Prequalified for US Bank Visa...but is it BS?

[fixingthefico]

So presumably I have to wait until it's off my credit report.

it's silly...I got approved for amex BCE and Discover IT with the BK still reporting.

[CreditCuriosity]

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@fixingthefico wrote:

So presumably I have to wait until it's off my credit report.

it's silly...I got approved for amex BCE and Discover IT with the BK still reporting.

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Think Us Bank is 7 years post discharge..  Others that have had a BK can speak better than myself.  Might be 5 years as well just depends on new accounts/inquiries and other factors but us bank is way more conservative tthan Discoverl as Discover actually doesn't mind people right out of BK and Amex is 5 years post BK and not near as conservative as they once were.  US Bank and FNBO and the likes are way more conservative.  Just a waiting game as credit is a marathon not a sprint especially with a BK on file.

[morgacj2004]

US Bank is a firm 5 years post Discharge. Recently had this confirmed by a manager. They are Inq sensitive. You still may have to recon with them even if your BK is older than 5 years.  By the way OP excellent job in getting an AX approval with a BK showing! A lot have failed in this endeavor. 

[sjt]

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@fixingthefico wrote:

Someone here did say that if some time has passed since the BK, it could still be approved.

My overall utilization is 12% and I had 6 inquiries in the past six months, now 7. Ugh.

Four years of perfect payment history since my BK, if that means anything (it should).

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I think US Bank changed their policy to 5 years post BK. Not 100% certain though.

[Leonardc2]

I am a little confused. Typically, a prequalification with the firm interest rate from US Bank is golden. If there is a denial, it is usually for activity after their soft pull. That does not appear to be the case here and that is very surprising.

[CreditCuriosity]

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@Leonardc2 wrote:

I am a little confused. Typically, a prequalification with the firm interest rate from US Bank is golden. If there is a denial, it is usually for activity after their soft pull. That does not appear to be the case here and that is very surprising.

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Alot of lenders have set BK policies though and the pre-qual must not be seeing the BK.  It isn't a pre-approval just a pre-qual that you meet certain criteria as nothing is guaranteed in the credit world

[Leonardc2]

LOL, I have 830+ fico across the board and have prequalification for most of their cards and was about to pull trigger until I read that!  I have received several credit card pre-qualifications in the past, and if the interest rate was firm, I have never received a rejection.

[CreditCuriosity]

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@Leonardc2 wrote:

LOL, I have 830+ fico across the board and have prequalification for most of their cards and was about to pull trigger until I read that!  I have received several credit card pre-qualifications in the past, and if the interest rate was firm, I have never received a rejection.

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Why not pull the trigger as if you have 830's and can use the card you don't have a BK on your file.  As stated nothing is guranteed in the credit world even with 850's one can be denied

[Leonardc2]

I did and instant approval for $10,000!

[CreditMagic7]

Yeah they been driving preapprovals lately but actually getting something decent is another matter.

I tore up a couple so far and did see the SP from last month so that's a sure sign it's sign-up time for them again.

Had their card(s) for 5 years and i was finally spent dealing with them and closed out in good standing.

Their competitors put them to bed for me a long time ago.

I only held on to see if they might ring up a 5K line from 4500 but no dice.

One thing that 100% WILL help improve chances is if you open or already have an established relationship with the bank before applying.

If not, plenty of extra criteria can weigh in on your chances for approval-limit-apr etc.