Discover Not Bk Friendly To Me...

[Andy77]

So, just applied for Discover card and one of the decline reasons was collection or judgement on report.

Two other reasons were amount of debt, & length of credit history.

I have 7 years of on time payments and other then the actually bk judgement from the court as the one derog,  I have no late accounts on my CR at all.

Is 7 years short payment history, I would think not 

[CreditCuriosity]

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@Andy77 wrote:

So, just applied for Discover card and one of the decline reasons was collection or judgement on report.

Two other reasons were amount of debt, & length of credit history.

I have 7 years of on time payments and other then the actually bk judgement from the court as the one derog,  I have no late accounts on my CR at all.

Is 7 years short payment history, I would think not 

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How long you been out of BK as the longer you are out of it the more risky you are to lenders or at least that is how they see it.. They love someone a year or two out and as you get further out you become more of a risk as you are closer (well not you) of being able to declare it again if that makes sense.

[Andy77]

It was discharged Sept 2009

[Anonymous]

Op, my hubby just got a Discover card last week, 21 months post-bankruptcy (chapter7).  He was prequalified on their preapproval website and also from an invitation letter sent by mail.  It seems, more recently, that some people on this forum have been getting approved for the Discover it card with pretty recent bankruptcies.  I've seen some being approved 1 to 2 years post filing.  

Now, I'd like to address what CreditCuriousity just posted.  I totally agree with what he was saying about certain negatives (like a bankruptcy) aging, and how one can file again after, say, seven years.  And, if that someone filed a Chap. 13 BK, let's say six years ago, and they approve them for one of their cards, that could be risky for Discover. Now they have a possible debtor, who falls on hard times again, who has an option of filing for bk again, and possibly in the very near future.  (Thank you CreditCuriousity for pointing this out btw.  Makes a lot of sense).  

[Pway]

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@CreditCuriousity wrote:

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@Andy77 wrote:

So, just applied for Discover card and one of the decline reasons was collection or judgement on report.

Two other reasons were amount of debt, & length of credit history.

I have 7 years of on time payments and other then the actually bk judgement from the court as the one derog,  I have no late accounts on my CR at all.

Is 7 years short payment history, I would think not 

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How long you been out of BK as the longer you are out of it the more risky you are to lenders or at least that is how they see it.. They love someone a year or two out and as you get further out you become more of a risk as you are closer (well not you) of being able to declare it again if that makes sense.

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Thanks,  this make sense.  I was denied recently and I got those as denial reasons as well.  I see your perspective.  

[CreditCuriosity]

Not a problem... Kinda messed up, but that is how they see it most likely..  As you nearly have no chance of defaulting right out of BK as you simply can't as time passes and time lapses a person becomes more of a risk the more out of BK they get...  Messed up system, but kinda makes sense in a weird way

[Anonymous]

CC,

Yes, it seems so unfair for the ones who have been rebuilding (sometime years),  got their scores up to high 600/700's range, and can't be approved for a card like Discover because of credit issues from years ago.  

[kjm79]

I would have to agree with CC's assessment. It's the only explanation I can think of when I'm asked how I got a Discover less than year from the filing of my BK and approximately 5 months post d/c. I"m a low future BK risk to them. 

[CreditCuriosity]

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@Anonymous wrote:

CC,

Yes, it seems so unfair for the ones who have been rebuilding (sometime years),  got their scores up to high 600/700's range, and can't be approved for a card like Discover because of credit issues from years ago.  

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Yep recently got approved for Discover  with paid CO's and lates from 5-6 years ago...  Paid them back(being CO's with other companies) and tried twice before and no go one time a year ago and other time two years ago.. Yet someone that did do a BK 7 gets in 1 or 2 years after fililng..  I was frustrated, but when others explained it and I thought about it, it made sense as they were less risk than I was.. Now my risk is going down the further my old paid CO's age.  Getting pretty much all I apply for now.  Weird world of credit

[Loquat]

You're not alone...Discover won't even glance in my direction.  I tried for their card twice a couple years ago and my BK13 still bothered them.  But that's okay because I've since moved on and haven't bothered to reapply even though I've seen lots of luck from folks with BK's since then.  If they ever send me a true invite, maybe I'll entertain...but as for me making the first move...nope, not gonna happen.