American Expess/Collections

Anonymous — Wed, 20 Feb 2008 02:08:55 GMT

Well might have really done it to myself this time. I PG'd for Ame.Ex. business cards.

Business fell down the dumps, but fortunately biz starting to pick back up. However

the Amex cards I had went 120 days. So now it's reported on personal 120 days past

due. Plus now collection agencies calling me to pay it off. Heck, if I could have pd. it

off to Am Ex I would have. Tried to make payments as fast and as much as I could.

So if I can get them pd. off, how long does a collection/120 days going to kill my score???

Re: American Expess/Collections

fishbjc — Wed, 20 Feb 2008 04:39:45 GMT

A 90-plus day late indicates serious financial problems, and can cost you 30 to 60 FICO points if your score is around 700. Because they indicate a higher risk of default, 90 and 120 day lates take still longer to decay...usually about three years before they are no longer exerting a significant effect on your account. Note that the effects of a 30, 60 and 90-day lates on the same account are not cumulative--on a given episode of lateness, you are dunned once for the maximum lateness. However, if a 120-day late account charges off or goes into collections, you are dunned twice--once for the late, and once for the collection

Copied from: http://www.allaboutthebenjamins.org/BreakdownofCreditReport.html

Very Informative Site, I like it!

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American Expess/Collections

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