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PBJ
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PBJ
Posts: 10
Registered: ‎08-19-2009
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Will credit card companies issue new cards after 7 year charge off?

I have a question for the experts.  I'm helping my mom. She got into problems many years ago and declared bankruptcy.  She had several charge offs with American Express and Bank of America and Chase and a Citibank card.   All of them charged off and they are dropping from her record next year.

 

Her credit score is already getting back on the mend in the 700s as she has been doing well for almost 6 years now.  My question is...... will any of these same banks give her another shot?  I know they will drop off her credit report next year but I assume these banks have their own internal system which show they charged off. Anyone know any situation where the banks will re-issue new accounts after a charge off?

 

Much thanks for answers.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Will credit card companies issue new cards after 7 year charge off?

Amex - no

 

The other banks have had varying reports on their policy.

 

 

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lajntx
Posts: 267
Registered: ‎06-26-2009
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Re: Will credit card companies issue new cards after 7 year charge off?


txjohn wrote:

Amex - no

 

The other banks have had varying reports on their policy.

 

 


 

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usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: Will credit card companies issue new cards after 7 year charge off?

Regarding AMEX:

 

She may be able to become a member of their Oasis program that will entail her payting her old debt and them issuing her a new account. AMEX pretty much black lists people.

 

Other banks have terms and policies that are hit or miss on that.


Just because a debt has fallen off a credit report does not mean it no longer exists or that a company has forgotten you owe them money. In many cases companies are reluctant to relend to a person who walked on their past obligations to them.

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PBJ
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PBJ
Posts: 10
Registered: ‎08-19-2009
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Re: Will credit card companies issue new cards after 7 year charge off?

Thanks for the responses.  I figured that AMEX wouldn't but didn't know about the others. Thanks.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Will credit card companies issue new cards after 7 year charge off?

AMEX - No

 

Citi - Yes

 

Chase - ?

 

Were these accounts included in a BK? You may not be able to participate in the Oasis program if the amount was IIB.

Valued Member
soccrstar
Posts: 47
Registered: ‎02-01-2009
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Re: Will credit card companies issue new cards after 7 year charge off?

Bank of America <<--- Not until you pay them in Full.

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