topic Re: Next Steps With American Express (it rhymes so people will reply I'm sure) in Rebuilding Your Credit

Next Steps With American Express (it rhymes so people will reply I'm sure)

Anonymous — Tue, 19 Feb 2019 20:55:54 GMT

Hi all, I just had Discover close my account because I closed out another credit card (even though it was done over a year ago). In any event I'm revisiting my other credit items. In this post I'll talk about American Express.

American Express is listed on my report as "Charged off" it is for $615. The date on the account closure is 4/13/13. So a year away from the 7 years.

My question is what should be my next step with American Express, I'm thinking of a few options:

1) Ask for a Pay for Delete, not sure how AmEX is with this.

2) Ask to settle the account and possibly return to American Express.

3) Let it fall of my credit report in a year

My current fico is 695.

Thank you guys for the suggestions!

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

AverageJoesCredit — Tue, 19 Feb 2019 21:24:11 GMT

If it were me , and i wanted back in with Amex, id pay back the $615 to settle the debt, especially if they havent sold it. I would be grateful it was thousands of dollars. Amex is usually more forgiving of a paid back CO than a bk so thats my take.

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

CGeorge — Tue, 19 Feb 2019 21:37:43 GMT

I don't understand why you would have Discover close your account?? And what other account did you close? Closing account can wreak havoc to your credit scores...

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

Caardvark — Tue, 19 Feb 2019 22:20:09 GMT

In my opinion Amex is a good lender to have in one's portfolio (SP new accounts, generous CLIs, etc). So, for $615 I'd pay it and try to get back in their good graces. They seem to be forgiving of paid charge-offs.

Why, exactly, did you closer the Discover card? more info is definitely needed.

Next Steps With American Express (it rhymes so people will reply I'm sure)

Caardvark — Tue, 19 Feb 2019 22:34:43 GMT

It should also be said that I would not feel this way if the amount was $10,000 or even $5,000 But for $615, yes

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

Anonymous — Tue, 19 Feb 2019 22:44:45 GMT

For $615 I'd definitely pay off the balance, especially if you want to get back in with them.

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

800FICOGoal — Wed, 20 Feb 2019 01:29:10 GMT

@CGeorge wrote:
I don't understand why you would have Discover close your account??

I'm a little confused about that myself.

Re: Next Steps With American Express (it rhymes so people will reply I'm sure)

Anonymous — Wed, 20 Feb 2019 07:48:04 GMT

I did not close my Discover card on my own volition. I had a Milestone card for building credit with a stupid annual fee. I got my Discover card in November or October of 2017. I closed the Milestone card in December of 2017. My Discover card was in good standing, no balance etc... Earlier this week I got a notice from Discover saying they closed my account after doing a periodic review of my credit. I called Discover and asked why they had done this seeing as how nothing has changed, in fact my credit score went up. They said I did not have enough open accounts, and that when I was approved the card I had more accounts open, the rep mentioned that card that I had closed. I told them yes I closed that card and there are no negative remarks associated with it, over a year ago. They said thats the only reason they can see going over my entire credit report.

I hope this answers the Discover card question, if I missed anything ask away. Thank You guys!