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Valued Member
Posts: 43
Registered: ‎08-09-2011
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Credit Rebuild - when to apply for credit after CO

Hello Myfico members, 


I'm in the process of rebuilding my credit and would like some advice.  I have a Cap One CO that was charged off in 9-2009 after a few strings of 30-60-90-120 lates, etc.  The expected removal date is 9-2016.  In 2010 I got an Orchard Bank card ($300CL) that was recommended to me when I started using credit karma to gauge my scores.  I also have an Emblem Mastercard that is a payoff mechanism for Jefferson Capital,  the CA for the Cap One CO.


I would like to know if it is appropriate to apply for a new CC while the Cap One CO is still on my report.  I applied for a CITI card in spring 2012 and got shot down for previous delinquencies.


I'd like to get a long term card before 2016 but I don't want to waste hard inquiries on a laughable endeavor.


When should I research and apply?


Thanks myfico!





Gardening since 5-2014
Community Leader
Epic Contributor
Posts: 29,735
Registered: ‎03-19-2007
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Re: Credit Rebuild - when to apply for credit after CO

Two separate issues, in my opinion.

First is their act of having to charge-off the debt itself.  That is a creditor statement that the consumer was delinquent to the point that the creditor considered payment would not be made.  A damaging statement in any manual review, even if the debt was eventually paid.


Second is what the consumer did after being advised that the creditor had taken that action.  A charge-off does not excuse the debt. 

If the debt remains unpaid, that is further indication that the consumer is a repayment risk.


Application for lower level cards may involve only an evaluation of current score.  However, as one seeks better terms and/or higher CL cards, the chances of manual review increase, and thus their awareness and consideration of a prior charge-off.

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