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Chase success after burning?

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Moderator

Re: Chase success after burning?


@Hockeypnc1 wrote:

@FinStar wrote:

Yup, don't waste an inquiry OP.  The application will be auto-declined for the presence of BK.  2026 would be the soonest you can entertain any Chase apps unless their [UW] BK policy changes in the next several years.


Wow very tight-lipped credit card lending company I guess.

They do have some very rewarding cards, so I would like to get in with them someday. I guess in 7+ years.

 

Better off not paying them off and just waiting though, right?


Your choice -- any lender doesn't EVER have to take you back and it is a privilege and not a right.  Paying back might help, but in your case you won't get back regardless until after your BK is off as they changed that policy a few years back prior to let some bk's in after x amount of time, but if you burnt them that is another obstacle to get over, but now they don't let bk's in until off report for 99% of people as it is an auto denial.

 

The way I look at it is would you lend someone money that burned you and never paid you back promising they would?  Doubtful, put yourself in their shoes.  Now there are lenders that don't care if they are burnt like Cap1, Discover and the likes

Message 11 of 21
Super Contributor

Re: Chase success after burning?

The only reason Cap and Disco are forgiving when it comes to BK is because they know that you can’t file for 6 years which means their risk is much lower as long as you’re employed because they can sue you and win. It’s not about forgiveness, it’s about profit and people who have gone through a BK are in a very vulnerable position since a judge is very unlikely to side with a consumer who didn’t learn their lesson through BK to begin with. 

 

Chase is just flat out elitist. They are worse than Amex in that regard. If you aren’t profitable, they don’t want you, and 5/24 and BK auto denials filter out the groups they don’t want to do business with very effectively. 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 12 of 21
Established Contributor

Re: Chase success after burning?

I to had a CO back in 2007-2008 time frame same time as the real estate melt down. I applied in 2017 and was denied they pulled EX I believe. My credit still had baddies on it. I assume since they ran my credit I should be fine when my credit cleans up after all the applying I did recently. My goal is app in 2020 or 2021 when my inquiries fall off. Congratulations by the way.
NFCU AMEX Rewards 25,000 NFCU GoRewards 3,000
Capital One Quicksilver 6,300
5/3 Truly Simple 2,300
5/3 Trio 3,200
Barclay Apple1k
Citi Rewards+ 7,600
Citi Double Cash 10,300
Citi Simplicity 2,500
Home Depot 1,000
Discover 10,500
BB&T Rewards 4,500 BB&T Bright Card 4,500 GS Apple 4,500 Chevron 900 Fico 8 Scores EQ=738EX=698 TU=728 Scores and CL current as of 01/10/19 AAoA=2years6minths AoOA=17yrs
Message 13 of 21
Moderator

Re: Chase success after burning?


@Saeren wrote:

The only reason Cap and Disco are forgiving when it comes to BK is because they know that you can’t file for 6 years which means their risk is much lower as long as you’re employed because they can sue you and win. It’s not about forgiveness, it’s about profit and people who have gone through a BK are in a very vulnerable position since a judge is very unlikely to side with a consumer who didn’t learn their lesson through BK to begin with. 

 

Chase is just flat out elitist. They are worse than Amex in that regard. If you aren’t profitable, they don’t want you, and 5/24 and BK auto denials filter out the groups they don’t want to do business with very effectively. 


dont know if I agree with your last paragraph, but we don't have to agree.

 

With regards each year our bk is further out approaching 7 years you become more of a risk though as a person can file again.  Another way of looking at it right?  

 

Bottom line Cap1, Discover and even chase or any bank just wants profits just they all go about it different ways

Message 14 of 21
Super Contributor

Re: Chase success after burning?


@CreditCuriosity wrote:

@Saeren wrote:

The only reason Cap and Disco are forgiving when it comes to BK is because they know that you can’t file for 6 years which means their risk is much lower as long as you’re employed because they can sue you and win. It’s not about forgiveness, it’s about profit and people who have gone through a BK are in a very vulnerable position since a judge is very unlikely to side with a consumer who didn’t learn their lesson through BK to begin with. 

 

Chase is just flat out elitist. They are worse than Amex in that regard. If you aren’t profitable, they don’t want you, and 5/24 and BK auto denials filter out the groups they don’t want to do business with very effectively. 


dont know if I agree with your last paragraph, but we don't have to agree.

 

With regards each year our bk is further out approaching 7 years you become more of a risk though as a person can file again.  Another way of looking at it right?  

 

Bottom line Cap1, Discover and even chase or any bank just wants profits just they all go about it different ways


And that increased risk is exactly why I believe the lenders are tightening up now that the last of us who filed BK at that point are having our BKs fall. With the warnings of another recession and the visible marks of those of us who went through ruin during the last one fading off our reports, it makes sense that they tighten up and brace for the next wave. 

 

My elitist comments about Chase were only partially beyond sarcasm although you do have to admit that the fact they let certain customers get past 5/24 and they wall out those with BKs with auto denials does suggest more selectivity than Amex’s 670 minimum EX score for a revolver. 

 

In the end, they’re both incredibly selective compared to most of the other big issuers. 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 15 of 21
Moderator

Re: Chase success after burning?


@Saeren wrote:

The only reason Cap and Disco are forgiving when it comes to BK is because they know that you can’t file for 6 years which means their risk is much lower as long as you’re employed because they can sue you and win. It’s not about forgiveness, it’s about profit and people who have gone through a BK are in a very vulnerable position since a judge is very unlikely to side with a consumer who didn’t learn their lesson through BK to begin with. 

 

Chase is just flat out elitist. They are worse than Amex in that regard. If you aren’t profitable, they don’t want you, and 5/24 and BK auto denials filter out the groups they don’t want to do business with very effectively. 


Chase has a different business model that works for them.  It has nothing to do with elitism.  They have a wide array of customers from all income levels, diverse backgrounds, etc.  As a private enterprise, they are a for-profit business, so they can stand on their own because they constantly evaluate any inherent risks to ensure not only that they stay competitive in such a constantly evolving and tight marketplace, but also ahead of the curve when it comes to sustainability.  They are far from perfect, but that goes without saying for any lending institution which includes AmEx, US Bank/ELAN, BoA, Citi, etc.

 

Some FIs may be more lienent toward specific UW policies regarding BK or charge-offs, but that doesn't mean every instituion is required to do so.  That's why there are alternatives and lenders who can yield some flexibility.

Message 16 of 21
Established Contributor

Re: Chase success after burning?

The card began life as a National Bank of Detroit. That evolved into First National Bank of Chicago. I think that is where it stopped. I am almost certain it was never a Bank One card.


Message 17 of 21
New Contributor

Re: Chase success after burning?


@Saeren wrote:

My elitist comments about Chase were only partially beyond sarcasm although you do have to admit that the fact they let certain customers get past 5/24 and they wall out those with BKs with auto denials does suggest more selectivity than Amex’s 670 minimum EX score for a revolver. 

 

In the end, they’re both incredibly selective compared to most of the other big issuers. 


5/24 works for Chase because the limitation doesn't affect the vast majority of people. Banks don't want churners or people who exhibit credit-seeking behavior because of the lack of profitability and inherent risk, respectively. 

 

Considering that the average FICO score hovers around 700, 670 is pretty below average. Chase nor any of the other 'selective' lenders aren't really elitest in this interpretation, but rather the norm, and it's Amex that's a little odd for being so lax with their requirements. They have a much smaller market share after all, so they are more or less forced to cast a wider net.

Message 18 of 21
Super Contributor

Re: Chase success after burning?


@netthier wrote:

@Saeren wrote:

My elitist comments about Chase were only partially beyond sarcasm although you do have to admit that the fact they let certain customers get past 5/24 and they wall out those with BKs with auto denials does suggest more selectivity than Amex’s 670 minimum EX score for a revolver. 

 

In the end, they’re both incredibly selective compared to most of the other big issuers. 


5/24 works for Chase because the limitation doesn't affect the vast majority of people. Banks don't want churners or people who exhibit credit-seeking behavior because of the lack of profitability and inherent risk, respectively. 

 

Considering that the average FICO score hovers around 700, 670 is pretty below average. Chase nor any of the other 'selective' lenders aren't really elitest in this interpretation, but rather the norm, and it's Amex that's a little odd for being so lax with their requirements. They have a much smaller market share after all, so they are more or less forced to cast a wider net.


That’s exactly my point. Amex is traditionally looked at like being a member of some exclusive club but Chase is actually stricter than Amex is. 

 

Honestly I can get by without either of them. 🤷‍♂️ 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 19 of 21
Moderator

Re: Chase success after burning?

Both chase and Amex are both quite easy to get into to be honest with a few caveats.  Either you can get with a score of approx 650ish although might not be the highest credit lines.  With that said the caveats exists.  For chase gotta be under 5/24 and no BK pretty plain and simple other baddies they overlook as can been seen on many data points in the approval thread of people getting approved if they are under 5/24 and no bk with baddies as you wouldn't have say a 650 score if you didn't have baddies or very high utilization and approvals happen as they want they customer a non-churner one likely to spend on their cards.  Amex is easy to get as well as long as you haven't had a BK in the last 5 years and haven't burned them and no recent baddies they are pretty easy and forgiving as well..

 

Each lender has their own little things they look for.  For example your Discover limit is basically what i have... I have a 800+ score and a 6 figure income, yet they won't give me anymore where-as you have your profile and your income yet they will continue to give you more.  Do I feel wronged?  Kinda, but I understand each lender has who they seek for whom they want to give credit to as I personally think my limit with discover is very low, but discover doesn't think so Smiley Happy.  Where-as Chase and Amex with give me 30k limits and other lenders like bofa is up to 60k now.  Demographics and whom they want as a customer

Message 20 of 21
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