Past lenders forgiving BK?

Anonymous · ‎12-23-2020

Hi,

Im 4 yrs into a Chapter 7 BK, i have a few credit cards all in good standing.

Will major lenders (AMEX, Chase, Discover, Citi) forgive you over time if you had an acct included in BK with them? (All accounts were always in good standing just overwhelmed with debt unfortunately)

I dont wanna waste my time if they are not just curious if anyone knows.

Thanks

ntx · ‎12-23-2020

Welcome LS3882 -

You might try the Amex, Citi, and Discover pre-qualification pages to see if they will offer you anything.

I expect the answer will be no to those you named and many others, unless you choose to repay them.

I've heard that Capital One is pretty forgiving, if they would be of interest.

I filed Ch7 in 2014. I included Discover, Citi, and Chase, and none of them will approve me now.

I am back in with Amex, but I didn't include them in Ch 7 because I had already closed my card with them well before BK and for other reasons.

NTX

FinStar · ‎12-23-2020

@Anonymous wrote:
Hi,

Im 4 yrs into a Chapter 7 BK, i have a few credit cards all in good standing.

Will major lenders (AMEX, Chase, Discover, Citi) forgive you over time if you had an acct included in BK with them? (All accounts were always in good standing just overwhelmed with debt unfortunately)

I dont wanna waste my time if they are not just curious if anyone knows.

Thanks

At the present time, Chase would require BK to be off CRs for consideration. And if IIB, it would take a while to reopen the doors. There's been some rare exceptions, but YEMV.

AmEx typically allows consideration after ~5 years if BK on CRs. If IIB, and depending on the loss, you could be on their blacklist anywhere from 7-20+ years.

Citi [legacy] can be forgiving, but I would wait 5+ years before taking the plunge. Discover can forgive earlier than most, but outcomes are on a case by case basis.

That said, of the 4 mentioned, Discover and AmEx offer a pre-qualification tool that will let you know where you stand without incurring a HP.

Anonymous · ‎12-23-2020

Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.

1GaDawg85 · ‎12-23-2020

@Anonymous wrote:
Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.

it is 10 years for Chapter 7 to be removed but many have gotten the bureaus to remove early

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

FinStar · ‎12-23-2020

@Anonymous wrote:
Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.

Ch 7 = 10 years

Ch 13 = 7 years

Some results can vary if you try Early Exclusion route. Our Bankruptcy subforum can yield additional guidance on that.

Anonymous · ‎12-23-2020

@Anonymous wrote:
Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.

Keep in mind that regardless of what information falls off your Experian, Equifax, and Transunion credit reports, credit issuers will have their own records.

Some creditors such as Chase will even hold IIBs you had with an issuer they acquired against you.

Loquat · ‎12-23-2020

@Anonymous wrote:

@Anonymous wrote:
Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.
Keep in mind that regardless of what information falls off your Experian, Equifax, and Transunion credit reports, credit issuers will have their own records.
Some creditors such as Chase will even hold IIBs you had with an issuer they acquired against you.

+1, Yuup. Chase has no problem reminding me of my account that originated with Providian turn WaMu, turn them. My account with Providian was closed back in 1999 and Chase still likes to remind me of it. Oh, and you can lump Barclays in there as well. Burned Juniper Bank in 2000 on an iTunes Visa and Barclays will NOT approve me for anything...they don't even bother pulling my report.

pizza1 · ‎12-24-2020

@1GaDawg85 wrote:
@Anonymous wrote:
Thank you.

i was able to get in with BOA so I will wait until BK comes off reports and try those tools for AMEX and Discover.

Do you know if its 7 or 10 years for BK to drop off? Used to know this but its been awhile since ive been on here.
it is 10 years for Chapter 7 to be removed but many have gotten the bureaus to remove early

and what @1GaDawg85 means by "early" is months, not years.

EQ- 0-1 mo early, depends on their mood that day.

TU- 3-6 mo early

EX- 1-3 mo early

notmyrealname23 · ‎12-25-2020

@FinStar wrote:

AmEx typically allows consideration after ~5 years if BK on CRs. If IIB, and depending on the loss, you could be on their blacklist anywhere from 7-20+ years.

Citi [legacy] can be forgiving, but I would wait 5+ years before taking the plunge. Discover can forgive earlier than most, but outcomes are on a case by case basis.

That said, of the 4 mentioned, Discover and AmEx offer a pre-qualification tool that will let you know where you stand without incurring a HP.

My DPs:

- Ch 13 bankruptcy filed 12/13. BofA, Citi, AMEX all IIB. Cards and home loans ("here's the keys, let me move out") went south/to collections in '08/'09 during the recession and I spent a few years dealing with back taxes, student loans, consumer debt plus medical bills from a stroke on crappy pre-ACA insurance (plus a stretch of time where I was employed about 6 months out of 18) before enough of them sued me during 2013. At that point, I just went "let the bankruptcy court figure this six digit mess out, now that I have a very solid job. Enjoy your automatic stay, suckas!"

- Ch 13 succesfully completed with all creditors getting 50% back on the dollar (I paid off the student loans with a 401k loan immediately after clearing the Chapter 13- court let me make 401k contributions during the Chapter 13).

- AMEX let me back in starting March 2020. NO OPTIMA, NO "give us back the other 50%". SCORE!
- BofA and Citi are all still "haha, no, we recall what happened the last time" last I checked earlier this year ("previous unsatisfactory relationship" verbiage was on the rejection letter). I'm LOL/24 at the moment so no Chase for me (they were not IIB, but couldn't apply anyway until the Ch. 13 is gone, which literally JUST happened for Equifax- I didn't bother with Early Exclusion for them or Experian, just with TransUnion). As you can see from my signature I'm not hurting for credit, so I can live without Citi or BofA for a while longer I guess. I might try them in 2022 once my 5/24 is down after I snag a Chase card.