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Red22
Posts: 100
Registered: ‎02-02-2009

Is reopening a Charged off CC with New CC a good idea?

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‎03-09-2009 10:46 AM

Is it a good idea to pay CC charge off and ask them to reopen the account(get in writing), then DV a CA once account is reopened for at least 30 days.

 

Trying to rebuild.

Crawling At A Snails Pace . . .
.
*9/01/08 FICO; EQ:524 TU:532 FAKO;EX:536
*12/07/08 FICO; EQ:548 TU: 562 FAKO;EX:565
**03/10/09 FICO;EQ: 624 TU:563 FAKO;EX:585
**09/21/10 FICO;EQ:661 TU:679EX:663(FAKO)


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moondog7324
Posts: 488
Registered: ‎04-09-2008

Re: Is reopening a Charged off CC with New CC a good idea?

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‎03-09-2009 10:49 AM

If you burned them once- what makes you think they will give you more credit?  How old is the charge-off?

 

 

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Creditaddict
Posts: 11,309
Registered: ‎10-23-2007

Re: Is reopening a Charged off CC with New CC a good idea?

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‎03-09-2009 10:57 AM

First Premier is the only credit card I know that will give you another credit card after burning the first one.

oh and Macy's

what bank you think is going to give you another one? 

~Addicts NEW Wallet: (AU)
Navy Flagship Visa, American Express Blue Cash Preferred, American Express Costco, Macy's American Express
~Cards in My name kept Active:
3 Target Cards, Cap1, Best Buy MC, Kays, Von Maur, FNBO Secured
~Cards in Holding AU or Joint: 2 Discover it, Chase Freedom, Bank of America, Navy Federal Cash, Wells Business Credit Card, USAirways Business Card, AA Business Card, Best Buy Store, SAKS, Bloomingdales... I'm sure I'm forgetting something in my car!
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llecs
Posts: 31,922
Registered: ‎08-04-2007

Re: Is reopening a Charged off CC with New CC a good idea?

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‎03-09-2009 11:15 AM

Red22 wrote:

Is it a good idea to pay CC charge off and ask them to reopen the account(get in writing), then DV a CA once account is reopened for at least 30 days.

 

Trying to rebuild.

Many CCCs won't let you reopen a CO'd account. So paying them would only result in a paid CO, a paid or unpaid CA (because the CC would pass the $$$ to the CA or return it to you), and a new CC if you app'd. If you have a CA reporting, and the CO is reporting $0, then it is the CA that owns the debt. Reopening a CC wouldn't impact the CA at all as they are no longer related.

 

The best practice is to wait until the SOL expires or wait to have the $$$ to PIF, then DV the CA and PFD them if they verify to your liking. Then GW the CC CO.

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