Blacklist - Which cards?

[Anonymous]

Hey everyone, I had a question and was hoping I could get some insight. A while back I had a good credit profile and held a few credit cards. (Cap1, Barclay, Commerce, Comenity, Chase). 

I went through some dark times financially after my divorce and an auto accident and ended up having most cards closed and/or CO'd. I started working on fixing my credit in January 21 and resolved all debts/collections and got my finances back on track. Currently going through underwriting for a mortgage! 

I have been receiving credit card offers in the mail now that my credit is improving. My question is whether or not I'm going to be blacklisted from say Cap1 or any of the other big companies due to COs and/or closed accounts? I really would like to get my CSP card back at some point. I'm hoping that since I did pay off the balances of what was owed that I might get another chance later on. I have got Capital One platinum offers and I figured I wouldn't have a chance to go back to Cap 1 for a long time. 

Im hoping once I sign the dotted line for closing on mortgage that I can start building my credit profile again. 

thanks in advance for any assistance. 

[yoshee08]

As long as your accounts are paid, you can usually begin a relationship with them. I would start with a pre-qualification link. This will tell you if you have a better chance of being approved for the account.

If you are getting the offer from them directly, then you are already on their target list, so there is a good chance you would be approved for that (of course no guarentee). Usually once you've paid off the accounts they open the door again.

Watch out for applying while going through a mortgage though. They dont like to see new debt or inquiries etc. 

[Anonymous]

Thank you for the quick reply. I am definitely being cautious about opening any new accounts during the mortgage process. I plan to apply after the loan has been funded to avoid any concerns. 

Do you know if settling on accounts would be reason to decline any new relationships? I paid most in full in hope to obtain the mortgage etc but I know I did settle on 1 or 2 of them. Hopefully that doesn't hurt my chances of establishing a relationship again. 

thanks again!!!

[yoshee08]

I personally do not have experiance, but that may hinder the process, but may not. It usually depends on the creditor. Lets see if someone with experiance replies.

Length since charge off would also be a factor. So If you are rebuilding 3-5 years later, less likely to hurt then if it was 6 months ago. 

[coldfusion]

I would not worry too much about BarclayUS or Commerce Bank.   While they both have some nice co-branded cards that can fill a specific niche they don't have much if anything that most people would see as must-have cards. 

If you burned Chase it will be tough going to get a CSP again even if you eventually did make them whole.  They have a very long memory and aren't known for being forgiving of what they see as past transgressions. 

Cap 1, you shouldn't have a lot of trouble getting back in.    It may take a while to get much beyond toy-limit stage but they're usually pretty amenable to giving second chances. 

[Jannelo]

I still owed Cap One  on one charge-off when I was approved for their Platinum cc.  I had two charge-offs with them.  Maybe I owed on both when I app'd.  I can't remember for sure.    It was a low SL of $300, with credit steps to $500.  But I was just thankful as my FICO 8 was 528.   I did work out a payment plan after that.  Six months later,  while still paying on the charge-off, I even received another cc with Cap One, the QuicksilverOne, with a SL of $1,000, with credit steps to a $1,500 CL after five months.   I also received an auto loan from them a month after that.   They are very forgiving.  They were instrumental in my rebuild efforts in the beginning.   Did you check their prequal feature to see what you are pre-qualified for?

[jcooks]

I had an old CO with Chase roughly 10 years ago.  Settles with CA for less.  It is no longer on my report.  I just recently was applied for a Chase Freedom Flex after instant denial, failed recon, and approved on 2nd recon.  Albeit a very low SL of $700, I was just happy to get back in the door with Chase.  I did eventually get the denail, they did list previous relationship as part of the denial.

[Anonymous]

Thank you again for the replies!! Yeah I'm not necessarily concerned with Barclay or Commerce, more so about rekindling my relationship with Chase and Cap1. 

I had a decent CL ($15k) with my CSP and the rewards were great. Hopefully I haven't burned the bridge and won't be on the "deny-radar". 

In any case, If I am "blacklisted" by Chase, is there any comparable cards that would be worthwhile? I was looking at the Amex Platinum/Gold. 

My goal is to establish credit with 2-3 cards and work on CLI over time. I'm hoping to obtain a travel and a cash back card that will fit my needs. 

[coldfusion]

It may take a while before your profile has reached the point where you can qualify for a travel-centric card.  If you can qualify for NFCU membership  their Flagship Rewards card might be a good fit.An  AMEX Platinum or Gold or Cap1 Venture might also be worth looking at. 

[Anonymous]

Thank you! That makes sense. My wife is a permanent resident and when she arrived to the U.S we got her the Cap1 Platinum (which is the current card offered to me due to my current credit standing) after a year+ they increased 2x CLI and then recently they offered her to upgrade to the VentureOne. I imagine that will be my scenario as well before I qualify for any travel related cards. 

I do have the Gold and Platinum Amex showing up in my CK recommendations, though I have "fair approval odds". I guess I will wait and see once my closing is complete to see where I stand. 

once again thank you for sharing your knowledge!!