Chase and Bank of America. Getting back in the Credit game

[RehabbingANDBlabbing]

I can tell you from personal experience that both of these banks have a very long memory. I did pay both of them back in settlements after I had charge offs with them in 2017. There are stories from people on this forum who get back in after a few years (typically 4-7, but sometimes longer). I think it helps that you are paying them back on a payment plan, versus completely defaulting or including it in a bankruptcy. Once you have the accounts paid off, I would wait maybe 2 years and try applying with them again. The worst they can say is no! 

If you have a $9k AmEx, then you will very likely be able to obtain more cards with them. It sounds like your overall prfile is not too bad if you have this card and your scores are over 650. I think you might wait until the cards you are paying on post as paid in full or settled. That's when you should see a sizable increase in your scores. Also, it will help you obtain new cards from other lenders because you won't be past due on anything. It should also help your revolving utilization, which is a huge part of your score. So you are looking at maybe February of next year when all of this is paid off and reported as paid to the bureaus. That's really not too long!

[Anonymous]

I was interested in app'n for the Chase United card to avoid the endless connecting flights. I was already nervous given my scores, high 600's.  Following what I'v read here, I went to sign-up for credit journey, and the system said "It looks like you're already a customer, sign-in."  Back in 2015, I moved from FL to MD, where Chase did not operate at the time, and switched to BoA. I called Chase to see if they can reset my online access, and apparently I didn't close out the accounts and they charged off in Dec 2015. A biz and a personal checking account, just under $1k between both. They said I have to go into a branch if I want to get back into the bank. Never received any collection notices from the bank or third-party, never hit my CRs. Called the credit card side and they said I would have to apply to know if I am precluded from getting any of the credit cards.

No thank you!

[JLRDC909]

Years ago I filed BK (Chap 7), maybe 12 years ago. Chase, Citi, BofA, Barclays was all included. I've gotten back in with all of them except Barclays. You can actually Google "how I got on the Barclays blacklist). 

The first issuer I got back in with was Citi. Once the BK fell off my report I got approved for BofA and Chase, no problems. 

I felt confident and applied for a Barclays card. Instant denial but no CR was drawn. When I called recon the lady was nice at first, then I asked about a recon, pulled up my SSN and was told "you have a prior charge off with us. Our policy is once a customer has defaulted on a debt we never extend credit to them again". I think they are willing to work with people who have had credit problems but not with anyone who has defaulted on one of their obligations with Barclays. 

BofA was an instant approval. Chase I had to recon because I had some graduate loans out at the time. They never mentioned a prior charge off. I did try to apply for the Amazon card with the BK still on my report and was told "we show internal records and your CR shows a charge off, so at this time I can't approve you". Not sure how long Chases memory is. 

[gtnitright]

So I've explained that I had issues with losing a job and it caused problems with me being able to pay my bills. I defaulted on BoA, Chase, Citi, Synchrony.  I only have Chase left to repay. They will be paid off next year and that will mean all my charge-offs will be paid.  So moving forward. Let's say I want to apply for a credit card that is backed by Chase or Synchrony (co-branded cards) .. will I get shot down because of the charge-off?  Does this mean anything backed by these companies would be declined? I had a Bannana Republic that is issued by Synchrony and wondered if i'll never get to do business with them again.  If this is the wrong place to post I apologize in advance. 

[collics]

I can't spk for Chase, but Syncrony approved me in 2020 after I had a similar issue back in 2017 and defaulted on 4 or so accounts with them. I had yet to pay them back at time of approval.

[FinStar]

@gtnitright - the feedback isn't going to change much based on the responses you've already received from your op in early October. FWIW, no one knows what the lending landscape will be like in a year or even two years from now.

By and large, you'll have to set Chase, Citi + BoA aside for a while, even after you've satisfied any obligations you have with them at the moment. Potentially, Chase *could* be lenient after a while (they have long memories even if the CO was paid). BoA or Citi may take longer (individual experiences will vary). As far as SYNCB, they seem to be a bit more forgiving and letting folks back in a shorter timeframe provided your overall profile meets their underwriting criteria -- all things considered.

[gtnitright]

I didn't realize my question was asked before.  And I guess what I was trying to ask was about their co-branded cards (or maybe I'm not asking correctly) issued by Chase (ie:Amazon, IGH) or Synchrony (Sams) or am I band from anything issued by them.  

[FinStar]

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@gtnitright wrote:

I didn't realize my question was asked before.  And I guess what I was trying to ask was about their co-branded cards (or maybe I'm not asking correctly) issued by Chase (ie:Amazon, IGH) or Synchrony (Sams) or am I band from anything issued by them.  

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Co-branded cards by Chase (Bonvoy, IHG, British Airways, Amazon, etc.), Citi legacy (Expedia, Costco, etc., -- except for Citi Retail which use different UW criteria), BoA (Amtrak, Spirit, etc.), follow similar UW guidelines as their core cards.

As far as SYNCB, different UW criteria will apply for different products. You could be approved for one and/or be denied for another. For instance, you could be approved for the Sam's Club store card instead of the MC version. Similarly, that could be the case for any of their other CCs where a store version exists in addition to the V/MC versions. You'll likely have a better chance in getting back with SYNCB (after some time has passed and your credit profile has recovered) than Chase, BoA or Citi legacy cards.

[SouthJamaica]

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@gtnitright wrote:

Again.  Thanks for the news I didn't want to hear but needed too.  So I've got to figure out who will let me in.  The following credit cards were closed by credit grantor.  
Chase Sapphire Preferred

Bank of America Rewards

Shell Credit card 

Capital One Platinum

i tried so hard to keep them open and pay what I could but when you're down to almost nothing it was for me continuin* to pay for a roof over your head or pay the cards.  I couldn't do both.  So it likes like i'll have to find someone else that will give me a chance.  Ugh! Not what I wanted to hear.   So my next question would be since the creditors that were burned  will they not show  any love for any of their other products.?   

I still have the following:

Amex Blue Cash  $9k

Capital One Rewards $4k

Nordsstrom $800

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I would suggest you start developing relationships with credit unions, as opposed to big banks. It's a much friendlier ecosystem.

[4sallypat]

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@SouthJamaica wrote:

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@gtnitright wrote:

Again.  Thanks for the news I didn't want to hear but needed too.  So I've got to figure out who will let me in.  The following credit cards were closed by credit grantor.  
Chase Sapphire Preferred

Bank of America Rewards

Shell Credit card 

Capital One Platinum

i tried so hard to keep them open and pay what I could but when you're down to almost nothing it was for me continuin* to pay for a roof over your head or pay the cards.  I couldn't do both.  So it likes like i'll have to find someone else that will give me a chance.  Ugh! Not what I wanted to hear.   So my next question would be since the creditors that were burned  will they not show  any love for any of their other products.?   

I still have the following:

Amex Blue Cash  $9k

Capital One Rewards $4k

Nordsstrom $800

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I would suggest you start developing relationships with credit unions, as opposed to big banks. It's a much friendlier ecosystem.

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Agree!

I had a financial meltdown in 2008 when everything tanked and had CO with BofA, BofA checking overdraft, Shell MC, WaMu, etc...

Still after a decade, having issues with getting anything approved from BofA and Chase.

It was much easier to get back into a CU - I started with Lockheed FCU in 2008 since my spouse had accounts and sponsored me in.

Since then, I have had very good luck with them - refinanced a $14,000 car lease and got a $10,000 low APR credit card without any delay or docs.