Those burned in BK-7 and IIB... Odds of getting back in?

[pi-r-squared]

Ok! By the end of July, there will be no more record of BK-7 on EQ and EX. However, I burned the following banks but hope to get back in one day.

Citibank
Chase
Bank of America
AMEX

Would it just all depend of my paying them back before even being considered again? I'm tempted to cold app for BoA since I think that's the bank that held the lowest amount of bad debt. Both Citi and Chase were severely burned.

Any ideas?

[Anonymous]

Eventhough your BK will drop off your credit report - all of these banks do keep their own internal records so they will see that you burned them in BK.  And all of these banks are known for holding grudges. You can cold app for their cards but you will most likely not get an instant approval.  You may end up having to call in to have your appliation reconsidered and they will most likely bring up the old accounts that were not paid. 

Your best bet on getting back in would be to pay them back what you owed in order to get back in their good graces.  You can wait it out, but I've seen others here on MyFico who had to wait 10-15 years before getting back in. 

Since you didn't burn Cap1 - you may want to start off with them for now.  Good luck and keep us posted on your results!! 

[iheartwings]

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@pi-r-squared wrote:
Ok! By the end of July, there will be no more record of BK-7 on EQ and EX. However, I burned the following banks but hope to get back in one day.

Citibank
Chase
Bank of America
AMEX

Would it just all depend of my paying them back before even being considered again? I'm tempted to cold app for BoA since I think that's the bank that held the lowest amount of bad debt. Both Citi and Chase were severely burned.

Any ideas?

---

Hopefully, I can give you some data points. I also have a BK7 and burned Chase, Citibank, BoA, and MBNA (now FIA/BoA). All of these banks were severely burned, and my BK is still on my CR until later this year/early next year!

Chase: I got back in with Chase via the old merger route. That is, I got a WaMu Visa in 2008, which eventually became a Chase card. I lived in fear that Chase would close the card, but surprisingly, they allowed me to PC it to a Chase Freedom in 2011. Granted, I've never gotten a CLI on the account. In December 2014, I applied for a Marriott Rewards Visa, and I received the 30 day notice. I was still pretty new to the MF world, so I made the mistake of calling for recon immediately. After answering questions regarding filing BK, I was approved. 

Citi: I got back in with Citibank at 8 years, 7 months after filing. I applied for a Citi DC card in October 2015 and was instantly approved for $9500. Citi has been great to deal with, though I'm still waiting for a SP CLI opportunity.

BoA: I've never gotten in with them. I did try to apply for the MLB Cash Rewards card with them in 2009 and declined, but got an offer for a secured card, which I chose not to pursue. I was thinking about trying again later this year when I leave the garden, but frankly, I don't have a need or want for any of their cards. 

I did not burn AmEx, but I didn't get a card with them until after 7.5 years (which at the time was the norm for AmEx). Some folks have been able to get in with AmEx after burning them without paying them back, and some folks haven't. They do have a long memory, from what I've gathered on the forums. 

Hope that helps.

[morgacj2004]

My BK will be 4yrs in November. I burned BofA, AX-PIF, CITI-PIF and never had a CHASE CC. I was approved 7mo ago for a BofA secured VISA and a month later approved by CITI for a secured VISA. Will let both of those ride and then look to unsecure the BofA and try app for a new CITI. Have been told CITI is the tougher of the two. Have seen others on this forum get approved 4-5 yrs post BK with CHASE but they were not IIB. Also PIF (no late pays) a CHASE auto loan and several student loans although that probably will have no impact on my getting a CC from them.  Understand that AX is the toughest and often blacklists for 20+ yrs. Good Luck!!

[creditguy]

You burned the biggest grudge holders that's for sure. I'd say getting back in is dependent upon how much you burned each individual bank for. BofA and Chase may be the easiest to reestablish with and Amex will likely be the toughest. Or maybe they never let you back in, only they know for sure. Like I said though, it likely comes down to if you gave them first degree burns or third degree burns. Good Luck

[Anonymous]

I just got back in with Amex last week after 10 years.

[UncleB]

I can add a few data points...

I burned all the 'big boys' in a BK7 back in 2000.  Last year I was approved for two Amex cards (Green and BCP) although they gave me a $1k SL on the BCP, and each time I try to get a CLI they use "...previous negative experience with an American Express account" as the reason for the denial (they are referring to the account IIBK).  That being said, I was pleased to be approved.

I also burned MBNA in the BK7, and last week I was approved for a BoA BBR with a SL of $6k, so either the record of my past indiscretion was 'lost' in the MBNA/FIA/BoA conversion or they only used my present score for approval.  I tried to get the BoA AAA Visa card last summer but was denied for reasons unrelated to the BK7, other than that I never tried to get a BoA card before now.

I also app'd with Citi last week, but it went to 'pending' and so far there's been no update.  I did have significant negative dealings with a Macy's account around 7 years ago, so either that or the past BK could be causing a problem.  I'm not hopeful for this app, but at least if denied I will know where I stand with them and can move on.

As for Chase, they don't have anything that suits me, but last spring (before 5/24) their pre-qual site offered me Freedom and Slate.  They weren't included in my BK, but I was going through a job loss around 2007-ish and my Wamu card was charged-off just as it was being converted to Chase.  As their pre-quals are said to be solid, I assume this means I'm likely not on their 'blacklist', although until I app and get approved I won't know for certain.

Hope this helps! 

[RonM21]

Great points already. I'm of the feeling that it just depends on each lender's practices as well as how much you burned them for. I always tend to lean on it is a ymmv sort of thing, when you compare threads on here.