Bankruptcy on Your Record?  How My Friend Still Got Approved for the Chase Sapphire Preferred

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Bankruptcy on Your Record?  How My Friend Still Got Approved for the Chase Sapphire Preferred

EmilyBankruptcy on Your Record?  How My Friend Still Got Approved for the Chase Sapphire PreferredMillion Mile Secrets Team

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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!

Have You Experienced a Bankruptcy?  You Can Still Get Approved for the Chase Sapphire Preferred Credit Card

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
Whats The Best Metal Credit Card
Preparing to Call the Chase Reconsideration Line Will Help You Feel More Confident

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.

Chase Sapphire Reserve In Branch
Chase Has Great Customer Service, so it Never Hurts to Try Calling the Chase Reconsideration Line

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.

 

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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