Reestablishing Credit with For

Discussion in 'Credit Talk' started by David, Mar 21, 2000.

  1. David

    David Well-Known Member

    I was told today by a credit analyst of one of my former credit card companies that I included in my bankruptcy that decisions by them are made by the score of the last 7 years on your credit report, even though a bankruptcy shows for ten.

    But she also said that their company tracks former accounts forever in their computer system, and so credit granting decisions are based on that criteria and the last 7 seven years of performance.

    Anyone who reapplies for credit with the same company they "stiffed" may get credit with them again or be turned down, she said, which I know isn't a big statement, but that was hers.

    So 10 years later, 15 years later, you may get turned down for credit, even with a high credit score.

    Should you want to reestablish credit with a former creditor, are there strategies that can be drawn that would predict a favorable credit outcome?
     
  2. curiouser

    curiouser Well-Known Member

    RE: Reestablishing Credit with

    First of all I would assess how important it is for you to have credit with a former creditor. For example, if it was a Visa or MasterCard, you likely would have other options with other banks, so do you really need to have that particular Visa or MasterCard. If it is a department store or similar creditor, do you really need to have their card or could you use another card for purchases?

    Some creditors a will re-open closed accounts with a credit limit equal to the amount owed. Once that is paid off, you can use the account as you did before. I've also known people who have paid the amount owing with the proviso that the account be re-opened. Much depends on the size of the company, smaller companies are usually much more willing to work with you than large.

    I'm not certain what the risks of either of these strategies are. I don't know if something that was dead and buried could resurrect itself as an unpaid account. Others may have a better idea.
     
  3. David

    David Well-Known Member

    RE: Reestablishing Credit with

    My account was with Citibank, and it was a Mastercard. I would like to have an account again with them some day.
     
  4. Credit Ran

    Credit Ran Guest

    RE: Reestablishing Credit with

    Amex for one is unlikely to issue a new card if you have a BR with them but as C&C stated there are many banks out there that woull consider you
    best CR
     
  5. curiouser

    curiouser Well-Known Member

    RE: Reestablishing Credit with

    Citibank is difficult. They keep records forever and seem to be unwilling to open an account if you've messed up with them in the past.

    I don't know how willing they are to negotiate with you. My gut feeling says "not very." But this might work. See if they still have and if you qualify for their secured card program. You might still have to pay the original debt to them. However, opening a secured card account offers little risk to the creditor so they might be willing to open an account. Do some research before you try this process; find out if your BK and your experience with Citibank automatically excludes you.

    All in all, I'd let it go. I do have a Citibank card, but I don't think it affords me any greater opportunities or service than any other card I have.
    Good luck.
     
  6. David

    David Well-Known Member

    RE: Reestablishing Credit with

    Thanks CC, I did call Citibank today, in fact.

    The rep told me she didn't know if my account could be opened or not. Depends on the card. She said some of their card programs are discontinued, and the user names with the card get deleted.

    Sounds like a crapshoot.

    Btw, if you have bad credit witn one company and it has a parent company, does that sink you in getting approved with both companies, if they have a strict policy? Even if the negatives have dropped off the credit report?
     
  7. rick

    rick Well-Known Member

    RE: Reestablishing Credit with

    I'm having that problem with Citibank right now. I am trying to get a Diner's Club, although that was never charged off, my Citibank Visa was. They seem to be unwilling. My credit is stellar now. Any ideas?
     

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