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

Contributor

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

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)


3 REPLIES
Frequent Contributor

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

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

 

 

Epic Contributor

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

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? 

Moderator Emeritus

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


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.