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I am positive that it won't be removed. I went as far as I could with HSBC by speaking with a manager and pleading my case but to no avail. They DO NOT budge, and I'm not a pushover, I argued my point. I am afraid though, that since the chargeoff will be so recently paid that it may work against me. I'm sure it would look better if it were paid much earlier before applying. I'm also wondering that if I am denied for BCE, if I can use the same HP for a Zync, which I know is easier to attain and will build a relationship with AMEX.
Some have had success wit goodwill letters to HSBC.
The first Prime CC I applied for was an AmEx Blue Cash 3/11 my EX FICO was somewhere around 715 (per the AmEx rep I spoke with, she wouldn't tell me my EX FICO but I said to her my TU FICO is 710 and she just said your EX FICO is just a bit above your TU)
I also had a 6 year old HSBC CO but with a 0 bal it was my only derog, I was instantly approved over the phone, I did not app online (don't know if that mattered).
My AAoA's were well below yours and I only had 4 other CC's at that time, all rebuilder cards, highest CL was 750. AmEx approved me with a 2K CL. (now 7500)
And you are 100% correct about HSBC being Mod Cut the CO was not even mine, someone stole my identity. I was able to have 2 other derogs removed by disputing them, but HSBC always came back as "verified" until one day, my dispute got into the right hands, and HSBC removed the erroneous derog from my reports.
Wishing you the Best of Luck!
had you paid the CO when AMEX accepted you, if so, how long had it been paid? What were your scores then?
giving this a bump because I have now paid this CO. Does anyone know an answer to the following question?...if my DOFD was 4/2006, yet I paid the CO off in 1/2012, does that make the chargeoff nearly 6 years old in the eyes of a lender...or is it less than a month old?
Also wanted to see some feedback on weather I am shooting too high for a BCE rather than trying to begin with a Zync. Here is my current situation
EX-705
(2) 30 day lates, one is 6.5 years old, the other is 5.5
HSBC paid chargeoff $0 balance from a rapid refund tax check that was never paid by the gov't.
AAoA 6-7 years
CC util <9% and PIF every month on 2 cards for 18 months
I look forward to some solid feedback.
@FicoTron wrote:giving this a bump because I have now paid this CO. Does anyone know an answer to the following question?...if my DOFD was 4/2006, yet I paid the CO off in 1/2012, does that make the chargeoff nearly 6 years old in the eyes of a lender...or is it less than a month old?
Also wanted to see some feedback on weather I am shooting too high for a BCE rather than trying to begin with a Zync. Here is my current situation
EX-705
(2) 30 day lates, one is 6.5 years old, the other is 5.5
HSBC paid chargeoff $0 balance from a rapid refund tax check that was never paid by the gov't.
AAoA 6-7 years
CC util <9% and PIF every month on 2 cards for 18 months
I look forward to some solid feedback.
Hi Fico Tron,
Regarding Amex approvals, there really isn't any way to predict if they'll approve an applicantion or not. For most cards, the Fico score has a strong correlation with approval/denial, but not with Amex. They rely much more on their internal scoring, and other various data they've collected. If you score well on their internal models, a single CA wouldn't bother them. There are many instances with existing cardholders where they'll ignore a CA--assuming their cardholder simply has a dispute with a bill. Such things happen in life, right? If a card company will refuse or use aa against their customers for any single CA, then we'd all be held for blackmail by unscrupulous collection agencies.
I applaud you for paying your debt. It shows honor, integrity, and a sense of fair play. In my view, one of the tenets of life should be that one always pays his debts.
However, from a scoring perspective, paying your debt has made the entry more recent, and likely to decrease your scores. Since you've paid in full, I'm not sure if you've reset the reporting period 7 years after the date of last repayment. If you didn't pay in full, I know in many states the SOL will be reset. Perhaps, a fico expert can answer this question.
The dilemma of our credit reporting system is that you'll be punished by the scoring by honoring old debts close to falling of your report. If you check your scores, I'd imagine they've gone down because this reports as a "recent" collection as opposed to an insignficant one out of SOL and older than 5 years. Whatever the debt, Fico almost ignores a debt, late, etc...once the age increases over 4 or 5 years.
Best of luck!
Hi Fico Tron,
Regarding Amex approvals, there really isn't any way to predict if they'll approve an applicantion or not. For most cards, the Fico score has a strong correlation with approval/denial, but not with Amex. They rely much more on their internal scoring, and other various data they've collected. If you score well on their internal models, a single CA wouldn't bother them. There are many instances with existing cardholders where they'll ignore a CA--assuming their cardholder simply has a dispute with a bill. Such things happen in life, right? If a card company will refuse or use aa against their customers for any single CA, then we'd all be held for blackmail by unscrupulous collection agencies.
I applaud you for paying your debt. It shows honor, integrity, and a sense of fair play. In my view, one of the tenets of life should be that one always pays his debts.
However, from a scoring perspective, paying your debt has made the entry more recent, and likely to decrease your scores. Since you've paid in full, I'm not sure if you've reset the reporting period 7 years after the date of last repayment. If you didn't pay in full, I know in many states the SOL will be reset. Perhaps, a fico expert can answer this question.
The dilemma of our credit reporting system is that you'll be punished by the scoring by honoring old debts close to falling of your report. If you check your scores, I'd imagine they've gone down because this reports as a "recent" collection as opposed to an insignficant one out of SOL and older than 5 years. Whatever the debt, Fico almost ignores a debt, late, etc...once the age increases over 4 or 5 years.
Best of luck!
Reporting period is 7 or 7.5 years post date of first deliquency I believe. Paying it may or may not reset the SOL but the reporting period remains the same unless it has been re-aged and that is illegal. So OP should be fine as far as reporting period is concerned. I think that is how it goes, someone can correct me if I'm wrong.
@Open123 wrote:Hi Fico Tron,
Regarding Amex approvals, there really isn't any way to predict if they'll approve an applicantion or not. For most cards, the Fico score has a strong correlation with approval/denial, but not with Amex. They rely much more on their internal scoring, and other various data they've collected. If you score well on their internal models, a single CA wouldn't bother them. There are many instances with existing cardholders where they'll ignore a CA--assuming their cardholder simply has a dispute with a bill. Such things happen in life, right? If a card company will refuse or use aa against their customers for any single CA, then we'd all be held for blackmail by unscrupulous collection agencies.
I applaud you for paying your debt. It shows honor, integrity, and a sense of fair play. In my view, one of the tenets of life should be that one always pays his debts.
However, from a scoring perspective, paying your debt has made the entry more recent, and likely to decrease your scores. Since you've paid in full, I'm not sure if you've reset the reporting period 7 years after the date of last repayment. If you didn't pay in full, I know in many states the SOL will be reset. Perhaps, a fico expert can answer this question.
The dilemma of our credit reporting system is that you'll be punished by the scoring by honoring old debts close to falling of your report. If you check your scores, I'd imagine they've gone down because this reports as a "recent" collection as opposed to an insignficant one out of SOL and older than 5 years. Whatever the debt, Fico almost ignores a debt, late, etc...once the age increases over 4 or 5 years.
Best of luck!
This doesn't apply to collections if the data is coded and entered correctly. Collections are scored off the Date of Assignment not the Date of Last Activity.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
yeah, the DOFD is what they go by, unless i am delinquent again, which I can't be because I paid the debt in full. I have a legit gripe about it too, so if I have to recon with AMEX, maybe they'll hear me out...I'll be apping soon I think.
@FicoTron wrote:I want to apply for an AMEX revolving card. My AAoA is over 7 years, I have one 30 day late from over 6 years ago, and I have an unpaid chargeoff from over 5 years ago ($443). My EX score is about 700 i'm, not positive, I know that is the one that matters. My EQ is 772. Should I pay this chargeoff before I app? I've seen others getting approved with old negs. Or will they just deny me even with it paid?
I would try to PFD and get it removed before apping.