I was born to be wild with credit back in the same time frame as you.
I am afraid I stuck Citi with 30K and never paid. Around SOL I was getting an awful lot of pre-approvals from Citi. I never touched them out of paranoia. Finally, I just decided that they had more to do than think of me and that these were just ordinary business invitations. I swallowed hard one evening and proceeded to apply. This was three years ago. I got immediate approval for 5000 on Plat Select. Nine months later they were pushing Cash Back at me and I got it at 8000. One month later I got a business card through them. 15000
Now, over the past two years, each account has gone through the ninety day soft increases until each account is now at 20000.
So, in a three year period, I went from paranoid to have 60000 in credit with a company that I had unintentionally burned for 30000.
Talk about forgiving. I have very good credit now, and I just suspect that a lot of their decision is weighed against what ones credit looks like over the past few years. (they know that many people go through the young and stupid stage. Raise hands)
Over the last ten years I had very active credit and maybe they also wanted some of the business. I did have all the big guys before I made the plunge with them and had that ten year history, so that may explain my situation. But this does show me that it can and is done.
On another note; I had a long arduous pay down with Chase from that period. THEY WILL SUE / CITI NOT NECESSARILY. I paid it off and forgot them. They pursued for a while and finally I had learned, of course, what's to lose but an inq. I applied and got 15000.
I think I was very lucky that all this occurred before the recession or the outcome would be different. All my APRs are below 8%, and I have never had Adverse Action from any company.
I hope this gives some insight.
CI
AustinK wrote:
Back in 1989 I was a Freshmen in College and I was very irresponsible and immature. My best friend and I had a contest on who could collect the most number of cards that year. By June 1990, I had 7 cc's (4 Visa's, 1 AMEX, and 2 store cards). It was so long ago that I can't even remember the CL's on any of them but they were small I am sure. Anyway, as you can imagine it wasn't too long before I had run them all up and couldn't keep up. Charge off's followed and how I didn't get sued for any of them, I have no idea. Needless to say I spent 7 years in "credit purgatory" for my mistakes.
I remember that two of the visa's were with Citi and one was with Chase. If a situation arose and I was inclined to apply for a card through Citi or Chase, do you think that I would be flagged and immediately declined because of these old debts? Has anyone else had this situation?
Just curious.
