@itsjustmeibe wrote:
The balance is at least 5 years old and carries a 3.9% for life, (and belongs to my sister) so I have no intention on paying off.
Unfortunately all of your other concerns about your score recovering will hinge on Amex and whether you will continue to get adverse action.
If only minimum payments were made on the Amex account for 5 years, Amex probably already gets an idea that you have no intention of paying it off.
Amex has seen that you have obtained more new credit instead of paying down the Amex card. What does it look like to Amex?
The next move is yours as far as Amex is concerned. I definitely wouldn't revolve balances on the new cards. I would aggressively pay down the balances on the other cards. That would help keep the Amex dominos from falling on your oyher credit lines.
Your answer to the question about how long before you will see an increase in score depends upon whether Amex closes your accounts or not. If the accounts get closed by grantor and you receive further adverse action by your other creditors, the question could be how much lower can the score go?
All in all with your credit history you should be alright. I just wouldn't automatically expect a huge score rebound. Of course your score will go back up if the balances on the accounts go down and you don't receive any further adverse action.
Does your sister care about your credit score as much as you do? Maybe she can help out a little bit. Perhapse she can make bigger payments.?
Can your sister obtain a credit card of her own and transfer the Amex balance to it?
Message Edited by CreditAble on 01-15-2009 05:44 PM
Starting Score: 469