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ddartguy

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Will Cap1 charge-offs block getting a new Cap1 card?
In 2007 I had a 780 credit score and was flipping houses with 3 homes in various stages of remodel when the bottom fell out of the housing market. I was 62. They were finally sold at a loss by summer of 2008 and I used up what resources I had, maxed all 6 of my credit cards (3 were Cap1) and spent years trying to find a job. I'm now 67 and living on Social Security and food stamps with no way of paying anything toward the old cards (all charged off and in collection). I want to start rebuilding my credit and I see on CK that I MAY qualify (score now 580) for a Cap1 card. I'd like to apply, but I'm concerned that might trigger something I'd regret. Should I be concerned?

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Caution needed.

Depending on where you live, those credit cards may still be showing on your credit report as a negative and may stillbe eligible for collection activity.

Since you said you are on social Security AND food stamps, I'd suggest the only card you might get is a secured card and it could be the only one you might be able to qualify for.  But, getting food stamps is a clear indication that a credit card might not be a good idea.  I'm on disability and do have to watch the funds carefully.  You might want to think this idea over, okay?

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