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Chase success after burning?

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Anonymous
Not applicable

Re: Chase success after burning?

Well apparently Amex is tightening up their credit score requirements and cutting back on credit limits (this was posted by RicHowe today after the Amex investor meeting or whatever) so that’s about to change at least with them. 

 

I do agree with you all the way around though. There is a difference between elitism and picking profitable customers and I should have made some sort of emoji indicator to let people know my original reply was sarcasm. 😛 

 

As for Disco, I think it’s quite likely that you were never in an ABS bucket while I definitely was and am. Increasing my credit limit lets them potentially lower overall risk in whatever really dirty bucket they have me in since I don’t really use my card. My high limit can balance out a bunch of $500 high risk limits and make the pool look better to investors. I imagine as my score continues to go up, they’ll continue to increase my limit. It doesn’t really matter in the end because just like my QS that started off as a Plat at $500 and now grew to $8250, I don’t use the limits I have. After groceries ends, Disco is gonna be SD probably the rest of the year. 

 

Credit is an interesting and sometimes very frustrating business. Figuring out why lenders make the decisions they do sometimes seems like monkeys and a dart board. 

Message 21 of 23
egaithe
Regular Contributor

Re: Chase success after burning?

Nope! I just got back in.... $7900 limit with score of 843.


@Hockeypnc1 wrote:

I burned Chase for about $1,000 on a basic credit card back in 2016.

 

How long am I black-listed? Forever?




EQ-660, TU-687, EX-646
Goal: 750s in all
Message 22 of 23
recoveringfrombk7
Established Contributor

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?


I would be prepared to pay them back when the time comes if you think their rewards would benefit you in a long term way.  $1000 is low enough that in the 5 years, even if you had limited income (not sure of your circumstances), you'd just need to put away 200$/yr.  

 

For me, if I had burned them for that amount and it held me back post-bk I would pay it because we fly out of Newark and baggage fees alone would get me square and then ahead.  Sadly, I burned Chase for about 16k, so I accept that I'll never do business with them again and will need to use another airport/airline once AMEX opens up in a few years.

 

You may not need to pay them back.  Certainly no point in doing so right now.  But, I think you're in a spot where if you have to it could be worth it to you to do so when the time comes.











Desired BK recovery line up complete 7/12/2021. Planning to garden until 8/2023 and potentially try for AMEX.
Message 23 of 23
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