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Last falll (as I documented here with my posts) American Express added an old closed 'overlimit' card to my CRA reporting (as they did to many people)
I called them and they put me to recovery who said it was an old account. I said I thought that was paid but if you show a balance please tell me and I will pay it right now. She said no sir there is no balance/info it is too old and that they would remove it from my tradelines. I asked if I could apply for Amex w/o it affecting me and she said wait until the CRAs updated and you will be fine. I asked AGAIN if I should pay the balance she said there is no info, don't worry, it is too old.
I applied, got approved for Gold/Green
Last week they cancelled me summarily because 'an old account was not satisfied'
So now I will end up with ADVERSE CANCELLED Amex accounts which will pull my entire credit score apart, as my scores will plummet, rates will go up, other creditors will follow-suit etc.
I asked if they would reinsate if I pay in full (according to them it is $7500 can't see how I did that in the 80s as a teen) they said there is a 90-day window that it stays open and I should pay and then ask. That sounds like a set-up if I ever heard one.
PLUS I have to pay the $2k on the Gold off in full.
I worked 1000s of hours to get my scores from low 600s to 700s and was well on my way to high 700s once I paid balances down. Now between adverse closing, loss of age, and utilization killed by loss of line AND $2k balance, I'll tumble into low 600s if I am lucky.
ANY IDEAS???
why would an account being closed effect your score that much, once you pay it off util won't be effected.
does fico really score for an account being closed by creditor vs you?
But none the less sorry to hear.
@Creditaddict wrote:why would an account being closed effect your score that much, once you pay it off util won't be effected.
does fico really score for an account being closed by creditor vs you?
But none the less sorry to hear.
As far as your FICO is concerned, it doesn't matter why it was closed. It only matters if you ever get a manual review, as "Closed by consumer" looks better than "Closed by creditor".
Well for one thing their letter says;
'Our cancellation of your accounts under these circumstances may result in negative reporitng of this account to the consumer reporting agencies'
Not really sure what the purpose of that notice is as it is generally something a CR tells you to MAKE you pay.
I can pay the min payment this month and then PIF in May. I'll still lose my only old accounts (two 25 year old ones). Even if the age for closed adds to my average/oldest I still won't have active cards older then 2 years. Plus I can't imagine other creditors in this environment won't say 'Amex close him? We should too'
I am sending a letter to recovery department explaining, especially the part about my offering to PIF as soon as it was reported. I asked that they either keep it open/suspended for 90 days, reduce the CLs, and give me that time to pay the old debt in full, the one i offered to pay anywa, and pointed out again, that I would not have applied if I had not offered and been told 'don't worry about it' before. Even told him I had documented that on forums (here) and made it clear his actions could/will ruin 25 years of rebuilding credit and having perfect payment all around and asked him to work with me.
what they are saying is true as it doesn't matter who they are closed by. These days everyone is getting cards closed on them so it's nothing personal. One of my cards got closed and it was no biggie. And why in the world would you want to pay Amex $7500 on an old account that's not on your credit report. Just get an Amex though another bank and use that $7500 to pay off your current balances and let Amex go rot in hel*.
I use to think Amex was just the it card but not anymore. The card is in my wallet but it gets no use as all my charges goes towards my BoA Amex.
Let me get this straight nyc, Amex told you your old account had no balance and therefore no money is owed. Then you apply and are approved for a new card, and all of a sudden Amex "remembers" that you owe thousands of dollars, which you have no recollection of spending?
I don't know about you, but I'd demand an investigation.
My biggest 'issue' with this is the timing; I just got my biz set up (reinstated, tradelines reporting) and ready for non-pg credit round and then PG credit round, which I was going to be counting on 720-780s across the board, zero derogs, to empower. Was super careful for 18 months with everything, and went to effort to get Amex AND to get dated back to 1980s. Literally a month from the biz launch with vendors and such, Amex pulls what amounts to a good part of the line I was counting on, making PG credit hard, was also planning on paying personal cards down as I was floating biz costs with them. So now Amex pulls, credit-lines gone (a good part) and if/by the time ready for PG credit might be tanked. So I have about 90 days to somehow turn around, get back in good graces which means paying the old debt I had been told didn't exist off and paying other personal cards down from biz. A Rubiks cube if I ever saw one and the best scenario is it wastes three months of critical time.
Will be sending Good WIll letters to Amex, staying on top of payments, etc.