New Credit with Old Creditor

Anonymous · ‎03-07-2019

Since my last post I have been working hard to repair my credit in antisipation of having to find a new place to live, which is coming up soon. I have raised all my scores from:

FICO (from Discover) is 567.

Individual bureau’s score 603, 616 &617

To:

FICO (from Discover) is 587.

Individual bureau’s score 617, 618 &638.

I was also able to be approved for an Indigo CC ($300 limit) in October '18. That has definately helped with the increase in scores, as I make sure not to carry a balance. I have not paid a penny of interest so far! More things are scheduled to fall off this year, one of them being an old charge-off that is still reporting 110% utilization which, it seems, is dragging things down the most (according to Discover's free score check). I am hoping after that to be able to get a second (no anual fee or rewards) credit card.

My question is: Do I have any chance at a second chance with some of the creditors I have messed up with in the past? For example, I really loved my Best Buy Rewards card but they are now managed by Citi. I had an old debt I defaulted on with Citi, went to collections, recieved a judgment but paid it in full in 2017.

Thanks!

Edit: For referance, the lenders were: 1st Financial Bank, Capital One, Credit One, Discover, Chase, & Citi

Some with multiple accounts with a mix of paid & closed, charged off, and charged off/paid.

AverageJoesCredit · ‎03-07-2019

Yes, most lenders will eventually give 2nd chances, including Citi

Anonymous · ‎03-07-2019

Someone with more knowledge will have to follow-up, but I do know it is possible to get back into those old creditors. Some are extremely hard to get back into though (USAA comes to mind) where some may take you in a couple of years or so. I wouldn't worry too much about it now, just keep building your credit, pay in full/no interest, and try to do AZEO. It may be very well into 2020 before you can seriously start looking back at your old creditors.

Also, I think lenders like Amex won't consider you unless you correct any issues respective to them (paying back what you burned them on, etc.). It will also depend on how much you took 'em for.

Just keep on keeping on!

Anonymous · ‎03-07-2019

@Anonymous wrote:
Someone with more knowledge will have to follow-up, but I do know it is possible to get back into those old creditors. Some are extremely hard to get back into though (USAA comes to mind) where some may take you in a couple of years or so. I wouldn't worry too much about it now, just keep building your credit, pay in full/no interest, and try to do AZEO. It may be very well into 2020 before you can seriously start looking back at your old creditors.

Also, I think lenders like Amex won't consider you unless you correct any issues respective to them (paying back what you burned them on, etc.). It will also depend on how much you took 'em for.

Just keep on keeping on!

Thing is, I only have 1 cc. The only active debt on my report is student loans and the 1 cc that I allow to report under 10% to show its being used. Thing is, it has a $100 anual fee that I want to try and get rid of before it comes due again in October. Everything else I have no idea what to do with since I got no response to validation or PFD letters and they will drop in 3-5 months anyway.

For referance, the lenders were: 1st Financial Bank, Capital One, Credit One, Discover, Chase, & Citi

Anonymous · ‎03-07-2019

@AverageJoesCredit wrote:
Yes, most lenders will eventually give 2nd chances, including Citi

This gives me hope, thanks.