AMEX help

[msdraglox]

So long story short, I was a AU on an Amex card (my dad wasnt using it so he gave it to me) I forgot to make a payment one month and AMEX closed the card in 2008. I made the payment the same day they closed the card (10 days after the due date, no grace period card). The card shows no lates on my CR but shows closed at credit grantors request. the card is my oldest card at 16yrs (i am only 26). On TU report the card shows a balance, I called AMEX and they said that they could do one of two things:

A) delete the card from my report

B)leave it alone since they claim they are reporting it correct

I told the CSR that her options were not acceptable and she said well dispute it with the CRA for the balance to get fixed. 

My questions are:

1. would the account being closed at AMEX request be hurting me in any way (ie AMEX black list???)

2. would removing the account hurt my score in any way since the 16 yrs will go bye bye

PLEASE HELP

[Anonymous]

1.  Having the account closed due to adverse action is not helping you with AMEX, but it is not affecting your FICO.

2.  The fact that you paid the account and they did not CO the account nor have it go 30 days late means you would be able to get an AMEX again, whereas if you had a large unpaid balance, BK or CO....they wouldn't.

3.  Removing the account would hurt your OLDEST account age and your AAoA.

NOTICE:  If you dispute the account on your CR it will be deleted.  An AU cannot get a "correction" since they are not financially responsible.  If you dispute the balance, the account will end up deleted and you will not be able to get it back ESPECIALLY on TU.  This is based on my own experience, not just theory.

[msdraglox]

You were right, they deleted the amex oh well at least now maybe I wont be blacklisted....

[Anonymous]

That's too bad on the deletion.  At 16 years, that account was far more beneficial for age/AAoA than any small balance anomoly.  As long as the account was shown paid as agreed and no derog remarks, any balance reported was very inconsequential....you may see a score drop from the deletion. 

Blacklist really only applies to bad accounts that went unpaid.  If you paid it 10 days late, this won't long term affect you.  In fact it may not affect you at all since the account was not technically yours.

AMEX does have terms that state an AU can be held responsible for unpaid charges made on their card.  But you have paid the charges, relatively quickly, and the account is closed in good standing.

You may be able to get your own account in the future, once yours scores and credit are improved.

Message Edited by txjohn on 01-28-2010 07:20 AM

[manyquestions]

Having an old positive tradeline like that one deleted will lower your FICO score if it was your oldest account and was also helping your average age of accounts.  Once you get up near 700 I would apply for an AMEX charge card.  It should report with the same opening date as what the deleted account had.  That could help a lot depending on what your oldest account is and what your average age of accounts is.

[manyquestions]

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@msdraglox wrote:
You were right, they deleted the amex oh well at least now maybe I wont be blacklisted....

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You weren't blacklisted before.  You are only blacklisted if you have an AMEX charge-off that is unpaid.  Yours wasn't even late.  You were good.

[Creditaddict]

and poster probably won't get age of account by opening his own account, because the original account was not in his name.

[Anonymous]

My account ages back to my AU on AMEX.  I app'ed in 11/2009 and got a "member since date" of 1999, which is an account that I was an AU on, and no longer open (closed in good standing).  This is my first primary account with AMEX.

I'm now prepping for another AMEX acquisition to improve my AAoA.  I just want to allow this account to age a few more months and to have kept my balances low during that time because AMEX considers "historical balances" not just current balances.

[manyquestions]

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mancub88 wrote: because AMEX considers "historical balances" not just current balances

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In what way would they consider "historical balances"?  Would a big historical balance that you paid off be considered a positive or negative?