If your score is high enough will a creditor give as much weight to past derogs?

[mt2va]

For example if you have some charge-off's/delinquencies still on your report (several years old) and your score is say nearly 700 are there some creditors that look at the overall picture or do they just deny because of the derogatories??  Same scenario but score is say barely 600??  Would the creditor look at the score being fairly low along with the derogatories??  I know each creditor is different, but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

[Ghoshida]

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@mt2va wrote:

For example if you have some charge-off's/delinquencies still on your report (several years old) and your score is say nearly 700 are there some creditors that look at the overall picture or do they just deny because of the derogatories??  Same scenario but score is say barely 600??  Would the creditor look at the score being fairly low along with the derogatories??  I know each creditor is different, but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

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I hope you get your answer here but the question is better suited to the Rebuilding Your Credit forum, in my opinion !

[Anonymous]

but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

Yes, as the baddies age they become less relevant to the credit decision. I have better cards with a big, fat tax lien in my files, (except TU where it mysteriously vanished). But it's now 7 years old.

[Anonymous]

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@Anonymous wrote:

but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

Yes, as the baddies age they become less relevant to the credit decision. I have better cards with a big, fat tax lien in my files, (except TU where it mysteriously vanished). But it's now 7 years old.

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out of curiousity, does that make a material difference in scores between TU and the others with that age? At least their mysterious ways worked in your favor in this situation. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

Yes, as the baddies age they become less relevant to the credit decision. I have better cards with a big, fat tax lien in my files, (except TU where it mysteriously vanished). But it's now 7 years old.

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out of curiousity, does that make a material difference in scores between TU and the others with that age? At least their mysterious ways worked in your favor in this situation. 

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[Tonya-E]

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@mt2va wrote:

For example if you have some charge-off's/delinquencies still on your report (several years old) and your score is say nearly 700 are there some creditors that look at the overall picture or do they just deny because of the derogatories??  Same scenario but score is say barely 600??  Would the creditor look at the score being fairly low along with the derogatories??  I know each creditor is different, but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

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I have one derog on EQ which was once reporting on all 3 bureaus (30 day late). I apped and was approved for my Amex BCP, and Citi card with those derogs reporting on EX and TU. But my score was around 740-750. Over time it had much less effect on my approval with creditors.  The fresher the derog the more weight it carries.  I am not sure on the charge offs though. There may be a higher weight on those, not sure.

[Anonymous]

Ive gotten high end cards with 2 CO showing on EX

[Dahlia77]

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@mt2va wrote:

For example if you have some charge-off's/delinquencies still on your report (several years old) and your score is say nearly 700 are there some creditors that look at the overall picture or do they just deny because of the derogatories??  Same scenario but score is say barely 600??  Would the creditor look at the score being fairly low along with the derogatories??  I know each creditor is different, but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

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No expert but I think the score definitely factors in.  I have one medical and one CO that updates every month showing and just got pulled for a card where my score showed up at 689.  They took me with only 8 months of new (rebuilding) payment history.  Had I apped 5 months ago at 603 I think it would have been a very different outcome.

[takeshi74]

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@mt2va wrote:

For example if you have some charge-off's/delinquencies still on your report (several years old) and your score is say nearly 700 are there some creditors that look at the overall picture or do they just deny because of the derogatories??

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They all consider one's entire credit profile.  As stated above, derogs tend to lose their impact over time so the score should reflect the impact of the derog(s).  That said, a particular creditor may be more sensitive to derogs (or any other factor or combination of factors) than others.  In any case, it's still advisable to hit Rebuilding to see what one can do anout derogs.  No derogs is better than any.

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@mt2va wrote:

I know each creditor is different, but wondered if it's possible if your score recovers sufficiently but you are still showing derogatories to eventually get better credit cards???

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Approvals are certainly possible but simply relying on approval/denial as a measure of performance is setting a low bar.  One might get approved but with low limits, high APR's, etc.

[onstar]

Like most things related to credit cards, IT DEPENDS on a lot of things, including:

What were the derogs and how much were they for?

Your payment history since the derogs?

What else is in your credit file?

I used to be a financial planner for 3 years. Had about 300 accounts (mostly health care professionals) where I knew all their intimate financial details. I've had a few clients with derogs and a ton of 60/90/120 late payments in their file, and they got approvals with little problem. Typically, (1) the derog was for a small amount, (2) the payment history since all the baddies have been 100%, and (3) they had a thick file outside of all the baddies. Each month, they were making on time payments on 20+ accounts, and after doing that for a couple of years, creditors were eager to give them new cards again. Also I'm sure it helped that their incomes were generally >$120K.

Point being, even if there are derogs, they actually look at what you've done since.