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Oh hey you were dumb 10 years ago, eff off
Dr. Frenchenstein
Registered User regular
Registered User regular
So way back in college (2001) i was a big dumbass, and fell for all those credit cards they offer outside the cafeteria. Got in over my head and a few credit card accounts went to collections, i settled and paid it off, and nothing is on my credit report about it any longer. I am in good standing on all of my credit cards currently, i own a home and a car, and am on time with my payments on both. I'm about 60-70% debt to credit ratio (i think...) so basically, i don't think i'm a credit risk.
Unfortunately, those two banks (Capital One and Citi) have the best offers at the moment on credit accounts. So i try to apply for a card and both deny me stating previous bad account history. they don't even look at my credit report. I tried to call capital one and ask someone if there was any way to get this black mark off my status with them. from i could learn from their confused and probably ill informed babble is that the computer has all that data, and they can't change anything. so i'm boned. Capital One even showed that the account was satisfied 9 years ago in their records, but still refused to do anything.
Has anyone had a similar experience and gotten around it? I'm working hard to rebuild my credit, but it seems all for naught if no big CC company will touch me because of something that happened 10 years ago.
Unfortunately, those two banks (Capital One and Citi) have the best offers at the moment on credit accounts. So i try to apply for a card and both deny me stating previous bad account history. they don't even look at my credit report. I tried to call capital one and ask someone if there was any way to get this black mark off my status with them. from i could learn from their confused and probably ill informed babble is that the computer has all that data, and they can't change anything. so i'm boned. Capital One even showed that the account was satisfied 9 years ago in their records, but still refused to do anything.
Has anyone had a similar experience and gotten around it? I'm working hard to rebuild my credit, but it seems all for naught if no big CC company will touch me because of something that happened 10 years ago.
Dr. Frenchenstein on
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Also I recommend credit unions, maybe see if you have a good one in your area.
-Current W.I.P.
Lots of people are finding themselves with credit issues nowadays, though. When financial and economic anxiety starts to wear off, credit markets are going to start stepping over themselves trying to find a way to rehabilitate shaky credit ratings for people who have defaulted on loans. In the meantime, I would agree that the best thing you can do for yourself is to speak with a branch manager at a local bank about getting a low-limit credit card along with a checking account that requires you to hold a certain minimum balance.
Good luck!
But I'm thinking that its only with those specific companies that you are going to have problems with. Even if you never paid off your credit cards at all, just forgot about them.... its been more than 7 years which is the statute of limitations. While the company can decide to never do business with you again, that information will not be found on any credit report and other companies should have no knowledge of them.
So I imagine it will be very difficult for you to get a card through those banks.
edit: although that's odd because if they sold the debt to collections they essentially got most of their money back. You settled your debt with the collections company.
Not true, if an account goes to collections then they can get anywhere from 2% - 50ish% of the amount. They write off the rest agaisnt profits as a loss.
its not really odd at all.
They still lost money on it. He still didn't honour the terms of his agreement. It makes sense that they wouldn't want to do business with him again.
No one you're speaking to has the authority to make any sort of decision.
You already have all of the things for which people need a good credit score. It seems to me that the next logical step would be paying off what you've bought (mortgage and auto payments), so that it can't be taken away from you.
You didn't file bankruptcy, did you? I'm told the records of those never truly go away...
Unless I missed something. It might not be about getting another card so much as it is a better one.
definitely didn't go bankrupt or anything like that. probably the only bad mark on my credit is the number of accounts i have, or the debt/credit ratio.
Improv - yeah, i realize that, hence this thread. i was wondering if anyone knew how to get an actual person who can make decisions on the line. Apparently at these big CC companies, there is only skynet, and it's decisions are final.
You might want to try calling your current cards, and just ask them if based on your history, if they can get you a better interest rate. You may qualify for a lower rate, but they won't give it to you unless you ask.
Do you have any savings accounts or other monetary assets in those banks? Those can also be a good bargaining chip, banks hate to lose stored assets. Just mentioning something like "I have ten thousand dollars in your bank and have always been happy with it but would really like to have my money in a bank that can also serve my credit card needs" gives you a lot of leverage, especially at smaller banks.