Chase Cards After Bankruptcy & A Fantastic Story
I have written a few posts this year aimed towards helping readers who have a bankruptcy on their credit report. We all know that rewards cards are difficult to get without great credit and thus it can be difficult for people with even a single blemish to get in on the fun.
Back in January I wrote a post called Getting Chase Rewards Cards with a Bankruptcy on your Credit Report. In that post I walked through how to handle the application and the eventual reconsideration call that you will need to make to Chase if you have a bankruptcy. I highly suggest taking a look.
One Reader’s Story
Yesterday I heard from a reader who I have corresponded with a few times. This reader ended up having to file bankruptcy in 2010 because of hardship due to the economy. I know there are many people out there who had similar issues.
Since his bankruptcy, he has worked diligently to rebuild his credit and now has cards with Barclay’s, Wells Fargo and a few other banks. After careful consideration he decided to go for the big one. He applied for a Chase Sapphire Preferred.
Chase is pretty conservative with new customers, especially those with credit issues, so the Sapphire Preferred can be a difficult card to get. This is because it is a Visa Signature and thus requires a $5,000 limit. It can be tough to get Chase to give you such a high limit in the beginning.
After applying, his application went under review. He immediately called Chase reconsideration as was detailed in my prior post. The first rep was friendly, asked him questions about the bankruptcy and eventually denied his application. He called back a second time and went through the same process with the same results.
Before giving up he decided to call one last time. This time a friendly agent agreed to forward his application to the “Senior Lenders” division. It took 48 hours for them to review his application and when he called in to check his status he found out that he had been approved with a $5k limit!
There are a few key takeaways here. First, it is definitely possible to get Chase cards with a bankruptcy on your credit. In this case it was less than five years since the bankruptcy and he was still able to get approved for what is arguably Chase’s flagship card.
For those without a bankruptcy, this is just another example of why HUCA (hang up call again) and persistence are needed in this game. On past denials I have been escalated to upper management and written letters in order to overturn a denial. I have only failed once at overturning a denial.
I am so happy to be able to share this story with you. It just shows that you don’t need spotless credit to begin to reap the rewards from this hobby. As a quick reminder though, never take on debt and don’t forget to take it slow! Have a great Saturday!