Wells Fargo & USbank card question

mrjerry · ‎10-20-2019

curious if these 2 banks approve cards with chap 7 on file. re-established credit with 3 years left until removal. if so, which cards do you guys reccomend? Current utilization on all cards are around 20%. credit score around 720.

CreditCuriosity · ‎10-20-2019

Yes both are BK friendly overall and you are far enough out if scores are good and low inquiries/new accounts you should be good.

Both are conservative lenders and might need to recon possibly with us bank, but certainly know people with credit with both places with BKs on their records

There are certainly better lenders to pick if you have a BK of your file such as Cap1, Discover and the likes. As long as you didnt burn either us bank or wells and even more helpful have a banking relationship with them they will consider you.. Wouldn't say they are "friendly" with bk's, but approvals can be had with a BK on record

FinStar · ‎10-20-2019

@CreditCuriosity wrote:
Yes both are BK friendly overall and you are far enough out if scores are good and low inquiries/new accounts you should be good.

Both are conservative lenders and might need to recon possibly with us bank, but certainly know people with credit with both places with BKs on their records

There are certainly better lenders to pick if you have a BK of your file such as Cap1, Discover and the likes. As long as you didnt burn either us bank or wells and even more helpful have a banking relationship with them they will consider you.. Wouldn't say they are "friendly" with bk's, but approvals can be had with a BK on record

+1 ...and the bolded part is key OP. If you IIB WF or USB, it may likely be a long while before they can consider a welcome mat. Otherwise, if you didn't IIB, and depending on your overall profile, there's light at the end of the tunnel with a BK profile.

mrjerry · ‎10-20-2019

I currently have Cap1, Discover, barclays, BOA, Citi, Apple card, all in good standing with about 100k in revolving credit.. I applied for Chase earlier this year and they told me to wait until after my Chap 7 falls in 3/2022 for me to reapply. Im in no rush for more credit but it wouldnt hurt to have some good cards to establish a relationship. If they do decline me for a card, would i be able to submit 4506-T for reconsideration?

FinStar · ‎10-20-2019

@mrjerry wrote:
I currently have Cap1, Discover, barclays, BOA, Citi, Apple card, all in good standing.. I applied for Chase earlier this year and they told me to wait until after my Chap 7 falls in 3/2022 for me to reapply. Im in no rush for more credit but it wouldnt hurt to have some good cards to establish a relationship. If they do decline me for a card, would i be able to submit 4506-T for reconsideration?

Unfortunately, no. USB or WF would have to conditionally provide that option, but it's not something they voluntarily accept as an option for reconsideration. If denied, you can explore your options for reconsideration and see if that provides a good outcome.

mrjerry · ‎10-20-2019

@FinStar wrote:
@mrjerry wrote:
I currently have Cap1, Discover, barclays, BOA, Citi, Apple card, all in good standing.. I applied for Chase earlier this year and they told me to wait until after my Chap 7 falls in 3/2022 for me to reapply. Im in no rush for more credit but it wouldnt hurt to have some good cards to establish a relationship. If they do decline me for a card, would i be able to submit 4506-T for reconsideration?
Unfortunately, no. USB or WF would have to conditionally provide that option, but it's not something they voluntarily accept as an option for reconsideration. If denied, you can explore your options for reconsideration and see if that provides a good outcome.

is there anyway i can get into a chase card earlier then what they mentioned?

CreditCuriosity · ‎10-20-2019

@mrjerry wrote:
@FinStar wrote:
@mrjerry wrote:
I currently have Cap1, Discover, barclays, BOA, Citi, Apple card, all in good standing.. I applied for Chase earlier this year and they told me to wait until after my Chap 7 falls in 3/2022 for me to reapply. Im in no rush for more credit but it wouldnt hurt to have some good cards to establish a relationship. If they do decline me for a card, would i be able to submit 4506-T for reconsideration?
Unfortunately, no. USB or WF would have to conditionally provide that option, but it's not something they voluntarily accept as an option for reconsideration. If denied, you can explore your options for reconsideration and see if that provides a good outcome.
is there anyway i can get into a chase card earlier then what they mentioned?

Nope chase isn't BK friendly.. until it is off your record pretty much SOL. Some have had success on recon, but 99% are instant declines and reconsideration is usually a firm no. Not worth the trouble of wasting pulls with Chase IMO as they use to allow some reconsideration with BK's but basically have done away with dealing with them overall completly now.. A few slip through but that is far and few. Just wait it out as the light is at the end of the tunnel

Anonymous · ‎10-20-2019

Short answer - no. Chase is well known to decline any application as long as a BK is showing. You are into Amex approval territory though. They require 61 months between BK and card approval. I believe that’s from the date you filed also, not discharge date.

mrjerry · ‎10-20-2019

@CreditCuriosity wrote:
@mrjerry wrote:
@FinStar wrote:
@mrjerry wrote:
I currently have Cap1, Discover, barclays, BOA, Citi, Apple card, all in good standing.. I applied for Chase earlier this year and they told me to wait until after my Chap 7 falls in 3/2022 for me to reapply. Im in no rush for more credit but it wouldnt hurt to have some good cards to establish a relationship. If they do decline me for a card, would i be able to submit 4506-T for reconsideration?
Unfortunately, no. USB or WF would have to conditionally provide that option, but it's not something they voluntarily accept as an option for reconsideration. If denied, you can explore your options for reconsideration and see if that provides a good outcome.
is there anyway i can get into a chase card earlier then what they mentioned?
Nope chase isn't BK friendly.. until it is off your record pretty much SOL. Some have had success on recon, but 99% are instant declines and reconsideration is usually a firm no. Not worth the trouble of wasting pulls with Chase IMO as they use to allow some reconsideration with BK's but basically have done away with dealing with them overall completly now.. A few slip through but that is far and few. Just wait it out as the light is at the end of the tunnel

Thank you..

Any other cards worth applying for?

mrjerry · ‎10-20-2019

@Anonymous wrote:
Short answer - no. Chase is well known to decline any application as long as a BK is showing. You are into Amex approval territory though. They require 61 months between BK and card approval. I believe that’s from the date you filed also, not discharge date.

Amex was in the Chap 7 for 32,000$. if i pay this off, will i have a chance? if i dont pay this off, how much longer will i be on the blacklist?