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A few weeks ago I posted details about my husband making his first top tier rewards credit card applications in ten years, since his bankruptcy finally fell off his credit report. Other than the bankruptcy, his credit report is and was stellar, so he jumped in head first as soon as that negative public record became old enough to no longer be displayed on his credit report.
Some thought we went in too aggressively, some thought we didn’t go in aggressively enough. However, we did what felt right for us and applied for three very good rewards cards from three different banks. Truthfully, it was kind of hard picking which cards to get when everything is wide open! Of course, that is a great problem to have! While I hope none of you have to deal with old bankruptcies or other negative things on you or your partner’s credit reports, the good news is there is hope at the end of the tunnel even in the event you had some bumps in your past…or at least that was true in his case. I do want to mention that none of the banks we applied with were ones that were involved in his bankruptcy. Here are the results of his three applications made the month after the bankruptcy came off his report – none of them were instant approvals.
Read this post to see why we selected these three cards and to get more details about the offers we applied for with the cards.
About 48 hours after he applied he received a phone call from Chase verifying some basic identifying information and then he was told over the phone that he was approved with a pretty substantial credit limit. This was easy as pie and we were very happy to receive this approval so quickly and easily. The card arrived in the mail a couple of days later.
While you can check the status of American Express applications online, I don’t think that we noticed this one was approved until it arrived in the mail roughly a week or so after he applied. I think it is pretty awesome that you can go from pretty much no rewards credit cards to getting an Amex Platinum card so quickly. I think it goes to show that his credit was very strong outside of the old bankruptcy. I think he was kind of proud to get this one approved. There were no phone calls or anything else required for this approval.
Barclaycard Arrival Plus™ World Elite MasterCard® This approval was very slow, but did not require any follow-up or phone calls. It took about two weeks to get the approval email and the card still has not arrived in the mail. We will likely be done with the minimum spending requirements on the first two cards before this one ever appears! Even still it was an easy approval in terms of him not having to lift a finger other than filling out the initial application.
Total value of approvals:
Not counting the points earned from hitting the minimum spending requirements, he will earn the following points for his first post-bankruptcy rewards credit card approvals:
55,000 United miles (we value at around $1,000)
50,000 Amex Membership Reward points (valued at around $850)
40,000 miles from Barclays (valued at $400)
The Chase and Barclaycard annual fees are waived the first year, and while the Amex annual fee is quite substantial at $475, it is mostly off-set by the airline fee credits for the first two calendar years. Taking into account our valuation of the Amex airline fee credit, that means that he got about $2,250 of travel out of three card approvals for less than $100 out of pocket in first year fees. Not bad for a “first timer”.
I’m honestly really proud of him for being patient and taking care of business the last ten years to get to this point. The world of rewards credit cards is now wide open for him, and our family now officially has two full miles and points earners on all fronts. Bring on the world!
Disclosure: I do receive a commission if you are approved for a credit card using one of my affiliate links. Some of these are my links, and some are not. As always, your support is very much appreciated!