From 1984 until 2000 I had a perfect credit file, with over 40 accounts paid-as-agreed on everything from a $1000 VISA, a $75k boat and a couple of houses. When I bought my third home in 1999 I was making 250k annually and my score was over 800. But in 2001 my start-up technology company hit the skids when the tech bubble burst. Venture funding dried up and we suffered a long, slow, painful death that completely wiped me out. Things started out being paid late, then eventually I charged off the several cards in 2001 and 2002 and had to sell the house in 2003. My scores tanked to 500-525. I did not file BK.
I managed to find senior level employment again in late 2004 and have slowly built my way back. First I received a $500 First Premier Card, then a Capital One Card at $500, then a couple of HSBC cards, $1000 and $1700 CLs respectively. Using those silly cards I managed to get the scores up to the 625-635 range last fall and then qualified for a $450k mortage (with $250k annual income and no other debts.) But for the most part, we have been cash-and-carry. Our cars were paid for before the bust.
Today my scores are TU 649, Exp 647 andEquifax per MyFico is 652. I ignored the charge-offs, and they are ignoring me. I have a $30k bank line of credit charge-off, a $12k credit card charge-off and a $10k credit card charge-off, all assigned to collection agencies and reporting as such on the 3 CBs. A few letters from time to time but no calls, no harassment, no judgements, 5+ years later. I haven't applied for anything but the mortgage since 2005 so I only have three inquiries on each CB. And I have no jugdements.
I need to dump the First Premier for sure and maybe even the Capital One. I just want to get my score above 675 so I can at least get in to the B-tier auto financing category. Of course, I am already planning on $10-15k down on a car, so that's not an issue. Can I qualify for better cards with higher limits in this scenario or are my "past credit card crimes" going to kill me? Do I pay the charge-offs or let them go?