Questions Regarding New Cards with Old Creditors

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phoenix
 
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Questions Regarding New Cards with Old Creditors

Postby phoenix » Fri Sep 27, 2013 7:02 pm

Over time, some items have fallen off of my credit reports due to time limits, rather than me being able to pay them off. I'm in a different chapter in my life and although I am currently uninterested in re-applying for new credit with the companies I formerly had cards with, I wanted to know whether or not they usually retain your old records and

1. use them to deny new you new credit
2. can come after you if you apply for a company they have acquired or merged with

Does this just vary per company and are American Express or Discover special cases?

Also, once an item has been removed from a credit report due to does a credit card company ever have the ability to put it back in again later, for instance, if they locate information in their records verifying what they previously could not?


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Snowman
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Postby Snowman » Sat Sep 28, 2013 2:27 am

Phoenix- All credit companies maintain databases of consumer accounts. I know of people who have burned Amex in the past, and unless they pay what they owe or a significant amount of time has passed, it is unlikely that they will approve you. And yes they maintain blacklists as well, so if you burned them, they won't even pull an inquiry and just deny you on the spot. Also, for example, BOFA bought MBNA, and people who did burn MBNA are generally not approved for BOFA cards due to their previous history before the merger took place. Did you burn any creditor? And if you try to pay the debt, they MIGHT come after you and re-age the debt on to your CR's again.
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takeshi
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Postby takeshi » Mon Sep 30, 2013 10:57 am

Keep in mind that an item falling off your report doesn't eliminate the debt. Many companies do keep records and you probably will run into trouble if you've burned them in the past. Some are willing to work with you if the settle the debt.

phoenix
 
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Postby phoenix » Sat Oct 12, 2013 5:45 pm

Thank you for your replies. Though I do see inquiries on my credit reports from some former creditors, including Amex, the recession has been utterly destructive and unless something magical happens, it doesn't look as if repayment of debt will come any time soon, if ever, unfortunately. I was young when I had credit issues. But, in addition and sadly, what financial institutions set in order which caused the recession, has financial consequences all around, appropriately, as well. As a result, corporations unwillingness to hire or hire at decent salaries, make debt payment of high improbability. That's too bad. Given better opportunities and a bright future, it would've been different.



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