the meantime, I could really use a Chase card to help me with my travel habit!!!

Has anyone had any experience that might be able to help me have some insight?

Thanks so much!

[xaximus]

I don't have too much knowledge in BK and what the terms are in relation to the mortgage side. But on the CC side, since they are bringing up the BK, I would wait until it falls off to possibly see if they extend any offer. Until then, I wouldn't app with them since it'll be a wasted HP.

Travel rewards card - I would recommend BoA Travel Rewards as it has a pretty good approval and good travel benefits. There are many other good travel cards available so the CSP/CSR aren't your only options. (Amex PRG, Venture, BoA Travel Rewards, etc.)

[Anonymous]

At this point, all you can do is apply and try to recon. No one here can give you a definite yes or no answer. If you really want the card, the HP is not a big deal. 

Keep us posted! Good luck! 

[FinStar]

OP, the mortgage purchase by Chase is a positive along with the banking relationship, but as a long as the BK is on your CRs, Chase won't budge with unsecured credit.

Now, having said that, there's always an exception to everything, and if you decide to apply again, you can try to leverage the mortgage (although the obvious is that the mortgage is a secured loan). Most recent DPs as far as BK reconsiderations point to not being as successful as in the past.

So, if not approved on the 2nd round, then at least you'd know to wait until the BK is off your CRs.

[Anonymous]

Go in to your Chase branch and have a chat with a personal banker.  They will ask for your ID; then look up your information on file.  Ask specifically if you are pre-approved for any credit products.  If there are, you can have the PB complete an application.

In the meantime, you can check to see if you are pre-approved for any Chase credit cards at https://www.chase.com/prequalified While a hard pull isn't a big deal you also don't want to apply without a sense of the odds that you will be approved.

[Anonymous]

Thanks for the tips...It says no offers right now , I've been looking, ever hopeful lol...

I guess I could go in and talk to a PB and see if that'll make a difference. I know it's not a huge hit to have a hard inquiry, but if there's no point then it's just a waste of a few points on my report.

[Anonymous]

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@Anonymous wrote:

Thanks for the tips...It says no offers right now , I've been looking, ever hopeful lol...

I guess I could go in and talk to a PB and see if that'll make a difference. I know it's not a huge hit to have a hard inquiry, but if there's no point then it's just a waste of a few points on my report.

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It wouldn't hurt to talk with a personal banker.  It used to be that if you had $10K or more on deposit a PB could submit a Special Reconsideration Form for Personal Card Exceptions if you were turned down for a credit card.  Unfortunately, that policy ended two years ago but who knows what exists now?

[jim44]

I'm the same filed CH7 in 2010.  From what I've read on these forums concerning Chase and BKs, it has pretty much spooked me from applying with them.  I've checked their prequalify like you to no avail. 

I burned Citibank (Visa)  in my BK, however until I filed I had no lates with them.  I also had a few other Citi gas cards and another Visa with a zero balance.  That made no difference to them until I passed the 7 year mark.  Up to then I had no offers on their prequalify site.  My Best Buy card was bought out by Citi..... like your mortgage was with Chase (sorry, comparing apples to oranges) and I thought for sure this would get me back in with Citi.  No luck... in fact was denied several times for a CLI.   I reconned everytime but was still denied.  I'm in agreement that Chase is a tough nut to crack for us BKers.  If you do decide to apply, please let us know if you're approved.

[FinStar]

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@Anonymous wrote:

Thanks for the tips...It says no offers right now , I've been looking, ever hopeful lol...

I guess I could go in and talk to a PB and see if that'll make a difference. I know it's not a huge hit to have a hard inquiry, but if there's no point then it's just a waste of a few points on my report.

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Unfortunately, a personal banker isn't going to be able to "sway" the lending decision regardless how much is parked in your Chase accounts.  There used to be some cross-selling exceptions a while back depending on whether the decision hinged on a judgemental override or review.  Not so much the case anymore.  You're welcome to try but no guarantees.

[Anonymous]

Oh, I know they can’t sway anything. Mostly just hoping I can get info on if Chase has a hard stop policy (so I don’t burn an inquiry) and would like to hear if anyone has any similar experience or thoughts. 😊