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Discussion in 'Credit Talk' started by Chet, Oct 8, 2000.
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I have one PAID chargeoff from 1996 that was only $130. That is the ONLY negative on all 3 reports. My credit union won't even think about offering me credit (a card, overdraft, etc). All my cards are through other (prime) banks. Credit unions are notoriously stricter and less forgiving.
I must agree...
I had $3k in my savings account and my credit union WOULD NOT approve me for a SECURED visa AT ALL! Normally the process is once your approved for a secured card, they request that you put the money in your savings account. Then they reserved the funds until your card turns unsecured. Then they take the reservation off of the account so you have access to the money. I had the money in there and everything but NOPE! I'm still bugged about this. I really needed a secured card w/ no annual fee and a 14% interest rate.
So I can imagine that if you have any blemishes at all on your credit, they probably won't approve you for a regular card. I would call and find out first, maybe it might be different at your credit union.
I have received 2 cards since
and foreclosure. The foreclosure was in 1998. The Chap 7. B.K. in Feb 1999.Both cards are unsecured and have a $1,000 limit each.
I got the first card in January 2000. The second in May 2000.
I provided evidence of my injury, a letter explaining what happened and pointing out that I had a new auto loan, capital One card and 2 dept. store charges that are current, current paycheck stub.
I also gave them a copy of a letter from Capital One applauding me as a customer and refunding my $99 deposit.
Please remember that while my credit has a B.K. and a foreclosure; I have no chargeoffs.
My income is high, my expenses are low.
True but see my strategy below
On another topic, I also later took out a secured loan for $1,000. I paid it off and it is now an aditional item of good credit reported to Experian
Wow, that has certainly not been my experience. My credit union got me back on track to the "prime" highway. Credit unions have a reputation for being more forgiving. Especially since most times you get to sit and talk with a representative face to face. Sounds like you've got the wrong CU.
RE: I have received 2 cards si
oh, yes. I would imagine that a (paid)chargeoff for $130 is less appealing to a creditor than an entire bankruptcy (where ALL your debt was completely charged off UNPAID) AND a foreclosure.
Of course, I am being sarcastic, but, having NEVER filed bankruptcy, NEVER having anything repossessed, and only having one paid chargeoff for such a small amount which is the only thing preventing me from obtaining credit from my credit union makes me mad. I have several UNSECURED credit cards and installment loans closed and paid in full, so I have more than sufficiently proven I am willing and able to meet my finaancial responsibilities.
Please don't think I am a know
My strategy worked for me. To me, credit unions are more strict. They are also more humane when you show up with a healed injury and bad credit. I was not given the cards because of my statistical score. It was becuse they knew me and want to do business with me now that I am well.