I settled with credit card companies... will they ever let me open a charge there again?

Okay, the credit card companies (5 of them) got me when I was 18. I was young and stupid and decided to rack up debt that I couldn%26#039;t pay off. I decided to do a settlement (on all 5). Now, when I really need the cards and I would be able to pay on them monthly... I unfortunately cant get them. I look back now and think of all the useless silly things I purchased and regret it! Now there are so many things I need but I cant afford to pay cash for. Will these places ever give me a credit card again? Is there a way I can get it off my record without having to wait the numerous number of years? Any other ideas?

I settled with credit card companies... will they ever let me open a charge there again?

Credit card companies will eventually start to make offers to you again. However, because of your past credit history, they are going to start you off with a small amount and, most likely, they will give you a card at a VERY high interest rate.

Getting gouged with extremely high finance charges and interest rates is sort of the pennance you must do, for a time, in order to re-establish your credit.

You will have to be patient, and endure this, in order to increase your FICO score and regain the trust of the various creditors.

Take it slow and steady. Put some money in the bank (savings), and retirement accounts. Make some investments. Don%26#039;t bounce checks. Buy things that you can afford to pay off immediately or at least on time. Make sure you pay more than the minimum and keep an eye on your FICO score. Also keep an eye on your current standing with creditors by getting your yearly free credit report.

I know these things because, just like you, I was taken advantage of by credit card companies when I was too young, too naive and too irresponsible to handle my credit. But take heart. After my bad credit fiasco, it took about a year or two before I could get credit cards again. From that point, it took me about 3 or 4 more years to regain my credit rating. Here I am, 10 years later, and I have a FICO score ranging from 750 to 760 and banks beg me to take out a loan or a credit card.

Just be careful this time around, please.

I settled with credit card companies... will they ever let me open a charge there again?

It all depends.

I included Providian in my bankruptcy back in 2001 and they gave me another card in 2004.

You most likely will have to try other credit card companies like First Premier, Capital One, H.S.B.C. or Orchard Bank to re-establish first.

As far as removing the accounts, forget it any information that is correct can not be removed before 7-years from the date of first delinquency.

I settled with credit card companies... will they ever let me open a charge there again?

You havent learned your lesson? Look through these forums for a few days and see all the people in trouble with credit cards.

You know how hard it is to get out of the credit card game once you start losing. You surely know by now that the credit card companies make all the rules and can change the rules in the middle of the game.

Your winning now! stay debt free its the way to be!

Check out daveramsey.com and listen to his radio show or watch him on Fox Business News Network. He has lots of great advice on money and debt.

Some people call his view radical. They called our founding fathers radicals 250 yrs ago.

I say he%26#039;s in good company.

I settled with credit card companies... will they ever let me open a charge there again?

It%26#039;s not likely these companies will give you a credit card again and if they do offer they will do a credit check on you first and see the problems you had paying in the past and they will not put your application through and this will go on your credit that you were refused a credit card.

Get a co-signer when you apply for a credit card..your co-signer has to have good credit...a co-signer is basically there so that if your unable to pay your co-signer has to pay for you.

Alot of people don%26#039;t like co-signing because they end up with someone else%26#039;s debt and that ends up on your co-signers credit report.