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@MountainHiker wrote:Hello Gmood1
Awesome input thank you for sharing your journey. There are so many lurkers reading these boards. I was one of them before joining back in 2012, if I remember the date correctly. You and others on this forum believe it or not are changing lives. Amazing when we think about it like that.
I'm very torn between doing the right thing that takes in consideration myself and the company who is willing to offer their services, versus just trying to protect myself. Even if I were to suspend my natural tendency of wanting to do the right thing, my fear is it would backfire on me.
Because there are two more years remaining before those baddies fall off my credit report, there is a good chance they could be sold to a different collection agency. Wouldn't that be a real risk to take?
And if I want to get back in with Chase bank at some point it will be necessary to address the situation.
You mentioned other lenders out there. What other lenders are excellent for those individuals who may need to travel internationally?
In about a year there is a strong chance that I will be splitting up the year living in France and the States. It would be great to have cards that would work well in that new reality.
Thanks
7 years is 7 years, they will drop off, never to return.
I was nervous about applying with Citi years back. I owed them just a little over $100,000. Guess what, they approved me for a CC with them, while that baddie was still reporting.
They also approved me for at least 5 more CCs after that.
I learned for my mistakes back then. And have kept my credit in check ever since.
Citi, BofA, US Bank, Penfed and USAA are just a few to start. All of them offer CCs you can use anywhere in the world. US bank has become one of my favorites!
@Horseshoez wrote:
@MountainHiker wrote:Although I will say the Capital One SavorOne rewards card and the Venture cards do appear to be a higher end option among the subprime companies.
It seems to be a common misconception CapOne is a "Subprime" lender; the truth is they pretty much cover the spectrum of subprime, prime, and premium cards. Like you I am a fan of my SavorOne card and plan on keeping it regardless of what else I have in my wallet.
+1. Another myth I try to dispel. Lenders are not prime-subprime. Consumer profiles are prime-subprime. Lenders may issue more products towards particular credit profiles but most lenders issue a mix of credit products. (A handful of lenders do choose to issue primarily subprime cards but Capital One is not one of them.)
I >recently posted< about how Capital One began by using data analytics to specifically target PRIME customers but eventually expanded the technology into other credit profiles, including subprime. But they do offer a mix of cards targeted towards different credit profiles. Something for everyone.
@MountainHiker wrote:I'm very torn between doing the right thing that takes in consideration myself and the company who is willing to offer their services, versus just trying to protect myself. Even if I were to suspend my natural tendency of wanting to do the right thing, my fear is it would backfire on me.
So what you're saying is that you're a true believer in ....
... wait for it ...
Credit Karma? lol
@MountainHiker wrote:
In about a year there is a strong chance that I will be splitting up the year living in France and the States. It would be great to have cards that would work well in that new reality.
Granted my portfolio of cards is thin, but when I'm overseas my Chase and CapOne cards get used exclusively, if for no other reason than they have no FTF.
Hi longtimelurker
You're totally awesome.
I appreciate hearing various prospective when attacking a problem. Your approach is let's keep this moving get it done upwards and onwards. And it's helpful to hear from people who have the ability to target a process while leaving out potential unwarranted distractions. I'm working on that mindset.
Hello Horseshoez
I'm onboard with the SavorOne rewards card and I agree it being an amazing go to option. And to be honest this card feels nearly equal in rewards to my previous Chase Freedom card.
Thank you Firefox for responding. I'll be honest I had no idea Chase sold all their old debt. Sounds like if I do pay off the card it might be to my advantage to settle instead of paying on full?
Since you believe a collection agency might own that debt do you think a pay for deletion might be a possibility?
I don't think chase offers pay for deletion, but maybe a collection agency might?
I agree with those that said its probably not worth trying to pay back at this point since it's almost to the 7 year drop off date. Especially since there's no guarantee paying them back would even improve your odds.
That said, if you REALLY want to try to still get a card with them, paying them back would almost be a requirement (from their perspective; otherwise they may deny you on the basis of a previous negative relationship).
Hi Brian and thank you for your response to this discussion.
To hear from a wide ranging points of view and experiences is extremely helpful to myself and other people who may not post on these boards, but are lurking looking for answers to right a sinking ship. Thank you for contributing.
My question is this, when you applied to American Express or other higher end options, were your derogatory accounts all paid in full? This is a MAJOR sticking point.
Mostly because if I can get in with American Express with 5 year old unpaid charge offs on my credit file, I then would have more flexible decision making regarding those two unpaid charge offs.
But the question is has anyone been approved for a entry card with American Express while having unpaid charge offs on their credit file?
Hello AimHigh
Btw awesome tag name.
No, I do not believe there is any chance I owe that amount on that auto loan. When they received the car back it was in showroom condition and with very low miles. Essentially 7 months had passed from purchase to the surrendering of the vehicle. I'm thinking the total amount owed should be closer to about $7k or no more than $11k including fees. But this is a dynamic where the buyer is never involved in the auction block selling of the repossessed vehicle. And for that reason you're never told the exact details. The vehicle was financed by Honda motors. At the end of the day I'm at fault for not living up to the agreed upon arrangements. But in life we learn, and do everything possible to grow better from any chapter in life good or bad. In that vein let me share what I recently attempted.
I went on the American Express website and applied for a pre-approval just seeing what the possibilities might be. Did not expect to be approved.
I wasn't 100% sure which cards would be easier to attain . So I apted for the Green AE charge card and the response was to be honest better than I thought. I was denied.......but the only factor that was mentioned was my 650ish credit score.
If you're saying that co-branded cards are easier to attain than American Express charge cards, then maybe it might be worth trying again in about two weeks when my paid off credit card then reports. I'm guessing my score should go up at least 30 to 40 points.
All my credit cards have a zero balance except the one charge card I use for everything. Think my total utilization is about 20%, but that one card was probably closer to 85%. Will pay it down to about 1%.
Have heard having all cards reporting a zero balance could be a fico score issue.
Will see if that makes a difference!
And my inquiries total only 4.
I know oftentimes the hard part is getting in. The first date can be the most uncomfortable time for both parties involved.