Author Topic: Blackballed by Chase et al. (Read 4753 times)

sushimaven · « **on:** June 22, 2016, 02:47:36 PM »

Back in 2008-09, after running up too much CC debt and then, becoming the victim of unforeseen unemployment, I had no choice but to negotiate discounted settlements with several of my CC issuers. My question is: How long will CC banks hold it against me? In particular, when I tried applying for a Chase CC a couple years ago I was summarily rejected. I'm wondering if now, after 8+ years, they are ready to accept me back. (I'd prefer not to apply if I know I will be rejected, so as to avoid a hard pull.)

Please reply if you have first-hand experience or other expert knowledge with Chase in particular or any other bank.

TIA. $:-\$

elimmm · « **Reply #1 on:** June 22, 2016, 05:13:35 PM »

77 people already read this, but no one has any answers
sorry to hear your story, do u care to let us know what percentage of your original debt did u end up paying back?
did u use a service to negotiate for you? (i have a friend who is slowly going under and wanna help him)
thanks

sushimaven · « **Reply #2 on:** June 22, 2016, 05:26:54 PM »

Quote from: elimmm on June 22, 2016, 05:13:35 PM

77 people already read this, but no one has any answers
sorry to hear your story, do u care to let us know what percentage of your original debt did u end up paying back? I don't recall and, honestly, would prefer to forget...
did u use a service to negotiate for you? No, I called each and every CC company directly. I heard not-so-good-things about using so-called credit repair services. I've since seen a couple heimishe ones (at least they market themselves to the community that way) but can't speak to their reputation or effectiveness. (i have a friend who is slowly going under and wanna help him) Wishing you and your friend hatzlocha
thanks

Emkay · « **Reply #3 on:** June 22, 2016, 06:01:49 PM »

Quote from: sushimaven on June 22, 2016, 02:47:36 PM

Back in 2008-09, after running up too much CC debt and then, becoming the victim of unforeseen unemployment, I had no choice but to negotiate discounted settlements with several of my CC issuers. My question is: How long will CC banks hold it against me? In particular, when I tried applying for a Chase CC a couple years ago I was summarily rejected. I'm wondering if now, after 8+ years, they are ready to accept me back. (I'd prefer not to apply if I know I will be rejected, so as to avoid a hard pull.)

Please reply if you have first-hand experience or other expert knowledge with Chase in particular or any other bank.

TIA. $:-\$

You would prob get a better answer to this on creditboards.

sushimaven · « **Reply #4 on:** June 22, 2016, 06:10:34 PM »

I'm not familiar with them. Any suggestions? Feel free to PM me. Thx

David Smith · « **Reply #5 on:** June 22, 2016, 06:21:44 PM »

Quote from: sushimaven on June 22, 2016, 06:10:34 PM

I'm not familiar with them. Any suggestions? Feel free to PM me. Thx

creditboards.com

Make an account there, and ask away. Same thing as you did here.

lfas25 · « **Reply #6 on:** June 22, 2016, 08:24:50 PM »

Quote from: sushimaven on June 22, 2016, 02:47:36 PM

Back in 2008-09, after running up too much CC debt and then, becoming the victim of unforeseen unemployment, I had no choice but to negotiate discounted settlements with several of my CC issuers. My question is: How long will CC banks hold it against me? In particular, when I tried applying for a Chase CC a couple years ago I was summarily rejected. I'm wondering if now, after 8+ years, they are ready to accept me back. (I'd prefer not to apply if I know I will be rejected, so as to avoid a hard pull.)

Please reply if you have first-hand experience or other expert knowledge with Chase in particular or any other bank.

TIA. $:-\$

I filed bankruptcy in 2005 /2006.
I had 0 history with Amex and they wouldn't approve me for anything until a bit over 7 years (I don't remember the exact time frame) I was an AU on multiple cards with them.

Chase was included in my bankruptcy, they also wouldn't approve me for anything until after 7 years. Though I did have chase freedom card(s) as I managed to get approved with WaMu and another bank (which I don't remember the bame) and when they both went under chase bought them... They kept my accounts open but lowered my CL.

I did have my report cleaned up as well, I got everything removed except the bankruptcy.

ExGingi · « **Reply #7 on:** June 22, 2016, 09:52:54 PM »

Quote from: elimmm on June 22, 2016, 05:13:35 PM

77 people already read this, but no one has any answers
sorry to hear your story, do u care to let us know what percentage of your original debt did u end up paying back?
did u use a service to negotiate for you? (i have a friend who is slowly going under and wanna help him)
thanks

While I can't answer to the specific questions of OP, I will tell you that if patient and not too desperate to get credit, most CC can end up at 10 cents on the dollar OR LESS. AMEX is usually the toughest, and it's rare to see them go below 25 cents on the dollar. If balances (especially AMEX) were a result of Balance Transfer, it is even harder.

This is a case were THE WORSE YOUR CREDIT IS, THE BETTER OFF YOU ARE! If the creditors see that you have given up on your credit, they are more desperate to salvage whatever they can, whereas if they see some payments on credit report, they try to get more.

If your friend has a mortgage, he might be able to get a modification. I know quite a few people that cut their mortgage payments by hundreds of dollars a month (some even thousands, if original payment was big enough to cut thousands off).

And due to these kinds of unforseen events my advice to everyone and always is to keep spouses credit totally separate whenever possible. I know someone who had to ruin his own credit, but has obtained lots of credit on spouses name!

BKYW · « **Reply #8 on:** June 23, 2016, 09:41:15 AM »

I'm not a pro. But on the reports they always say that bankruptcy stays on the report for 10 years. So just 2 more years to go.

I don't know anyone who had a bankrupcy on the report so I can't tell from experience, but you write that you have 2 CC accounts with chase. If you have a checking account with average daily balances of at least several thousand dollars you might be able to convince recon

chinagel · « **Reply #9 on:** June 23, 2016, 10:03:15 AM »

Quote from: BKYW on June 23, 2016, 09:41:15 AM

I'm not a pro. But on the reports they always say that bankruptcy stays on the report for 10 years. So just 2 more years to go.

I don't know anyone who had a bankrupcy on the report so I can't tell from experience, but you write that you have 2 CC accounts with chase. If you have a checking account with average daily balances of at least several thousand dollars you might be able to convince recon

it should only be 7 years

coralsnake · « **Reply #10 on:** June 23, 2016, 10:04:43 AM »

Quote from: chinagel on June 23, 2016, 10:03:15 AM

it should only be 7 years

10 years for chapter 7.

daybyday · « **Reply #11 on:** June 24, 2016, 02:34:23 PM »

Based on what i have read, once they black list you it always remains (sorry $:-\$ ). It seems like it is less of risk mitigation issue and more of a revenge thing.
On one of the other boards someone mentioned that 10 years ago he had that situation with Amex, and now under no circumstances are they willing to give him a credit card despite having superior credit score and high income.

BKYW · « **Reply #12 on:** June 26, 2016, 02:45:16 PM »

Quote from: daybyday on June 24, 2016, 02:34:23 PM

Based on what i have read, once they black list you it always remains (sorry $:-\$ ). It seems like it is less of risk mitigation issue and more of a revenge thing.
On one of the other boards someone mentioned that 10 years ago he had that situation with Amex, and now under no circumstances are they willing to give him a credit card despite having superior credit score and high income.

It's also possible that the amount they lost on you make a difference.
OP has a bankrupcy, which is a big black mark.

But my wife had a settlement with chase for just a few thousand dollars lose to them around 6-7 years ago. However we kept our checking account with them. Last year they didn't want to approve us, saying that our checking balances are too low. They recently approved us 5000 credit (recon after getting decline letter) but when we called we had 20k in our account & avg daily balance of 10k (you can get a letter from the bank showing how much money you have now. At chase it shows avg balance past 12 moths)

So you definitely can get chase card after settling. Don't know about bankrupcy

Didn't try Amex yet. 1 day. They got hurt the most.

AsherO · « **Reply #13 on:** June 27, 2016, 10:23:47 AM »

Quote from: BKYW on June 26, 2016, 02:45:16 PM

It's also possible that the amount they lost on you make a difference.
OP has a bankrupcy, which is a big black mark.

But my wife had a settlement with chase for just a few thousand dollars lose to them around 6-7 years ago. However we kept our checking account with them. Last year they didn't want to approve us, saying that our checking balances are too low. They recently approved us 5000 credit (recon after getting decline letter) but when we called we had 20k in our account & avg daily balance of 10k (you can get a letter from the bank showing how much money you have now. At chase it shows avg balance past 12 moths)

So you definitely can get chase card after settling. Don't know about bankrupcy

Didn't try Amex yet. 1 day. They got hurt the most.

It might also depend on if it's a bankruptcy, settlement, or write-off. Or is that what you just said?

Nitantnel · « **Reply #14 on:** June 27, 2016, 12:07:04 PM »

Bankruptcy is on he credit report, so a different lender would be unaware of your history after it falls off. Chase however can keep a file on you forever. This is my speculation only.

lfas25 · « **Reply #15 on:** June 27, 2016, 12:15:15 PM »

Quote from: AsherO on June 27, 2016, 10:23:47 AM

It might also depend on if it's a bankruptcy, settlement, or write-off. Or is that what you just said?

Quote from: Nitantnel on June 27, 2016, 12:07:04 PM

Bankruptcy is on he credit report, so a different lender would be unaware of your history after it falls off. Chase however can keep a file on you forever. This is my speculation only.

I like how you are all speculating, even though the OP did not file for bankruptcy...
I posted before you guys already that I did file for bankruptcy and how I am back with Chase even though they were included in my bankruptcy.
I even got approved for a new Sapphire Preferred from them.

Quote from: lfas25 on June 22, 2016, 08:24:50 PM

I filed bankruptcy in 2005 /2006.
I had 0 history with Amex and they wouldn't approve me for anything until a bit over 7 years (I don't remember the exact time frame) I was an AU on multiple cards with them.

Chase was included in my bankruptcy, they also wouldn't approve me for anything until after 7 years. Though I did have chase freedom card(s) as I managed to get approved with WaMu and another bank (which I don't remember the bame) and when they both went under chase bought them... They kept my accounts open but lowered my CL.

I did have my report cleaned up as well, I got everything removed except the bankruptcy.

ExGingi · « **Reply #16 on:** June 27, 2016, 01:26:42 PM »

Quote from: lfas25 on June 27, 2016, 12:15:15 PM

I like how you are all speculating, even though the OP did not file for bankruptcy...
I posted before you guys already that I did file for bankruptcy and how I am back with Chase even though they were included in my bankruptcy.
I even got approved for a new Sapphire Preferred from them.

This might be a question for the Lawyer's thread, but IINM they cannot use the fact they THEY specifically were wiped out in Bankruptcy against you. If they wrote off debt otherwise, that might be a different story, but Bankruptcy should allow people to start with a clean slate. And while they are allowed to deny credit to someone based on the fact that the person has a bankruptcy in their history, I don't think they are allowed to use the fact that THEY as a creditor suffered a loss in the bankruptcy.

lfas25 · « **Reply #17 on:** June 27, 2016, 01:32:00 PM »

Quote from: ExGingi on June 27, 2016, 01:26:42 PM

This might be a question for the Lawyer's thread, but IINM they cannot use the fact they THEY specifically were wiped out in Bankruptcy against you. If they wrote off debt otherwise, that might be a different story, but Bankruptcy should allow people to start with a clean slate. And while they are allowed to deny credit to someone based on the fact that the person has a bankruptcy in their history, I don't think they are allowed to use the fact that THEY as a creditor suffered a loss in the bankruptcy.

I did not have a question....

I was making a statement trying to help the OP as I have experience with bankruptcy unlike most of the others who commented on this thread.

ExGingi · « **Reply #18 on:** June 27, 2016, 01:35:14 PM »

Quote from: lfas25 on June 27, 2016, 01:32:00 PM

I did not have a question....

I was making a statement trying to help the OP as I have experience with bankruptcy unlike most of the others who commented on this thread.

I didn't think you had a question, I might have phrased things wrong, I actually made a quasi question being thrown up for discussion/experience with my statement.

inked_dragon · « **Reply #19 on:** July 02, 2016, 03:32:17 AM »

I have some friends who are analysts at BoA and they have told me that they will blacklist people forever if they were involved in situations where the bank has lost a considerable amount of money. No matter how good their credit or income is now.

Another close friend of mine was running legitimate business expenses through his credit cards from Chase and they closed out his accounts for no reasons. He was spending roughly $50K/month purchasing advertising and to Chase it looked like he was churning so they shut down all of his Chase accounts. Now he won't even bother with them.

Might not be related to your situation but I thought it would be good to provide some anecdotes. Good luck.