Question for folks who have been here before. In 2009 , I went from paying my cards off monthly to unemployment. I essentially put my family and mortgage over paying the credit cards for several months. In October 2009, I settled with Barclay's, City, and Chase for 60% of the balances and settled.
Fast forward, I am still rebuilding as I stayed away from credit and recently being working at it because credit is needed for many things and debit cards are not accented for rental cars and hotels. Will these creditors still hold this against me. They were not charge off and they received 60% of the money owed in a settled I negotiated.
Fast forward, I am still rebuilding as I stayed away from credit and recently being working at it because credit is needed for many things and debit cards are not accented for rental cars and hotels. Will these creditors still hold this against me. They were not charge off and they received 60% of the money owed in a settled I negotiated.
@Blackswizz750 wrote:
Question for folks who have been here before. In 2009 , I went from paying my cards off monthly to unemployment. I essentially put my family and mortgage over paying the credit cards for several months. In October 2009, I settled with Barclay's, City, and Chase for 60% of the balances and settled.
Fast forward, I am still rebuilding as I stayed away from credit and recently being working at it because credit is needed for many things and debit cards are not accented for rental cars and hotels. Will these creditors still hold this against me. They were not charge off and they received 60% of the money owed in a settled I negotiated.
Chase and Citi can have long memories. With Chase you can pretty much get back in after 7-10 years, I wouldnt app with the settlement still on your CR. With Citi its hit and miss they still hold a BK in 96 over me. Barclays is forgiving and you might even get a new account with them with the settlement still reporting.
Thanks for replying on this and Citi should be the last to hold a memory like that. The service my mortgage and I can't stand them. I may just never apply for anything with them. Chase has potential but I will wait it out until the settlement drops off.
With Barclay's, they have more rank since 2008. I used them after they purchased Juniper. The credit limit they gave then was very generous. Good to know on Barclay's.
I will do what few other have done on the credit rebuild journey : pull reports and comb through; list all debts on a spreadsheet; and keep a few trade lines and pay every month. I may even have to stop applying for a while. A dealer last year did 8 inquiries on my credit. That has me limited with apps for a couple years.