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On Oct 2003, I opened an AMEX Starwood card that I never used except for once. I bought a coffee and I never paid the card so it kept collecting late fees. AMEX wouldn't waive them so I just didn't pay. A $5 initial charge racked up to about $118 before it went into collections. I'm not sure the exact date it went into collections, but according to score watchers, the date of last activity was Dec, 2004, and the Descriptions includes "Charged off account" and "Account closed by credit grantor". At this point, I'm looking to refinance a mortgage with lower rates, and my FICO score is only 712. I'm looking to increase my FICO score. Does anyone know what I can do about this bad debt/collection record on my report?
Have you tried calling Amex and offering them the $5, err I meant $118?
You could get lucky and catch someone on the phone with a sense of humor.
Try Pay for Delete.
Welcome to the forums, roffler!
I'm moving this thread to the rebuilding credit forum.
I agree. I'd try a PFD letter. Maybe you can convince someone that you hadn't realized that you actually charged on the card---especially given the small amount. Although I'm not really sure what you could say. Hope this helps.
Yep, PFD and claim ignorance! Small one-time charge that you didn't realize you never got around to paying for.
Opened in 2003, with date of last activity in 2004?
What was the date of the first bill sent to that you failed to pay timely? The date of that bill sets the billing due date, and if not timely paid, the DOFD on that account. Thirty days after the DOFD also sets the date of first ability to report a 30-day late to your CR. Does your CR show the reporting of a 30-day late?
The date of last activity is not a relevant date. The relevant date is your DOFD.
Any charge-off done by them, or any collection reported by a debt collector on that account, must cease inclusion in your CR after 7 years plus 180 days from that single DOFD. This being September, 2011, then if your DOFD occured any time prior to March, 2004, it should now be excluded from your CR.
With your CR exlusion date being so close, it would appear to me that, by the time you go through any PFD offer process, it will most likley already be gone from your CR, kinda making that process unnecessary.
@RobertEG wrote:Opened in 2003, with date of last activity in 2004?
What was the date of the first bill sent to that you failed to pay timely? The date of that bill sets the billing due date, and if not timely paid, the DOFD on that account. Thirty days after the DOFD also sets the date of first ability to report a 30-day late to your CR. Does your CR show the reporting of a 30-day late?
The date of last activity is not a relevant date. The relevant date is your DOFD.
Any charge-off done by them, or any collection reported by a debt collector on that account, must cease inclusion in your CR after 7 years plus 180 days from that single DOFD. This being September, 2011, then if your DOFD occured any time prior to March, 2004, it should now be excluded from your CR.
With your CR exlusion date being so close, it would appear to me that, by the time you go through any PFD offer process, it will most likley already be gone from your CR, kinda making that process unnecessary.
Yes, but doesn't roffler still have to pay the debt or owes it even after it falls off the CRs? If he wanted to get back with AMEX wouldn't he have to pay it first before they may consider him again? Or it may not matter since they no longer own the debt I assume?
Amex blacklists so he needs to pay Amex to ever have another shot with them.