Upgrading to premium cards after partial rebuild

NYC_Fella · ‎07-27-2021

Ch 7 was filed in September 2016 and discharged in December 2016. Only negatives on reports are the bankruptcy and 3 late payment accounts that were IIB (Citi $12K, HSBC $10K, CapOne $5K). FICO 8 scores are hovering in the 700 range if I observe AZEO strictly.

I got rid of all my subprime cards and now have just WF ($27K), Barclays ($7.5K), Disco ($7.5K) and Apple ($4K). I'm also AU on a couple of Amex cards ($25K each).

I'd like to work out a strategy to get my foot into one or more of the Amex, Chase, and Citi ecosystems. Never had a Chase card, had Amex from 1976 to 1990 with no issues, and have an IIB with Citi. I assume Citi is a lost cause unless someone here tells me different.

With Chase and Amex, my plan is to wait until 61 months after the discharge (which will happen in January 2022) and then apply to Chase before Amex so as not to run afoul of Chase's 5/24 rule.

Questions: At that point, should I apply for starter cards or the top-line cards? Are co-branded cards a better bet? And overall does the strategy make sense?

Thanks for any advice!

Brian_Earl_Spilner · ‎07-27-2021

Chase blacklists for 10 years after a bk. Someone may be able to get in after a ch 13 falls off as long as they hadn't applied for credit with them while it was showing.

As for amex, if you didn't burn them it really doesn't matter what you apply for first as long as you wait 61 months from discharge.

Anonymous · ‎07-27-2021

@NYC_Fella wrote:
Ch 7 was filed in September 2016 and discharged in December 2016. Only negatives on reports are the bankruptcy and 3 late payment accounts that were IIB (Citi $12K, HSBC $10K, CapOne $5K). FICO 8 scores are hovering in the 700 range if I observe AZEO strictly.

I got rid of all my subprime cards and now have just WF ($27K), Barclays ($7.5K), Disco ($7.5K) and Apple ($4K). I'm also AU on a couple of Amex cards ($25K each).

I'd like to work out a strategy to get my foot into one or more of the Amex, Chase, and Citi ecosystems. Never had a Chase card, had Amex from 1976 to 1990 with no issues, and have an IIB with Citi. I assume Citi is a lost cause unless someone here tells me different.

With Chase and Amex, my plan is to wait until 61 months after the discharge (which will happen in January 2022) and then apply to Chase before Amex so as not to run afoul of Chase's 5/24 rule.

Questions: At that point, should I apply for starter cards or the top-line cards? Are co-branded cards a better bet? And overall does the strategy make sense?

Thanks for any advice!

Don't waste a hard pull on Amex. I had a Chpt 13 that was discharged 4 years before my first applied for Amex and they denied me. It wasn't until well after the 5 year since the BK file date that I was approved but only for 1K. When you get approved for 1k it will be a few years before you get a CLI. I still haven't gotten one and I've had the card now for about 2 years. So keep that in mind.