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I have a question for the experts. I'm helping my mom. She got into problems many years ago and declared bankruptcy. She had several charge offs with American Express and Bank of America and Chase and a Citibank card. All of them charged off and they are dropping from her record next year.
Her credit score is already getting back on the mend in the 700s as she has been doing well for almost 6 years now. My question is...... will any of these same banks give her another shot? I know they will drop off her credit report next year but I assume these banks have their own internal system which show they charged off. Anyone know any situation where the banks will re-issue new accounts after a charge off?
Much thanks for answers.
Amex - no
The other banks have had varying reports on their policy.
@Anonymous wrote:Amex - no
The other banks have had varying reports on their policy.
Who do they think they are? Macys?
Regarding AMEX:
She may be able to become a member of their Oasis program that will entail her payting her old debt and them issuing her a new account. AMEX pretty much black lists people.
Other banks have terms and policies that are hit or miss on that.
Just because a debt has fallen off a credit report does not mean it no longer exists or that a company has forgotten you owe them money. In many cases companies are reluctant to relend to a person who walked on their past obligations to them.
AMEX - No
Citi - Yes
Chase - ?
Were these accounts included in a BK? You may not be able to participate in the Oasis program if the amount was IIB.