I was denied a credit card from Bank of America with a 675 score, 215k income, 8 positive tradelines and 1 unpaid chargeoff. They said it was because I had an unpaid chargoff with Cap 1 from 12-97. I applied online and got an immediate response. I have no derogatories except for the Cap 1. Can someone tell me if this is normal and is there any recourse ?
Your Cap One charge off will fall off the report this year if it was charged off in 1997. Yes it is very normal to be declined if you have an UNPAID charge off on your credit report.
Since the chargeoff is due to fall off shortly, you might want to try disputing it as obsolete. Many of us on the board have been lucky getting derogs to drop off a few months early.
