10-11-2008 09:04 AM
10-11-2008 09:37 AM - edited 10-11-2008 09:46 AM
Discover could have canceled your card when you got into trouble, so the fact that you voluntered to do so doesn't matter. They definitely don't have to reinstate it if you have bad credit. They gave you chance to get it back, but with your scores, there is no way they would have. The fact that they were willing to even consider reopening the account says that you have a chance in the future to get your account back. Get your score up over 700 and call them and ask again or reapply. You at least aren't blacklisted by them like I am (Amazing how a 180day late with them will cause that).
So yes, you must start paying your bills on time and try to clean off the negatives you added through some GW letters and a little prayer couldn't hurt. Increasing your savings to buffer things so you don't get so easily behind will help keep your bills current. And rather then relying on a possible future discover card, try to get another credit card.
10-11-2008 02:55 PM
About 4 years ago I bought our first home and since then racked up a rather large cc bill. Back in Jan of this year it was roughly $5k. I paid off $1000 of that in March with some of my tax money. In April of this year my CC company set me up on a payment program that suspended my account and allowed me to pay what I could afford each month. Agreements were verbal and nothing in writing.
In May I paid off the remaining $4k with bonus money I recieved from my employer. When I agreed to the program I was told my cc would be reinstated if I paid the remaining balance off.
In June I called DiscoverCard to have my card reinstated and they told me they could not do so because a review had to be done after 6 months(Oct).
So last week I called them to have the card reinstated and a review was done after checking my Credit Score over the phone. They denied it because my score did not meat their critera. Which they could not disclose.
Last summer I got behind on some bills take my credit score from a low 700 to 520 last time I checked back in Jan of this year. I've done a much better job now of keeping up with my bills and would have liked to have had my CC for emergencies and such. But it looks like a screwed my self yet again...
Firstly, can Discover Card do this?
And is there any advise other then continue to pay my bills ontime?
What agreement? A collector - be they inside or outside - can say just about anything in order to collect a debt from you and you did not get it in writing! In addition it sounds like you no longer meet Discovers credit criteria, to the extent they probably would have taken AA against you anyway. Discover requires a pretty clean CBR and a score around 700. As PP remarked you should consider yourself lucky that they are still willing to talk to you at all. If you are patient, get everything current and keep everything current they may let you back in a year or so (maybe two). I would not say you screwed yourself again. You are still dealing with the original screw up. Discover may deal with you again in the future, but it will be when they are ready to.
10-11-2008 09:04 PM
Thanks for the reply guys.
Is there anything I can do, or should do other then continue to pay all my bills on time? The discover card was the only CC I have. Would it be a good idea to try for another CC?
10-11-2008 09:10 PM
With a 520, you should stick to a secured card. People here say BofA is among the best of the secured cards here, as it will grow with you.