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Reapplying for charged off credit issuers

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ScarlettHusky
New Contributor

Re: Reapplying for charged off credit issuers

I burned Chase on a old Marriott Rewards Premier card back in the day. After spending time rebuilding my credit report and distancing myself from what got me into that hole years ago, I applied for the Disney Premier Visa after the old charge off disappeared from my report and my scored back then were around 670. It took me several reconsideration calls, explaining how I learned from when I was young & dumb with credit, explaining how I now have several cards with decent limits, my rock solid payment history for the past 2-3 years, and also really explaining how the card would benefit me (since I go to Disney parks on average every 2-3 months). It was a very long process with the initial app being declined, the first recon being declined, before I finally was able to get an approval on the second recon after being able to explain the reasons they declined me on both previous tries with this application.

 

It is possible, but it's very diffucult explaining everything and trying to overcome the reasons they want to deny you with. Good luck.

EX: 668 VantageScore FICO: 667
TU: 746 VantageScore FICO: 693
EQ: 675 VantageScore FICO: 633
As of: 5/18

Wallet:
Chase Disney Premier Visa CL $3,600 Extra Credit Builder Debit Card CL $3,000
Amex Platinum SkyMiles Card CL $9,000 NFCU Signature cashRewards Visa CL $5,000
Synchrony Lenovo Store Card CL $10,000 Citi Shell Fuel Rewards Card CL $600
Comenity Victoria's Secret Angel Card CL $100 Capital One Venture One World Elite MC CL $3,850 Quicksilver World Elite MC CL $1,900
Message 41 of 43
Mutahar123
New Visitor

Re: Reapplying for charged off credit issuers

NO. If you had a history of charge off with a specific bank, regardless of how old it is, most likely they will never approve you or approve you with small credit line in future. Remember derogatory accounts fall off from your credit history, not from the bank's database. But fresh credit can give you the opportunity to apply with a different banks. 

Message 42 of 43
IcyCool7227
Regular Contributor

Re: Reapplying for charged off credit issuers

Well I would like eventually to have a new credit card with US Bank and since I used to bank with them with a checking and saving account over 10 years with nothing but excellent customer service it just feels right to pay it back in full on an 18 month payment plan of $139.58 to fulfill the $2,512.44 debt. I made that decision 2 nights ago as I was considering it. I tried calling them this evening to set it up but looks like I may have to reach them Monday. When I obtain another job, I could probably afford to pay this off even earlier. I can always call them to reconsider new accounts. Barclays's third party collection to Portfolio was already settled and paid back in 2022. The $6,800 to Chase was never paid as I couldn't afford it but that was already written off by them for tax purposes.

As of: 3/28/24:

EQ: 785 (prev. 778 on 2/6/24; 773 on 1/26/24 & 750 on 1/7/24 & 626 on 6/7/24 & 652 in April 2023) - FICO 8
EX: 763 (prev. 755 on 2/6/24; 753 on 1/26/24 & 732 on 1/7/24 & 643 on 6/7/24 & 619 in April 2023) - FICO 8
TU: 759 (prev. 748 on 2/6/24; 744 on 1/26/24 & 689 on 1/7/24 & 6/7/24 & 654 in April 2023) - CreditKarma

Have:
- Amazon Prime Store Card: $5,000
- Capital One SavorOne Cash Rewards: $1,200
- Chase Freedom Flex: $500
- Discover it Cashback: $2,000
- Kohl’s Charge: $3,000
- Mercury Rewards Visa: $4,390
- Super Cash: Limit varies based on debit balance - doesn't show up in accounts anymore though on CRs.
Message 43 of 43
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