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New Contributor
treefrogger
Posts: 74
Registered: ‎03-20-2011

Re: Declined For American Express Sync because of charge off

I had a chargeoff with Cap1 in May of last year and was approved for PRG in October.  It can happen.

Established Member
skorpio75
Posts: 17
Registered: ‎09-03-2010

Re: Declined For American Express Sync because of charge off

I too have a bofa charge off closed Jan 2010. Only neg on all 3 reports.

 

Still I was able ( no recons) to get a Discover Escape card with a $1500 limit. So keep trying.

 

Good luck.


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Regular Contributor
unlucky_hove
Posts: 148
Registered: ‎05-21-2010

Re: Declined For American Express Sync because of charge off


skorpio75 wrote:

I too have a bofa charge off closed Jan 2010. Only neg on all 3 reports.

 

Still I was able ( no recons) to get a Discover Escape card with a $1500 limit. So keep trying.

 

Good luck.


DIscover gave you credit with a recent charge off!! Boy did you slip thought the cracks lol.........BofA is very difficult to work with once you burn them. I have been fighting them for years, but i finally give up as mines is due to drop next 08/2012. Good luck

Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Declined For American Express Sync because of charge off


Denny33142 wrote:

I applied for the Amex Sync card and was instantly declined for the following reason:

 

Utilization Too High

Seriously Delinquent accounts

Late Payments on Accounts

 

 

I checked all of my credit reports and the only negative item is a Bank Of America Charge Off :

 



 

Date Closed: Dec, 2010
Credit Card
Credit Limit: $500
High Balance: $796
Revolving Account
Individual Account
Banks

 

I have 2 credit cards both with a combined utilization of 16% and no late payments, and the only negative item on my account on all 3 reports is that 1 charge off, i have no collection accounts, my question is how can 1 negative item hurt my score and ability to get credit so much? and what's worst all my open accounts are payed as agreed with a utilization of 16%, yet i am getting declined for credit cards because that charge off is counting towards my utilization which is hurting me real bad, is there anyway i can resolve this? am i seriously not going to be able to get a decent credit card because of 1 negative item on my report?


Think about it...  If I ask you to borrow a hundred bucks, and a guy next to you pipes up "hey, you never paid the hundred bucks you owe me!" how likely is it that you would give me the money?  They don't want to give you a credit card, because you never paid the last one.  They assume you won't pay them either.  Why would they throw money away like that?

 

You should contact BofA and see if they will accept a PFD.  This is a major red flag you want off of your report, or you will stay in the high risk category.  Good luck!

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Declined For American Express Sync because of charge off

It is not as bad as you think.   

 

However it takes a few years to repair your credit. 

 

IMO, the best way to start is with 1 or 2 secured cards (with reasonable terms).   Put down or build up deposits that are more than the mimium and respesentative of what you would want in the future.  Use the credit and pay it on time,   No mistakes.  It is a process, where you use your credit and establish a clean record of payments, so take care to have no negatives of any type.  

 

In about 1 to 2 years you should qualify for unscecured credit , store cards and or major cards from lenient lenders.

 

In a few more years better cards will be  possible.

 

American Express is very picky about credit problems so forget about them for awhile.

 

 

 

 

 

 

 

 

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: Declined For American Express Sync because of charge off


p- wrote:

Denny33142 wrote:

I applied for the Amex Sync card and was instantly declined for the following reason:

 

Utilization Too High

Seriously Delinquent accounts

Late Payments on Accounts

 

 

I checked all of my credit reports and the only negative item is a Bank Of America Charge Off :

 



 

Date Closed: Dec, 2010
Credit Card
Credit Limit: $500
High Balance: $796
Revolving Account
Individual Account
Banks

 

I have 2 credit cards both with a combined utilization of 16% and no late payments, and the only negative item on my account on all 3 reports is that 1 charge off, i have no collection accounts, my question is how can 1 negative item hurt my score and ability to get credit so much? and what's worst all my open accounts are payed as agreed with a utilization of 16%, yet i am getting declined for credit cards because that charge off is counting towards my utilization which is hurting me real bad, is there anyway i can resolve this? am i seriously not going to be able to get a decent credit card because of 1 negative item on my report?


Think about it...  If I ask you to borrow a hundred bucks, and a guy next to you pipes up "hey, you never paid the hundred bucks you owe me!" how likely is it that you would give me the money?  They don't want to give you a credit card, because you never paid the last one.  They assume you won't pay them either.  Why would they throw money away like that?

 

You should contact BofA and see if they will accept a PFD.  This is a major red flag you want off of your report, or you will stay in the high risk category.  Good luck!


 

+1

 

Only problem is that BoA has a reputation for no PFDs or GW adjustments.  They are extremely difficult to deal with.

IAALBNYL
Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Declined For American Express Sync because of charge off

[ Edited ]

O6 wrote: 

Only problem is that BoA has a reputation for no PFDs or GW adjustments.  They are extremely difficult to deal with.


Bummer...  I've never done anything with their credit department.  Back in my wild days I owed them some cash and they had me on the bank account blacklist.  I ended up going into the branch and talking to the manager, and was able to get a PFD (before I even knew what a PFD was!) and clear my history.  It was small potatos though, just 70 bucks.  If the OP has the money to pay back the charge off, maybe they will be willing to show it as PIF.  The key is getting through to someone who actually wants to help you.

 

I would try.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Valued Member
rusty1331
Posts: 38
Registered: ‎07-02-2011

Re: Declined For American Express Sync because of charge off

 A recon might be a feasible option allowing the OP to explain his one negative item. 

 

Has anyone had experience with AMEX, specifically the zync card, and a RECON letter/phone call???

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Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Declined For American Express Sync because of charge off


rusty1331 wrote:

 A recon might be a feasible option allowing the OP to explain his one negative item. 

 

Has anyone had experience with AMEX, specifically the zync card, and a RECON letter/phone call???


He might have better luck with the recon if he was able to show he paid in full.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Regular Contributor
Denny33142
Posts: 179
Registered: ‎07-12-2011

Re: Declined For American Express Sync because of charge off

Thank you for the recommendations guys, i think i will hold off on applying for anything else for a few months, i currently have 2 cards but they are less than favorable (one is a Public Savings Bank and the other is First Premier), the public savings card is not bad as the only fee associated with it is the yearly fee which is only $50, the first premier on the other hand is brutal.

 

Does anyone know how old the charge off should be before i apply for a good card like amex or discover? or am i pretty much screwed with them until it completely falls off?


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