Amex Settlement or Pay In Full?

[Anonymous]

Just to play devils advocate and point out that if you did pay in full and they let you open new amex account the value of their rewards cards and sign up bonus in the future could actually be more valuable than the money you would save by paying a reduced amount now. 

If you will never have any interest in getting credit from them again then that is one thing but it is at least worth considering before making a decision. 

[Anonymous]

I'll have my wife apply and put me as authorized user

[darwin_wins]

Yea thats probably the only way you can get Amex. When I had called 4 years ago, they said you can settle but if you ever want Amex you will have to pay off the remaining balance. Of course not having that kinda money back then, I just let it sit till this year.

Not saying Amex will be the best card or is the best card out there but if you will ever need it, they would probably make you pay.

[wa3more]

i had amex card  for 27 years then ran into problems like everyone  else during the 2009 depression.

Just settle. Any mortgage underwriter won't care as long as it is satisfied and the damage is done to your score already.

Push for PFD. It works if you push hard enough. I had to deal with their law firm. I elected arbitration and they wanted no part of it.

If you want amex in future, you will have to PIF. But Amex isn't what it used to be.

[Anonymous]

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@Anonymous wrote:
I'll have my wife apply and put me as authorized user

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I am not 100% positive, but I believe that Amex will not allow you to even be an AU on an account, if you are on their black list.

Your amounts are not huge compared to others, but some have reported that they have not been able to get back in with Amex even after 20+ years.  Others have been let back in, but there is no distinct pattern.

You said the most important thing - you dont have to have their cards, and life will go on without it.