What is considered "Re-Established"

[Andy77]

I am 4.5 years post my ch 7 bk discharge, no lates since it was discharged, and 1 % utilization and I have 48k in available credit...would any bank consider that "re-established" or is it more based on more then 4.5 years after the bk discharge ?

Does the fact that Penfed giving me 20k on a credit card hold any more clout...since I have heard they are very picky and conservative?  

Like if another bank sees that my highest limit is with Penfed...does that help me tremendously ?

Oh my scores are:

EQ 675

EX 680

TU 689

[PlasticOrPlastic]

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@Andy77 wrote:

I am 4.5 years post my ch 7 bk discharge, no lates since it was discharged, and 1 % utilization and I have 48k in available credit...would any bank consider that "re-established" or is it more based on more then 4.5 years after the bk discharge ?

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I guess it depends on the bank.  To be honest I dont think Chase would be happy with that, since they cant just come out and say they dont want to see a BK reporting period.  In my opinion you've re-established very well congrats! 

[takeshi74]

^ This.  Creditors do not all have identical udnerwriting criteria so such generalizations are fairly pointless.

[DaveSignal]

I think your credit line with PenFed is of significant benefit on manual review for any lenders who recognize the TL.  But lenders who are wary of BK will still probably require recon, if you are able to acquire them at all.  You are doing great though!

[Andy77]

When should i pull the Amex trigger ?  

[DaveSignal]

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@Andy77 wrote:

When should i pull the Amex trigger ?  

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Anything is possible, and if Amex declines at least you will get a letter with reasons to better understand your future chances.  Amex doesn't usually recon though.  Apply for a charge card if you decide to attempt it.

What cards do you have now? You probably have better chance if trying for more middle-tier cards that do recons first, just so that you have an opportuntiy to explain yoiurself if not instantly approved.  If you don't currently have cards like Discover It or Chase Freedom, those would be more accessible options.

[EW800]

I just want to mention that no matter how the banks look at your profile, I think you have done a great job of re-establishing yourself!  To be at 1% util, high credit limits and good credit scores, you have done great.  Awesome job!

[Andy77]

the cards I have are :

bofa visa sig cash rewards 9k limit zero bal

barclays 6500 limit zero bal

penfed prem amex 20k limit 0 bal

citi aa executive 5k limit 0 bal

citi premier thank u world master 7k limit 0 bal

penfed checking personal like 500 limit 0 bal

[DaveSignal]

Nice cards!  And your utilization is great.  Amex has accepted people with BK before.  They are hard to recon, but I remember reading a thread here recently where someone was successful with an Amex recon.  Are you letting balances report at all?  If they are all reporting at $0, you will probably gain some more points if you let a small balance report on one of those cards.  

But if you want an Amex, you might as well try for it.  The other alternative is to wait for the BK to fall off or age a year or two longer, but that one inquiry now won't have any effect on your chances at that time anyway.

[bk510]

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@Andy77 wrote:

the cards I have are :

bofa visa sig cash rewards 9k limit zero bal

barclays 6500 limit zero bal

penfed prem amex 20k limit 0 bal

citi aa executive 5k limit 0 bal

citi premier thank u world master 7k limit 0 bal

penfed checking personal like 500 limit 0 bal

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Did u burn any of these banks on ur BK?