@Anonymous wrote:
Can someone explain what this black list is exactly and how one ends up on it?
Lenders who have been burned through chargeoffs or bankruptcies keep internal records tied to your social security number. Based on being on this list, they will not grant you new credit. This list lasts beyond the regular fall-off debts for bad credit on your reports. In fact it lasts forever. 20 years from now they can remind you that they took a $300 hit from you when you were in college.
All lenders maintain this data. Some will let you right back in like Capital One, and others like AMEX are known to make people wait anywhere from 10 years to "forever" to get back in.
Most credit unions and USAA have permanent black list time periods. You cannot get back in unless you fully repay them.
Actually this is true with other lenders, too. If you are willing to make good on the debt, they will usually remove you from their black list.
