Credit Card Applications Question.

[Anonymous]

Hey Guys, I am currently rebuilding my credit, my score is 542.

I have a bunch of accounts on my report that are listed as charge offs, They've been charged off now for 3 years, None of them have sent me to collections except Capital One, which I paid.

I've just applied for a Capital One secured card and was approved with a $49 deposit, so they've given me a chance again.

I also applied for a Citi Secured and Discover Secured and was approved for both and i'll be making the deposits for all 3 cards.

Is it possible to rebuild my credit again even with the charge offs from the other companies on my file from years ago? Will creditors look at those but look at my future with the new cards come a year from now and realize that I may have just hit a rough time and been irresponsible but I'm making a second chance? 

if anyone could shed some light on this that would be great. Thank you.

[Anonymous]

I went from mid 500s to high 600s with some/many late payments and a collection. I still find it hard to get some cards but if as you move forward you make on time payments and try to pay back the charge offs it may be more favorable for you. The point is try to make your profile as strong as possible and be prepared to recon. And as always YMMV.

[Anonymous]

I believe as charged off trades cross 5 years your scores will begin to improve the most (as opposed to just having 3 secured accounts).  That's not a specific rule, but a generalism.  In general as charge offs get older they affect your score less.

Good luck! YMMV

Don't forget to dispute trades if they haven't been removed when they should have aged off.