Bankruptcy on Your Record? How My Friend Still Got Approved for the Chase Sapphire Preferred
A good friend of mine declared bankruptcy ~8 years ago in 2010. Her husband became unemployed, and they had a daughter in college. Unable to pay their mounting bills, they thought bankruptcy was the only option.
Since then, my friend has worked really hard to improve her credit. She’s paid off the credit cards she does have, and recently checked her credit score, which is back up to 755. To get the best travel credit cards, you need a credit score of at least 700, and sometimes even higher. And even if you have a bankruptcy on your record, you can still get approved for credit cards like the Chase Sapphire Preferred® Card, the #1 credit card for beginners to travel rewards!
Immediate Denial for the Chase Sapphire Preferred? Don’t Lose Hope
My friend has been wanting to start using her good credit towards earning rewards for travel, so the Chase Sapphire Preferred® Card was at the top of her list. She wanted to begin with a “starter” credit card, and the Chase Sapphire Preferred® Card is the #1 credit card for beginners to the miles & points hobby! When she applied, she got denied immediately. But she thought she deserved a second chance, and called the Chase Reconsideration Line to see if there was anything they could do.
How to Prepare to Call the Chase Reconsideration Line
Before calling the Chase Reconsideration Line, it’s important to know what you’ll say. This will make you more confident and increase your chances of getting approved for the Chase credit card for which you’re applying.
Here are some of the ways that my friend prepared for her call with the Chase Reconsideration Line:
- Gathered information surrounding the bankruptcy, including what happened
- Clarified why she wanted the credit card, which for her included starting a fresh credit relationship with Chase
- Her 30-year relationship with Chase in the form of saving & checking accounts
- Verifying income sources, which included all household income and any other sources of income
- Preparing to offer Chase to start with a reduced credit line if that helped her get approved for the card
How to Call the Chase Reconsideration Line
Chase Reconsideration Line Phone Number: 888-270-2127 (For personal credit cards)
My friend called the Chase Reconsideration Line, and got a friendly representative named Stacy. Stacy asked my friend several questions including information on the bankruptcy, and if it affected her home and car. She asked if she owned her home or rented, and put my friend on hold several times to check on her application.
My friend was honest about everything and reiterated how she’s since rebuilt her credit, and that she is a long time Chase customer. In the end, she got approved for the credit card with a $5,000 credit line! If you get denied a second time, it’s worth calling back again.
Manage Your Credit Responsibly
If you’ve had a history of financial difficulties, you’ll need to be extra disciplined in this hobby. Your credit is very important and you have to manage it responsibly. That means paying your credit card bills in full each month and not carrying a balance. It also means not spending any more than you usually would and to treat your credit card essentially like a debit card.
Just because you’ve had financial setbacks in the past doesn’t mean that you shouldn’t work hard to rebuild your life. It can be done, but it requires discipline and patience. And it’s OK to ask for help from trusted friends and family.