topic Re: AmEx Settlement Offer.Take it or Leave it? Pease help!! in Rebuilding Your Credit

AmEx Settlement Offer.Take it or Leave it? Pease help!!

35KSK1912 — Mon, 26 Feb 2024 01:59:16 GMT

I have a CO with Amex from several years ago that is due to fall of in June 2024 with TU. They are offering me a $290 settlement for a $1500 balance. I have other CO's and collections from my divorce that took me from high 700s Fico to low 500's, and everything is starting to fall of between June this year and February next year.

So my questions is, if i settle this account and the balance is updated, would it retrigger another 7 years, or would it still fall off at the same scheduled time as it is now? I probably have no shot getting back in with Amex at least for another 10 years, so should i pay and settle with them, or just leave it alone?

Thanks in advance for all the responses.

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

Horseshoez — Mon, 26 Feb 2024 02:33:20 GMT

@35KSK1912 wrote:
I have a CO with Amex from several years ago that is due to fall of in June 2024 with TU. They are offering me a $290 settlement for a $1500 balance. I have other CO's and collections from my divorce that took me from high 700s Fico to low 500's, and everything is starting to fall of between June this year and February next year.

So my questions is, if i settle this account and the balance is updated, would it retrigger another 7 years, or would it still fall off at the same scheduled time as it is now? I probably have no shot getting back in with Amex at least for another 10 years, so should i pay and settle with them, or just leave it alone?

Thanks in advance for all the responses.

Sounds like a good deal, I'd pay it. And no, it will not retrigger anything, it will just show as being a paid charge off and will stop reporting monthly; this will only help your scores, not hurt them.

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

GreatLife — Mon, 26 Feb 2024 02:42:20 GMT

Yep just be rid of it and leave a future door open to possible AMEX and no unexpected zombie debt.

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

pizzadude — Mon, 26 Feb 2024 20:56:36 GMT

A 19% settlement is pretty good so probably worth taking it, and as mentioned above it'll age off as scheduled later this year.

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

7774x — Tue, 27 Feb 2024 00:15:15 GMT

@Horseshoez wrote:
@35KSK1912 wrote:
I have a CO with Amex from several years ago that is due to fall of in June 2024 with TU. They are offering me a $290 settlement for a $1500 balance. I have other CO's and collections from my divorce that took me from high 700s Fico to low 500's, and everything is starting to fall of between June this year and February next year.

So my questions is, if i settle this account and the balance is updated, would it retrigger another 7 years, or would it still fall off at the same scheduled time as it is now? I probably have no shot getting back in with Amex at least for another 10 years, so should i pay and settle with them, or just leave it alone?

Thanks in advance for all the responses.
Sounds like a good deal, I'd pay it. And no, it will not retrigger anything, it will just show as being a paid charge off and will stop reporting monthly; this will only help your scores, not hurt them.

Get an EE from TransUnion to remove AmexCO

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

911gt34life — Tue, 27 Feb 2024 23:11:53 GMT

Definitely pay it get back in ..

they also send me offer but they didn't honor it.

Re: AmEx Settlement Offer.Take it or Leave it? Pease help!!

CorpCrMgr1 — Wed, 28 Feb 2024 02:39:15 GMT

I'd pay it.