Should I or shouldn't I??

[Open123]

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@tinuviel wrote:

Same situation here. Young and foolish, my Amex got charged off with a balance of a few hundred $$$ and was never paid. That was 20, going on 21 years ago. Last May, they sent me an offer to apply for Green. I assumed that I was blacklisted, but based on the advice of this forum I went ahead and gave it a shot. Much to my surprise, I was approved! Like you, I'm also very happy to be back in the family and am determined to keep this account in excellent standing.

ETA: And yes, they backdated it to 1987. I didn't even need to ask. When I logged into the website for the first time, it showed Member Since 1987.

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Likewise, the backdating occured automatically. 

If they still have you in the system after that much time, I'm sure it's because of the debt.  If it's a small amount, they probably don't care; not really sure how they decide it.  There are some that even after 30 years with a debt of few hundred are still blacklisted.

It could be that they no longer have proof of what was owed, that only an entry in the system.  Or, maybe because now the law stipulates every creditor needs to be more careful with college students, they're more forgiving on those defaulting through college?

I have no idea, but only that in the archives, Amex still has a complete accounting of unpaid debts.  I really have no idea how they decided whom to forgive, forget, and let slide through the blacklist.

[tinuviel]

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@Open123 wrote:

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@tinuviel wrote:

Same situation here. Young and foolish, my Amex got charged off with a balance of a few hundred $$$ and was never paid. That was 20, going on 21 years ago. Last May, they sent me an offer to apply for Green. I assumed that I was blacklisted, but based on the advice of this forum I went ahead and gave it a shot. Much to my surprise, I was approved! Like you, I'm also very happy to be back in the family and am determined to keep this account in excellent standing.

ETA: And yes, they backdated it to 1987. I didn't even need to ask. When I logged into the website for the first time, it showed Member Since 1987.

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Likewise, the backdating occured automatically. 

If they still have you in the system after that much time, I'm sure it's because of the debt.  If it's a small amount, they probably don't care; not really sure how they decide it.  There are some that even after 30 years with a debt of few hundred are still blacklisted.

It could be that they no longer have proof of what was owed, that only an entry in the system.  Or, maybe because now the law stipulates every creditor needs to be more careful with college students, they're more forgiving on those defaulting through college?

I have no idea, but only that in the archives, Amex still has a complete accounting of unpaid debts.  I really have no idea how they decided whom to forgive, forget, and let slide through the blacklist.

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Oh, I'm sure of that, because just a couple of months before the offer, they contacted me about paying off the old debt. Although after 20 years I can't remember the exact amount, and I don't have any paperwork going back that far, I know that it was only for a few hundred. But, after 20 years they claimed it was ~$3000. I suppose this was due to interest accruing, but without doing a complete and total DV, I have no way of knowing how they arrived at that figure. As the debt was well outside of SOL, and I was at that time paying off outstanding debt that was within SOL, I chose not to make any offer to pay and reset the SOL clock, as was my legal right. Hence, I was FLOORED when they not only offered me a new card, but approved it!

That said, I do intend to be an excellent customer for them from now on. After a few months of gentle usage, I've now made the Amex my primary card. Because they did choose to -- for whatever reason -- forgive the debt, I will give them a good deal of my business and maintain an excellent payment history. I do appreciate the chance that they've given me, and over the coming years I hope that my continued business will prove to be good for their bottom line. Sometimes debt forgiveness is a sound business decision.

[Open123]

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@tinuviel wrote:

 Sometimes debt forgiveness is a sound business decision.

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I agree.

There are moments when it's just time to forget the past, and move forward.  

[armymom]

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@pizzadude wrote:

How much do you think was charged off ??  If it wasn't a large amount, I wouldn't feel bad about making a backdate attempt now.  

Based on other's experiences with really old COs, they will probably work with you to pay it back, some have even reported not being charged interest. 

I'd rather have it resolved than hanging over my head as something that I might get dinged or shutdown for out of the blue.

The original amount was around $500.  DH and I don't recall paying it off but our CR a few years later show the CO as $1.00.  I have no issue paying it off, in fact I would prefer to.  And you are right, there is always the possiblity it will appear out of the blue.

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[pizzadude]

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@armymom wrote:

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           The original amount was around $500.  DH and I don't recall paying it off but our CR a few years later show the CO as $1.00.  I have no issue paying it off, in fact I would prefer to.  And you are right, there is always the possiblity it will appear out of the blue.

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If that's the case then I wouldn't hesitate to talk with them about backdating to your old account.    It may not ever come to them asking you to pay it ~ and having that much additional age for this card ( and possibly other future ones ) would be great.