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Advice needed - do credit card charge-offs come back?

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Advice needed - do credit card charge-offs come back?

Hi I’m new here. Need advice urgently. I’m kicking myself! I was on track with my rebuild after incurring a lot of debt from an illness and job loss. And my credit reports are in good shape in the 680-720 range across all 3 CB at last with only a late payment from 2013 from a student loan showing up. I had 1 starter secure card from Cap1 that graduated finally 2 yrs ago but it is bucketed with a $500 SL. In May, I got an offer from my Chase branch for the CFU which was amazing considering I had burned them back in 2007. They charged off $10K. I didn’t use any credit cards until 2016 when I got the secure card. I got a little too confident when I got approved for CFU and appd for an Amex Gold same day for my business travel. And then I tried for the Southwest card this mth and got denied. I called to recon and got another HP and the UW brought up my chargeoff. And said they were denying me because I had too many new accounts (I’m 2/24) and inquiries (4 total since 2018 w/2 of them from Chase!)

So now I’m worried that the charge-off will come back and I will be liable again. Or Chase may shut down my CFU. Any advice? I’m new to how this all works. What should I do aside from gardening for the next 2 yrs. Please help with any advice?!.
Message 1 of 7
6 REPLIES 6
Community Leader
Super Contributor

Re: Advice needed - do credit card charge-offs come back?


@FicoRiRi wrote:
Hi I’m new here. Need advice urgently. I’m kicking myself! I was on track with my rebuild after incurring a lot of debt from an illness and job loss. And my credit reports are in good shape in the 680-720 range across all 3 CB at last with only a late payment from 2013 from a student loan showing up. I had 1 starter secure card from Cap1 that graduated finally 2 yrs ago but it is bucketed with a $500 SL. In May, I got an offer from my Chase branch for the CFU which was amazing considering I had burned them back in 2007. They charged off $10K. I didn’t use any credit cards until 2016 when I got the secure card. I got a little too confident when I got approved for CFU and appd for an Amex Gold same day for my business travel. And then I tried for the Southwest card this mth and got denied. I called to recon and got another HP and the UW brought up my chargeoff. And said they were denying me because I had too many new accounts (I’m 2/24) and inquiries (4 total since 2018 w/2 of them from Chase!)

So now I’m worried that the charge-off will come back and I will be liable again. Or Chase may shut down my CFU. Any advice? I’m new to how this all works. What should I do aside from gardening for the next 2 yrs. Please help with any advice?!.

Hi and welcome to the forums.

 

Relax, CO is not coming back. It's not. 

 

As far as Chase and what they will do with Freedom, I dont think anyone can answer that for you. Hopefully, nothing. 

They issued you a Freedom a few months back but at this time they are not willing to extend any more credit, probably till they see how you treat your current account.  

Best thing you can do is just use your cards like you normally would, dont apply for anything for a while, and it should be okay 

 

EX 754 EQ 773 TU 752
Message 2 of 7
New Member

Re: Advice needed - do credit card charge-offs come back?

Phew! I don’t know enough about chargeoffs and it was so long ago I don’t know if it went to a collection agency. Where can I find out more info just for for my own sanity? I tried googling but the info is mixed...there are statute of limitations but not sure if the clock starts up again. I got worried that I triggered some alert somewhere with my stupid sttempt to recon.
Message 3 of 7
Community Leader
Super Contributor

Re: Advice needed - do credit card charge-offs come back?


@FicoRiRi wrote:
Phew! I don’t know enough about chargeoffs and it was so long ago I don’t know if it went to a collection agency. Where can I find out more info just for for my own sanity? I tried googling but the info is mixed...there are statute of limitations but not sure if the clock starts up again. I got worried that I triggered some alert somewhere with my stupid sttempt to recon.

SOL clock does  not restarted because you applied for a card.  If that was the case, it would have happened when you applied for Freedom, but again, that's not how it works. 

Most common reason for SOL "restart" is when a payment or promise to pay an old debt is made. You did not do that. Seriously, it's not happening. 

There wont be any SOL restart. You're fine as far as legal action. 

EX 754 EQ 773 TU 752
Message 4 of 7
Super Contributor

Re: Advice needed - do credit card charge-offs come back?

Chase will never forget you burned them and it will come up every time you want a new card, or a CLI, or an apr reduction. But if you're out of the statute of limitations, you're fine. Just have to wait for it to fall off your report unless it goes to a collection company.








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Message 5 of 7
New Member

Re: Advice needed - do credit card charge-offs come back?

It was over 10 yrs ago...I think statute is 6 yrs here in ny. Too late for collections? It’s not on my reports at all.
Message 6 of 7
Community Leader
Super Contributor

Re: Advice needed - do credit card charge-offs come back?


@FicoRiRi wrote:
It was over 10 yrs ago...I think statute is 6 yrs here in ny. Too late for collections? It’s not on my reports at all.

Again, you're fine. It's too late for all of it. 

EX 754 EQ 773 TU 752
Message 7 of 7
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