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.
Your second option is to tally the amount of fees you paid to Chase each year for the last 10 years, and make a list of your accounts and their balances, and send a letter to the president of the banking division of Chase and explain you are sorry about the bankruptcy and the account they had to write-off their books, but that you have been a loyal customer and would not it be a shame for you to take your business elsewhere because of the rejected credit card application, which you enclose. If Chase is smart it will issue you a card.
Your third option is to take your business elsewhere. I recommend a credit union. After you transfer the balances from your accounts, send a letter to the president of Chase's banking and credit card business units along with the tally of your accounts and fees that I mentioned above. Explain you have no hard feelings, had wonderful service from Chase's employees, regret the bankruptcy 10 years ago, and if Chase does not want your business you are taking your money to where it is welcomed.
I hope this information helps you Find. Learn & Save.