Can You Get an American Express, Discover or Chase Credit Card After Bankruptcy?
Author: sb1966
Posted: Tue Mar 27, 2007 8:56 pm
Post subject: Can past BKs ever hope for an Amex, Discover or Chase card?
It seems that the prime of all primo credit cards to have are the Amex, Discover and Chase credit cards.
I've had to learn the hard way that what makes them prime are their strick acceptance requirements.
Since this board has the experts at hand, my question is: "Short of my 10 yr bk expiration date, can I ever expect to posses one of these cards"?
My BK was discharged in 10/03 and since then I managed to gain 11 credit cards (a few I dropped after 6 months because I realized the fees didn't make financial sense) and never missed or late on one account. By Feb 06 my average scores were about 650 and climbing.
Prior to finding this board I made the fatal mistake...charging christmas gifts.
I had the cash just thought this would be a great way to boost my scores..."charge then pay off."
I did make timely and above and beyond minimum payments each month. What I didn't realize was huge balances are a negative in the eyes of the scoring models.
In one month of christmas shopping I took over a 60+ score drop. Those new to credit rebuilding...please learn from my mistake.
Enough tears ...I learned and moving on and up
So, if one had a previous BK can you ever hope to have one of these cards and if so, how much time are they looking to pass (years) after the BK and what FICO scores do they need from a past BK'r?
Thanks for the help and allowing me to tell my story.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Tue Mar 27, 2007 9:21 pm
Post subject:
I would say min 7 yrs with 700+ scores. Amex, Citi and disc are not BK friendly, however after speaking with reps from all of the above they say that BK does not automatically disqualify you.
I was really hot for the Amex Blue Cash myself unti lI took areally close look at the interest rates on that card. I did find a good cash back card with a lower interest rate than the best one they are offering on that card. With no tiering just a stright 2%.
I still want the Upromise card but by end of year, I may not beso hot on that one either.
Author: LustfortheMoment
Posted: Tue Mar 27, 2007 11:25 pm
Post subject:
sb, CONGRATULATIONS on fighting back from your BK ......
Look, there's nothing "special" about Amex, Citi, or Discovery. I'm sure that there are thousands of immoral and unscrupulous people with FICOs of 800 who have all three ........
Cards don't confer "status". Your own integrity defines how people see you.
Here's my recommendation. Once you pay off your balances, pledge to yourself to NEVER, EVER carry a balance again. I use my cards strictly on a convenience basis; if I don't have the cash to pay for purchases in FULL each month, I don't buy the items. Simple as that. Your FICO will blossom over time, and you'll reap the psychological reward of using debt only to finance a house or car.
Good Luck.............
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: AJ
Posted: Thu Mar 29, 2007 5:06 pm
Post subject:
YES you can get a card from Amex and discover after your bankruptcy is no longer seen on your report. Amex however, keeps you on their blacklist for 20 years. One of my relatives filed in 1989 and erased everything. The first card he was able to get I helped him because I allowed him to be an authorized user which helped him re build his credit. He now has chase, Discover and Amex
Author: angelo21
Posted: Fri Mar 30, 2007 10:20 am
Post subject:
I don’t see why you can’t get back in the saddle. Amex has the memory of an elephant, but shouldn’t discourage you. You have many products to choose from: Chase, Citi, BoA, etc.
_________________
www.TheCardDepot.com
Your Credit Card Source
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Mar 27, 2007 8:56 pm
Post subject: Can past BKs ever hope for an Amex, Discover or Chase card?
It seems that the prime of all primo credit cards to have are the Amex, Discover and Chase credit cards.
I've had to learn the hard way that what makes them prime are their strick acceptance requirements.
Since this board has the experts at hand, my question is: "Short of my 10 yr bk expiration date, can I ever expect to posses one of these cards"?
My BK was discharged in 10/03 and since then I managed to gain 11 credit cards (a few I dropped after 6 months because I realized the fees didn't make financial sense) and never missed or late on one account. By Feb 06 my average scores were about 650 and climbing.
Prior to finding this board I made the fatal mistake...charging christmas gifts.
I had the cash just thought this would be a great way to boost my scores..."charge then pay off."
I did make timely and above and beyond minimum payments each month. What I didn't realize was huge balances are a negative in the eyes of the scoring models.
In one month of christmas shopping I took over a 60+ score drop. Those new to credit rebuilding...please learn from my mistake.
Enough tears ...I learned and moving on and up
So, if one had a previous BK can you ever hope to have one of these cards and if so, how much time are they looking to pass (years) after the BK and what FICO scores do they need from a past BK'r?
Thanks for the help and allowing me to tell my story.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Tue Mar 27, 2007 9:21 pm
Post subject:
I would say min 7 yrs with 700+ scores. Amex, Citi and disc are not BK friendly, however after speaking with reps from all of the above they say that BK does not automatically disqualify you.
I was really hot for the Amex Blue Cash myself unti lI took areally close look at the interest rates on that card. I did find a good cash back card with a lower interest rate than the best one they are offering on that card. With no tiering just a stright 2%.
I still want the Upromise card but by end of year, I may not beso hot on that one either.
Author: LustfortheMoment
Posted: Tue Mar 27, 2007 11:25 pm
Post subject:
sb, CONGRATULATIONS on fighting back from your BK ......
Look, there's nothing "special" about Amex, Citi, or Discovery. I'm sure that there are thousands of immoral and unscrupulous people with FICOs of 800 who have all three ........
Cards don't confer "status". Your own integrity defines how people see you.
Here's my recommendation. Once you pay off your balances, pledge to yourself to NEVER, EVER carry a balance again. I use my cards strictly on a convenience basis; if I don't have the cash to pay for purchases in FULL each month, I don't buy the items. Simple as that. Your FICO will blossom over time, and you'll reap the psychological reward of using debt only to finance a house or car.
Good Luck.............
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: AJ
Posted: Thu Mar 29, 2007 5:06 pm
Post subject:
YES you can get a card from Amex and discover after your bankruptcy is no longer seen on your report. Amex however, keeps you on their blacklist for 20 years. One of my relatives filed in 1989 and erased everything. The first card he was able to get I helped him because I allowed him to be an authorized user which helped him re build his credit. He now has chase, Discover and Amex
Author: angelo21
Posted: Fri Mar 30, 2007 10:20 am
Post subject:
I don’t see why you can’t get back in the saddle. Amex has the memory of an elephant, but shouldn’t discourage you. You have many products to choose from: Chase, Citi, BoA, etc.
_________________
www.TheCardDepot.com
Your Credit Card Source
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Labels: Bankruptcy Credit Cards, Which Credit Card Can You Get After Bankruptcy?
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