Interesting Info from Chase recon

[jc2]

I applied for the IHG card. went to 30 day notice. called in...declined. I called the backdoor number and spoke to rep. i said I expected this due bk showing on report but can you take a look at it for me? came back on the line and said you have a very good credit profile, excellent lines, good score and rebuild since bk but....and this was the interesting part to me. "our system now has something that does not allow us to overcome a bk" He said this was not the case in the recent past (months) but "recently our exedutives issued a deirective that we are not to approve any applications if there is a bk showing...regardless of how old it is. He said we are now declining people with bk's 9+ years old. If it shows at all, its a decline and we are not allowed to reconsider it".

Does anyone know if this may be true...or if possibly this is something that was said just to get me off the phone??

[kdm31091]

I can't say whether it's true or not, but it seems generally speaking in the recent past banks are favoring creating policies that are not overrideable. The days of talking through a recon are slowly but surely fading as banks create blanket policies. It's just easier that way from the bank's POV. No favoring anyone over anyone else, no approving anyone who "shouldn't" be approved, etc...just create a policy and that's it.

Not saying it's great news for any of us, but it doesn't surprise me from a business standpoint. They can utilize less employees if there isn't as much ability to recon.

[Anonymous]

I think its true.  Many people shopped for a rep til they got what they wanted. The rules prevent that.

[Anonymous]

What you said maybe true!  I applied for the IHG card on  11/16, I got the 30 day message and when I called, they indicated that the application was declined because of the BK.  I was not told that it was a new policy.  I asked if the bk would be a reason for denial on any other cards and they could not give me a definitive answer.  So with this infomation, I will not be applying for a Chase card as long as the bk is on my record.  I have a 715 experian score,  about 5% utilization, 100% on time payments, and about 4 total inquiries on all reports.  My bk is on my record until 12/2020.

[MAZDA3]

I guess this means I’m not app’ing for anything until my BK falls off June 2019. It took two recon calls to get approved for the IHG card three years ago and I IIB Chase.

I use the card frequently, so hopefully they don’t close it on my citing the BK!

[gdale6]

This has been Chases position until the last 2 years or so, I would assume they are not liking the actions of those who have been approved with a BK showing (Sans Cap-1 and the rebuilder banks). All banks used to decline with BKs except for secured cards its likely headed back that way again as defaults are rising.

[Anonymous]

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@gdale6 wrote:

This has been Chases position until the last 2 years or so, I would assume they are not liking the actions of those who have been approved with a BK showing (Sans Cap-1 and the rebuilder banks). All banks used to decline with BKs except for secured cards its likely headed back that way again as defaults are rising.

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Fortunately for me none of them seem too concerned about charge-offs, repos and foreclosures on your report.

[sjt]

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@Anonymous wrote:

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@gdale6 wrote:

This has been Chases position until the last 2 years or so, I would assume they are not liking the actions of those who have been approved with a BK showing (Sans Cap-1 and the rebuilder banks). All banks used to decline with BKs except for secured cards its likely headed back that way again as defaults are rising.

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Fortunately for me none of them seem too concerned about charge-offs, repos and foreclosures on your report.

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How old were your C/O, Repos, Foreclosures when you applied for a Chase card? When did you apply for a Chase card?

[sjt]

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@jc2 wrote:

I applied for the IHG card. went to 30 day notice. called in...declined. I called the backdoor number and spoke to rep. i said I expected this due bk showing on report but can you take a look at it for me? came back on the line and said you have a very good credit profile, excellent lines, good score and rebuild since bk but....and this was the interesting part to me. "our system now has something that does not allow us to overcome a bk" He said this was not the case in the recent past (months) but "recently our exedutives issued a deirective that we are not to approve any applications if there is a bk showing...regardless of how old it is. He said we are now declining people with bk's 9+ years old. If it shows at all, its a decline and we are not allowed to reconsider it".

Does anyone know if this may be true...or if possibly this is something that was said just to get me off the phone??

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Thanks for the updates. This is a very good Chase datapoint.

Im wondering if this new policy will apply to other negative CR info and "Previous Unsatisfactory Chase Relationships"

[MrDisco99]

What kdm31091 said.

Recon calls are one of those things that I can see easily being phased out really soon as decision algorithms get smarter and less flexible. Those are salaries that can easily be replaced with systems.