Discover second chance

[Anonymous]

Hi guys I paid a charge off account I had with discover about 90 days ago, and I have been working on my credit I was able to bump it from 470 to 700 scores in about 4 months .

anyways , I keep checking the pre approval page for discover and getting denied the letter states it's based on "status of past account with discover " how long will it be until I'm out of discover jail ?

[Anonymous]

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@Anonymous wrote:

Hi guys I paid a charge off account I had with discover about 90 days ago, and I have been working on my credit I was able to bump it from 470 to 700 scores in about 4 months .

anyways , I keep checking the pre approval page for discover and getting denied the letter states it's based on "status of past account with discover " how long will it be until I'm out of discover jail ?

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first, it has only been 90 days.

Second, did you settle or PIF? That will make a huge difference.

Last, how old was the account when it went bad? If recently, they are not likely to extend you credit again straight away.

[Anonymous]

First , 90 days is a quarter of a year 

second , I settled 

third , it was like 3 years old card before it went bad 

[Caliboy97]

Im assuming since you settled they might treat it like if you burned them in a bankruptcy and have to wait 1 year 

[FireMedic1]

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@Anonymous wrote:

Hi guys I paid a charge off account I had with discover about 90 days ago, and I have been working on my credit I was able to bump it from 470 to 700 scores in about 4 months .

anyways , I keep checking the pre approval page for discover and getting denied the letter states it's based on "status of past account with discover " how long will it be until I'm out of discover jail ?

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You PIF or settled? Theres a difference. Give it a year or so like BK'ers have to go thru.

[Anonymous]

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@Anonymous wrote:

First , 90 days is a quarter of a year 

second , I settled 

third , it was like 3 years old card before it went bad 

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On the second, if you settled, they are not going to like that. Creditors generally want to be made whole.

While 90 days is a quarter of a year, it will likely take much longer than that since you settled. I have not heard of them letting lekple back in right away like Cap One does.

Last, while it went bad 3 years ago, it took 3 years and a settlememt to be dealt with. They will want more time as creditors have a long internal memory. They don't have to purge their records after 7 years like CRAs do.

[gorgon]

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@Caliboy97 wrote:

Im assuming since you settled they might treat it like if you burned them in a bankruptcy and have to wait 1 year 

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It has been two years since my BK7 discharged that Discover was included in. I still get the "Status of previous accounts" message on the prequalifier.

[joltdude]

SInce you settled, not PIF, its likely to be at least a full year, more likely at least two years before you can get back with them.....

In the past, pre current economic climate, it was usually at least 2 years for BK..... there were exceptions....

-J

[coreysw12]

I settled my Discover account over 18 months ago, and I still get denied on the pre-qual page every time I try, and it says "status of existing/previous Discover account" as my only reason for denial. They're clearly still very unhappy with me, even after so much time.

So my guess is, at least 24 months.

Chase and Cap1, on the other hand, forgave and approved me for new cards after only 4 months.

Edit: I just remembered that ONE time, they finally did offer me a card on their prequal page about a year ago, and I got so excited that I immediate took the offer... which resulted in a denial, and of course a letter in the mail citing my previous account history as the reason I feel like they only "pre-qualified" me as revenge because they're still bitter, and wanted to bait me into wasting a HP.

[joltdude]

A bit surprised on the Chase....they usually have a long memory ....  Am going to ask... PIF or Settle? Had a similar experience helping a friend settle with Cap One.... they actually sent him a preapproval offer 3-4 months after he settled.... and was approved....

Even when you settle, you cost the bank a loss... some banks dont take too kindly to that.... CU are notorious for that.. All kidding aside a 2 year time-out is not unreasonable...... it could be 7+ years.... 

-J