Change Banks

Submitted by SIA on Sat, 11/20/2010 - 10:38
Forums

Due to a business failure, I had to file bankruptcy more than 10 years ago. I owed a balance on my Chase credit cards, which was discharged. My credit scores average above 800 today. I applied for a credit card recently and was denied by Chase. I think they made a bad decision because I have more than $100,000 in Chase over various checking accounts. Should I change banks?

A credit card issuer can do business with whomever it chooses. If you had Chase credit card debt discharged in bankruptcy, the company may decline to do business with you again. Nothing in the bankruptcy code requires creditors to transact business with debtors after a bankruptcy discharge.

The question becomes, what do you do about Chase's snub?

Your first option is to apply for a credit card at another bank. The bankruptcy is long removed from your credit report, and with your lofty credit score and adequate income you can be sure a dozen credit card issuers would welcome you with open arms.

Sat, 11/20/2010 - 10:55 Permalink