How long do charge-offs stay on your credit history?
Guest: traveler505
Post subject: How long do charge-offs stay on your credit history?
Posted: Fri Mar 03, 2006 2:53 am
Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs.
I've read (here, I think) that AmEx never forgets. What about Chase and Citibank?
For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card?
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Guest: boogaloo
Posted: Sun Mar 05, 2006 3:09 pm
My experience with Citibank is that they have a looooong memory. My BK (due to a bad divorce) was discharged almost 10 years ago and they still have me blacklisted, even though I have rebuilt my credit and have a high paying job now.
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Guest: Tigerdad101
Posted: Sun Mar 05, 2006 10:10 pm
boogaloo wrote:
My experience with Citibank is that they have a looooong memory.
I'll second that. Back when I was young and stupid I got into some financial trouble right after I left the service. We're talking a quarter of a century ago here. Anyway, I wound up unemployed for a while and eventually had Citibank charge off my account. Twenty five years after the fact and they still remember and still don't want my business. So yeah, long memory. Like an elephant, Citibank never forgets.
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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 12:47 am
traveler505 wrote:
Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs.
I've read (here, I think) that AmEx never forgets. What about Chase and Citibank?
For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card?
They USUALLY never forget
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: How long do charge-offs stay on your credit history?
Posted: Fri Mar 03, 2006 2:53 am
Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs.
I've read (here, I think) that AmEx never forgets. What about Chase and Citibank?
For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: boogaloo
Posted: Sun Mar 05, 2006 3:09 pm
My experience with Citibank is that they have a looooong memory. My BK (due to a bad divorce) was discharged almost 10 years ago and they still have me blacklisted, even though I have rebuilt my credit and have a high paying job now.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Tigerdad101
Posted: Sun Mar 05, 2006 10:10 pm
boogaloo wrote:
My experience with Citibank is that they have a looooong memory.
I'll second that. Back when I was young and stupid I got into some financial trouble right after I left the service. We're talking a quarter of a century ago here. Anyway, I wound up unemployed for a while and eventually had Citibank charge off my account. Twenty five years after the fact and they still remember and still don't want my business. So yeah, long memory. Like an elephant, Citibank never forgets.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 12:47 am
traveler505 wrote:
Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs.
I've read (here, I think) that AmEx never forgets. What about Chase and Citibank?
For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card?
They USUALLY never forget
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:59 AM
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