Blacklist update Amex, BofA, Chase 13 years after IIB + any downside to closing high fee starter cards now?

[monacho]

My current FICO-8 scores are 748, 774, 768 with lots of new credit established post BK.  My current utilization is right around 10% and will be under 5% when Alliant posts the balance I just paid off in a few days.

 

Amex, BofA and Chase were burned hard back in 2008.

 

Amex still won't pull credit on me, and won't allow my wife to add me as an authorized user saying that I'm not eligible to have a card.  However one of my businesses has an Amex account with PG by my wife and they let me get a card there.  Go figure.

 

That business banks at Chase and we have an Ink Preferred (also PG by my wife) - but Chase immediately declines any application I make.  I'm currently at 1/24 and wanted to apply at Chase again before I start getting other accounts opened but no dice.

 

B of A only offers me a secured card when I apply but I really don't want to stain my credit report with a secured card.  Another one of my businesses has a B of A credit card with no PG but we've been banking with them for a long time.

 

Everyone else that was IIB that still exists has let me back in at some point, but these three were the hardest hit (70K-130K revolving plus B of A took back a house I was underwater on by over a million dollars)

 

I think it's not likely they will ever let me back in.  Have any of you gotten back in with any of them after an especially large IIB?

 

My oldest account is First Premier Bank and costs me $7/mo in fees to keep it open.  I also have Merrick at $4/mo and CreditOne charging something like $8.35/mo all of which is a pain because I have to remember to pay it each month even though I haven't used the cards in years.  AAOA is just over 6 years.  If I close all 3 of those my utilization will still be under 5% - they aren't significant limits.  Is there any reason to keep them open?  

 

I've learned a lot here and appreciate all the knowledge.  You guys helped me get my BK removed early, remove tax liens, remove medical collections and re-establish good credit.  (Those three sh*t cards were before I found you).  I tell clients to come here all the time and learn how to fix their own credit problems rather than paying a credit repair co.  And I tell them to read at least 20 hours before writing their first dispute letter

 

 

[IndyPoolPlayer]

What and how old is your oldest account besides the credit report stains and what is your AAoA if you close them?

 

You'll likely never get back in directly with Chase. XDW did a settle for less with them about 2009 and she was still blacklisted as of early 2020.

Amex is similar. You can search and see if Oasis is still a thing with them - that involves paying Amex back what they lost in the BK. It all depends upon how badly you want back in with Amex.

[nyquil556]

Just move on and research a few good credit unions that have high limit cards. I'm done with most of the big banks anyway. Good luck!

[swimmingwithsharks]

If you close the 3 monthly-fee cards, how many open revolvers will you still have reporting?

[cv91915]

12 hours ago, monacho said:

B of A only offers me a secured card when I apply but I really don't want to stain my credit report with a secured card. 

This wouldn't be a concern for me, and it could be your entry point back in (assuming you want to, which it seems like you do since you tried ).  

[nemo]

16 hours ago, monacho said:

B of A only offers me a secured card when I apply but I really don't want to stain my credit report with a secured card.

 

5 hours ago, cv91915 said:

This wouldn't be a concern for me, and it could be your entry point back in (assuming you want to, which it seems like you do since you tried ).  

 

I totally agree with this.  I have never encountered any kind of "stain" from having had two secured cards.  Quite the contrary, my second secured card was a prybar for me at the time ($10k limit from Wells Fargo) that helped me get higher limits from then on.

 

On the other hand, I wish I had placed credit cards at a lower priority and put that money in Bitcoin instead of secured credit cards. 🙂

[monacho]

18 hours ago, swimmingwithsharks said:

If you close the 3 monthly-fee cards, how many open revolvers will you still have reporting?

I have 21 open credit cards reporting, mostly with 0 balance.  I also have a CLOC from NFCU and checking overdraft line at Patelco with 0 balances.

 

First Premier was opened in 2008, Merrick and CreditOne in 2011-2012.  Most of my other accounts were opened in 2013 or late 2016/2017.

 

 

21 hours ago, IndyPoolPlayer said:

What and how old is your oldest account besides the credit report stains and what is your AAoA if you close them?

 

You'll likely never get back in directly with Chase. XDW did a settle for less with them about 2009 and she was still blacklisted as of early 2020.

Amex is similar. You can search and see if Oasis is still a thing with them - that involves paying Amex back what they lost in the BK. It all depends upon how badly you want back in with Amex.

If I close them my average age of open accounts is still probably over 5 years.  I will give up on trying to NOT open accounts to try and get back in with Chase.  I appreciate that feedback on XDW.  

 

It's not worth me paying Amex $70,000 just to be allowed to get a new card with them.  I guess I need to blacklist them too and not allow my clients to pay using Amex  

 

13 hours ago, cv91915 said:

This wouldn't be a concern for me, and it could be your entry point back in (assuming you want to, which it seems like you do since you tried ).  

I just tried applying with them over the weekend so I'll wait for the letter and think about opening up the secured line.  I always appreciate your comments on credit unions and disco...  when I started paying down my balances last year disco dropped my limit in line with the first paydown so I'll probably get rid of them too because that's just rude...

 

 

I appreciate all the advice guys.  Thanks for pointing me in the right direction!

[insolent1]

I'd take the BofA secured card and use it judiciously. When the other big banks see you playing nicely with that card, they'll get jealous. Be patient and good things will emerge.

[TrainerC]

On 1/10/2021 at 4:58 PM, monacho said:

My current FICO-8 scores are 748, 774, 768 with lots of new credit established post BK.  My current utilization is right around 10% and will be under 5% when Alliant posts the balance I just paid off in a few days.

 

Amex, BofA and Chase were burned hard back in 2008.

 

Amex still won't pull credit on me, and won't allow my wife to add me as an authorized user saying that I'm not eligible to have a card.  However one of my businesses has an Amex account with PG by my wife and they let me get a card there.  Go figure.

 

That business banks at Chase and we have an Ink Preferred (also PG by my wife) - but Chase immediately declines any application I make.  I'm currently at 1/24 and wanted to apply at Chase again before I start getting other accounts opened but no dice.

 

B of A only offers me a secured card when I apply but I really don't want to stain my credit report with a secured card.  Another one of my businesses has a B of A credit card with no PG but we've been banking with them for a long time.

 

Everyone else that was IIB that still exists has let me back in at some point, but these three were the hardest hit (70K-130K revolving plus B of A took back a house I was underwater on by over a million dollars)

 

I think it's not likely they will ever let me back in.  Have any of you gotten back in with any of them after an especially large IIB?

 

My oldest account is First Premier Bank and costs me $7/mo in fees to keep it open.  I also have Merrick at $4/mo and CreditOne charging something like $8.35/mo all of which is a pain because I have to remember to pay it each month even though I haven't used the cards in years.  AAOA is just over 6 years.  If I close all 3 of those my utilization will still be under 5% - they aren't significant limits.  Is there any reason to keep them open?  

 

I've learned a lot here and appreciate all the knowledge.  You guys helped me get my BK removed early, remove tax liens, remove medical collections and re-establish good credit.  (Those three sh*t cards were before I found you).  I tell clients to come here all the time and learn how to fix their own credit problems rather than paying a credit repair co.  And I tell them to read at least 20 hours before writing their first dispute letter

 

 

I included Chase in my Ch 7, they approved me for a card as soon as it fell off my credit report (10 years after discharge).  Amex still denies without pulling credit report based on having a closed account.  My FICO is 800+ and I have extremely low balances I pay off the cards before statement cutoff so they report $0 balance or close to that.  Capital One has been very good to me.

 

Edited January 14, 2021 by TrainerC

[butterflywings]

On 1/14/2021 at 8:47 AM, TrainerC said:

I included Chase in my Ch 7, they approved me for a card as soon as it fell off my credit report (10 years after discharge).  Amex still denies without pulling credit report based on having a closed account.  My FICO is 800+ and I have extremely low balances I pay off the cards before statement cutoff so they report $0 balance or close to that.  Capital One has been very good to me.

 

 

I just had the opposite experience..

 

Chase denied me this wknd. I included them in my Chapter 7, 14yrs ago.. Amex forgave me, and offered me a card several years ago, but i guess Chase has permanently blacklisted me. 

 

They used my Transunion report, and said my FICO was 765.

 

Fwiw, Citi and Capital One also forgave me and have been very good to me..

[monacho]

Here's an interesting update:  Chase and B of A have let me back in with personal cards but Amex still won't pull my credit when I apply.

 

I own one business with my wife and she is the guarantor on a Chase Ink card for them going back 4 years, but they still wouldn't approve me personally until just now, and gave me  $16,200 starting line on a Sapphire preferred.

 

I own another business that already had a business B of A Visa with no personal guarantees before I bought out the company and they let me keep that open before now.  B of A gave me a $14K starting line on the new card.  Both were hit hard (6 figures on credit cards) in a BK7 back in February 2008.  

 

The decline notice from Amex suggested I might be pre-qualified for an Amex from Credit One Bank...  but not even going to check that.  A Credit One Visa is one of the sub prime/toy cards that I closed earlier this year.  The only toy card I have left is a Best Buy Visa which I'll probably shut down soon.  

[Matti]

@monachoSend me a PM if you'd like some info on a possible work-around for Amex AU.

[IndyPoolPlayer]

On 1/7/2022 at 6:01 PM, Matti said:

@monachoSend me a PM if you'd like some info on a possible work-around for Amex AU.

If you have info to share, please share it with the group.

[hdporter]

On 11/16/2021 at 12:22 PM, monacho said:

Here's an interesting update:

 

Congrats on wedging your way back in with Chase and BA.  Consider yourself to have "won" the credit repair game.

 

In the big picture, you're not missing out on that much with Amex.  While Amex Blue Cash Preferred is an ideal grocery card, dedicated use of a Citi Custom Cash for groceries is even better once you net out the Blue annual fee.

 

Belatedly, dump those three monthly fee cards.  You note that your "average age of open accounts" will be hit.  Just remember that's not a FICO measurement.  (And please don't tell me you're trying to optimize your "Skankage" score!)  Your FICO scores and your overall average account age will benefit from the closed accounts as they continue to report for up to 10 years post closure.

[CTSoxFan]

On 1/14/2022 at 8:35 PM, IndyPoolPlayer said:

If you have info to share, please share it with the group.

 

Actually don't, at least not openly.  This is how good workarounds and loopholes get closed.  Share it with those who ask.

 

For those who ask, buyer beware.  What works for someone may not work for others.