Reply
Frequent Contributor
randeman
Posts: 272
Registered: ‎12-13-2012
0

Pay charged off AMEX?

Decades ago I had a green AMEX.  Then I got into some SERIOUS trouble and the AMEX along with all my other cards were charged off.  Since then, and every few years, I will get a letter from "someone" asking me to pay a reduced amount and clear it up.  I usually ignore it since I am well past the time that it will show up on my CR and past the statute of limitations to be sued for the debt.  Now, however, I would like to have an AMEX again since I am much more mature and responsible.  My question is, the next time I get a letter asking to have that portion paid off, should I pay it off in the hopes of being approved for another card or should I just forget it and apply and hope for the best?  I would love a gold Delta Skymiles but that may be out of my league for the time being.  I am indifferent toward another green card.  I would take it, but probably wouldn't use it that much if approved.  Heaven would be a platinum, but I KNOW I don't stand a snowball's chance with that!  My Equifax score is 667. 

 

Thoughts and experiences?

Experian Score: 689--Amex 27 July 2014; Equifax Score 680--MyFICO--17 September 2014; TransUnion Score 718-Discover 20 August 2014--PUH-RAISE JESUS, I finally broke 700!!! Cards and Credit Lines: Escape by Discover, Chase Freedom Signature Visa, Chase United MileagePlus Explorer Signature Visa, Chase Sapphire Preferred Signature Visa, Barclay's Holland America Visa, Citibank Custom Credit Line, Paypal Custom Connect Credit Line, Bloomingdale's, Macy's Premier Elite, Amazon Store Card, Lord & Taylor, Nordstrom, Discover It, Gold Delta SkyMiles from American Express, PayPal BML.
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Pay charged off AMEX?

My advice would be to first apply for an Amex pRG just to see if you are blacklisted

If blacklisted you can try to pay Amex and get the oasis program.

It's worth an app just to see if you are blacklisted and you can upgrade PRG to platinum later on if approved or just get both as one user did earlier this month.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
tennisfan78
Posts: 636
Registered: ‎09-18-2011
0

Re: Pay charged off AMEX?


webhopper wrote:
My advice would be to first apply for an Amex pRG just to see if you are blacklisted

If blacklisted you can try to pay Amex and get the oasis program.

It's worth an app just to see if you are blacklisted and you can upgrade PRG to platinum later on if approved or just get both as one user did earlier this month.

If blacklisted, will they let one know that he/she is blacklisted? will it also result in a HP?

 

I am in a similar situation as OP and would like to know.


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
0

Re: Pay charged off AMEX?

[ Edited ]

Two different unrelated issues here, in my view.

 

1.  You are under no legal obligation to pay.  The past SOL simply means you can no longer be compelled by a court to pay, but you still owe the debt.  You will owe the debt, and Amex or its assigns has the right to try and collect until time immemorial.  Whether you feel it's right or wrong to pay is a personal subjective view.  

 

2.  If you wish to pay only to have an Amex card, then it depends on the size of your settlement.  I'm not sure if it's worth having an Amex if you have to pay a few thousand that you're legally no longer obligated to.  If it's less than $1,000, then I can see paying to have a relationship with Amex again.

 

Finally, be careful, and get everything in writing.  Paying old debts while honoroable is wrought with risks.

 

PS - As per Webhoppers, app for an Amex card to quickly see if you're on the blacklist.  Instant decline with no CR pull and letter stipulating prior relationship means blacklist.  Amex blacklists can last a very long time.

Established Contributor
swpopham
Posts: 554
Registered: ‎06-02-2012
0

Re: Pay charged off AMEX?

If you make a partial payment you reset the Sol and it will appear on your credit as a current charge off...pif and no reinsertion on credit report in writing.
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Pay charged off AMEX?


Open123 wrote:

Two different unrelated issues here, in my view.

 

1.  You are under no legal obligation to pay.  The past SOL simply means you can no longer be compelled by a court to pay, but you still owe the debt.  You will owe the debt, and Amex or its assigns has the right to try and collect until time immemorial.  Whether you feel it's right or wrong to pay is a personal subjective view.  

 

2.  If you wish to pay only to have an Amex card, then it depends on the size of your settlement.  I'm not sure if it's worth having an Amex if you have to pay a few thousand that you're legally no longer obligated to.  If it's less than $1,000, then I can see paying to have a relationship with Amex again.

 

Finally, be careful, and get everything in writing.  Paying old debts while honoroable is wrought with risks.

 

PS - As per Webhoppers, app for an Amex card to quickly see if you're on the blacklist.  Instant decline with no CR pull and letter stipulating prior relationship means blacklist.  Amex blacklists can last a very long time.


This ^^^ 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor
randeman
Posts: 272
Registered: ‎12-13-2012
0

Re: Pay charged off AMEX?

Well, I applied online and, not surprisingly, the declined my app.  I hate having the "ding" on my report, especially since it was rejected, but I would never know unless I tried.  Called Amex to find out the reasons instead of waiting for the dreaded letter.  New accounts office was closed.

 

Guess I'll stick with my $8,000 CL Discover Escape and my new $5,000 Citi Custom Credit Line.

Experian Score: 689--Amex 27 July 2014; Equifax Score 680--MyFICO--17 September 2014; TransUnion Score 718-Discover 20 August 2014--PUH-RAISE JESUS, I finally broke 700!!! Cards and Credit Lines: Escape by Discover, Chase Freedom Signature Visa, Chase United MileagePlus Explorer Signature Visa, Chase Sapphire Preferred Signature Visa, Barclay's Holland America Visa, Citibank Custom Credit Line, Paypal Custom Connect Credit Line, Bloomingdale's, Macy's Premier Elite, Amazon Store Card, Lord & Taylor, Nordstrom, Discover It, Gold Delta SkyMiles from American Express, PayPal BML.
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Pay charged off AMEX?

Do you know for certain that they pulled your credit ? As others have said if they blacklisted you the denial shouldn't result in an inquiry.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Pay charged off AMEX?

I'd pay them.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Frequent Contributor
Imua
Posts: 292
Registered: ‎01-17-2009
0

Re: Pay charged off AMEX?


randeman wrote:

Decades ago I had a green AMEX.  Then I got into some SERIOUS trouble and the AMEX along with all my other cards were charged off.  Since then, and every few years, I will get a letter from "someone" asking me to pay a reduced amount and clear it up.  I usually ignore it since I am well past the time that it will show up on my CR and past the statute of limitations to be sued for the debt.  Now, however, I would like to have an AMEX again since I am much more mature and responsible.  My question is, the next time I get a letter asking to have that portion paid off, should I pay it off in the hopes of being approved for another card or should I just forget it and apply and hope for the best?  I would love a gold Delta Skymiles but that may be out of my league for the time being.  I am indifferent toward another green card.  I would take it, but probably wouldn't use it that much if approved.  Heaven would be a platinum, but I KNOW I don't stand a snowball's chance with that!  My Equifax score is 667. 

 

Thoughts and experiences?


if you decide to pay the Amex charge-off (to get back in with Amex), I wouldn't pay it by way of responding to the letters you get from "someone" off and on over the years.

most likely, those "someones" credit collectors who "bought" your debt from Amex, and Amex wouldn't even know that you paid.

I would deal directly with Amex if it turns out your denial from them was due to your past charge off (iirc, i have seen posters stating that they got an Amex card when Amex offered the card if they paid a charge off.  i can't speak to that directly from experience, though.)

 

Just be aware of who the" someones" are who are offering to consider as paid in full for your payment of a reduced % of what they say you owe - collection agency vs Amex itself.


BofA visa $9.4k ... BofA Cash Rewards visa sig $10k ... Cap 1 Venture1 visa sig $10k ...
Chase Freedom visa $10k ... Macy's $1.5k ... Macy's Amex $5k ... Sam's Club $6.3k
myFICOs as of 3/25/14:...EX=809 .... EQ=802....TU=787

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}