How easy is it to get new credit on old accounts which were negative and have fallen off your report. Yesterday I got turned down for a PeopleFirst loan AKA Capital One with scores of 789/749/743. I did have a paid negative Capital one account from 1995 that has fallen off my report and I figure that is the reason for the turndown. They are sending me a letter telling me why but my guess is they won't mention that. Also, I have thought about applying for an AMEX card but they were also negative 10 years ago. I would appreciate any thoughts on this and others experience.
Re: Is this possible/new credit/old Some creditors will keep "blacklists" of names / SSN exc of those who've had charge offs (even if they end up getting paid) They would be able to turn you down for new credit because of that, and I would expect that they would inform you in writing of why you were turned down. They may use any of the other possible excuses (too many lates, too high balance to limit ratio, credit not established lone enough) or I would assume could admit that because you didn't pay them before, they don't want to have you as a client again. I've wondered about that same thing, I can only assume that being blacklisted should be legal. If your friend borrows $100, and never pays it back, and spends hundreds on trips to Las Vegas, will you loan him another $100 after being burned? The challenge here is, if they use some other fact other than previous negative account with us and don't really have a reason . . . I wonder if you can sue? "Too many lates" Uhh . . . there are no lates on my CR. Now did they fall off with the 7 year clock, or did they get disputed off? If they were disputed off, they could get information that you don't get to see, there are those on this board who feel that the CRA's will show you a copy and have a copy with everything that they keep a record of and perhaps sometimes give out as your credit report. Just a thought. I know I wasn't much help. ChrisB
Re: Is this possible/new credit/old Just be happy they didn't approve you and then dump the old balance on your new card.
Re: Re: Is this possible/new credit Unless the application you signed stated that they would BT your old balance, they can't legally do it. If they approve me and dump the $$$ I owed them 7 years ago onto it, I'd be happy. Because then my debt to them would be paid, and I'd have a few thousand extra. ChrisB
Re: Re: Is this possible/new credit I don't have an old balance. It was paid. I did have a BK 12 years ago and the account I had with them was a collaterial account, so they never lost a cent on me. I have no negatives now, no lates, low balance on one CC card and O on the rest. I did dispute the Cap 1 account about 2 years ago and it did come off. I guess I am on one of their black lists, how do I find out. They probably have my old credit report from the past showing the BK. I have received 3 preapproved invitation to apply for a Cap 1 credit card at 4.99% in the past month. I'll forget about those.
Re: Re: Re: Re: Is this possible/ne Sorry, but they don't do it all the time. If you don't agree to it and it isn't on the application, then it is VERY illegal for them to BT an old charge off. Uninformed people do get suckered into the scam quite often, but they agree to it, usually the offer would state that you've made mistakes in the past and they want to help you get back on track with good credit or something like that, but it will by law have to indicate that they will be merging your old account with the new one. Then BAM you have instant debt that is no longer out of SOL and isn't anywhere near the 7 year reporting mark. ChrisB
Re: Re: Re: Re: Re: Is this possible/ne People complain about this sort of thing on www.ripoffreport.com everyday.
