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What is the sweet spot for Amazon Store Visa?

paws
Regular Contributor

What is the sweet spot for Amazon Store Visa?

I know it varies a lot but I am wondering when the safest time to apply for the card is after bankruptcy and what credit they check?

 

I filed ch7 about 1.5 years ago. I tried for the card 1-year post but got declined due to bankruptcy so does that mean I won't be eligible until it falls off my record or because it was too close to the filing? I did burn amazon for about 1k with the store builder card pre-bankruptcy. 

Capital One Platinum MC, Tomo MC, Mission Lane Visa
Message 1 of 9
8 REPLIES 8
FinStar
Moderator

Re: What is the sweet spot for Amazon Store Visa?

SYNCB typically pulls TU, and in some cases SageStream.  Aside from the BK (and IIB), what does the rest of your profile look like? (i.e. scores, AAoA, any negatives, utilization, any other positive tradelines, etc.).

Message 2 of 9
paws
Regular Contributor

Re: What is the sweet spot for Amazon Store Visa?

Other lines are Capital One Plat $500, Tomo CC at $1k, AG Jewelers at 10k (revolving but never used, just a set and forget line that I paid a one time fee for), Mission Lane at $500, and Fingerhut $400 (unused but am leaving until it closes normally). I keep my credit utilization very low since I pay things off weekly/bi-weekly. I am currently at 7% but that should be lower after Jan. TU FICO last year was 630 near the end when I requested it. Should be a bit higher by now. How high would I need it to get approved for the card?

 

Too bad they don't consider income/savings now towards it but I probably won't apply again until the end of this year/next year. I only have one other hard inquiry on my TU report and that was Mission Lane from last Dec. 

Capital One Platinum MC, Tomo MC, Mission Lane Visa
Message 3 of 9
FinStar
Moderator

Re: What is the sweet spot for Amazon Store Visa?

Sounds like you're progressing really well with your rebuild post-BK.   Great job on that btw👍

 

I'd give things some time and let your profile age.  If in the future you are looking for alternatives, as you transition from rebuilder cards, consider the following link for SP pre-approvals.  Plus, there's a variety of BK-friendly lenders once you've built a good profile over time.  I'd recommend NFCU (if you're eligible) or PenFed + there's others of course.

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-11-29-...

Message 4 of 9
Saeren
Mega Contributor

Re: What is the sweet spot for Amazon Store Visa?

If you're talking about the VISA like your post says, Chase will not entertain the idea until your bankruptcy is gone from your report. 

If you want the store card, Synchrony tends to be more willing to lend to those with blemishes, even if you have burned them in the past. Once TU gets past 700, they're more likely to take a chance. 



Message 5 of 9
paws
Regular Contributor

Re: What is the sweet spot for Amazon Store Visa?

I don't abuse my cards anymore though. I pay them off entirely and have savings and such to prove my stability. It's just the dang bankruptcy that is holding me back. I understand that it's a huge factor but I mean...its a store card and I buy from Amazon a lot so you'd think they'd consider these things? I'll wait until next year when my ch7 is 3 years post in April before applying again but you're saying I'd probably have better luck going for the store card? I was going for the visa mainly because it had a few extra benefits like travel and such. 

Capital One Platinum MC, Tomo MC, Mission Lane Visa
Message 6 of 9
Saeren
Mega Contributor

Re: What is the sweet spot for Amazon Store Visa?


@paws wrote:

I don't abuse my cards anymore though. I pay them off entirely and have savings and such to prove my stability. It's just the dang bankruptcy that is holding me back. I understand that it's a huge factor but I mean...its a store card and I buy from Amazon a lot so you'd think they'd consider these things? I'll wait until next year when my ch7 is 3 years post in April before applying again but you're saying I'd probably have better luck going for the store card? I was going for the visa mainly because it had a few extra benefits like travel and such. 


Chase tends to auto decline for BK7. You might be able to recon but be prepared to spend a lot of time being grilled and expect a $500 limit if approved. 



Message 7 of 9
paws
Regular Contributor

Re: What is the sweet spot for Amazon Store Visa?

So when in general would the ch7 be less impactful enough to the point where I would be considered again? I know it won't be off in full for 10 years but it would be really silly if I had to wait that long ya know... @Saeren 

Capital One Platinum MC, Tomo MC, Mission Lane Visa
Message 8 of 9
Saeren
Mega Contributor

Re: What is the sweet spot for Amazon Store Visa?


@paws wrote:

So when in general would the ch7 be less impactful enough to the point where I would be considered again? I know it won't be off in full for 10 years but it would be really silly if I had to wait that long ya know... @Saeren 


It is indeed really silly but that's what they expect. As long as the BK is on the report, it will be an automatic decline. Between this rule and 5/24, that's why I don't have any Chase cards yet despite my BK falling off last August. 



Message 9 of 9
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