Amex app question

[Anonymous]

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@dustind wrote:

It hasn't updated in a long time.

From CCT:

Status updated  May 2015

Balance updated  Apr 03, 2016

Chase hasn't sent me any mail regarding it in a few years. I barely heard from them after a short while after it went into charge off possibly because of the government action against Chase regarding their collections activites from several years ago.

I guess hoping that other creditors have or would update their internal record of me is wishful thinking.

Within the last year I can afford to pay it in full but would like to wait so as to not hurt my score. FICO should change their code so that paying a CO can't lower your score relative to not paying it at all.

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I would not wait to pay it. I would either pay it and be done with it (which you can simply just settle for less - it doesn't have to be the full amount) or just let it age off and get around to settling it later. Whi knows, if the balance is high enough and since it is ild enough, you may be able to settle for loads less than you think. I have seen 80% off the reported balance in settling.

Just because the last balance update was in 2016 does not mean it is not updating monthly or regularly. I would look at the actual payment history. Does it show CO every month since the last update or does the payment history just stop in 2016? Then if you pay it, it may likely help your scores. Honestly, you do not know if it will help or hurt until you pay it. If the balance is high enough, getting it to report to zero may help you exponentially.

Is it only on TU? Or is it also on EX and/or EQ? Even if you do EE and find a creditor that only HPs TU, that does not mean that they may not SP the other 1 or 2 bureaus. There are also instances of double or triple pulls. So until it is off all 3 reports, I would not consider your CO secret safe. It can be incredibly frustrating, trust me, I totally know. I get EE from TU and then still have to wait 3 more months for EX and then another 3 months for EQ after that to finally be rid of them.

I am simply saying, dont wait to last minute to settle/pay because of scores. Waiting til the 11th hour to pay will not score you any points with creditors (UW) just because you decided to pay it right before it aged off. Then when it ages off shortly after, no one will even know you made such an effort. I have dealt with baddies as an all or none. Deal with it now or let it age off and deal with it later. This is not a popular train of thought, but it is valid one, even if just for me.

[dustind]

It's on all three reports. Both CCT and my annual (now weekly until April 2021) credit report show nothing since April 2016. It reported CO 12 times May 2015 to April 2016 and then stopped.

I didn't know early exclusion wouldn't help with EX and TU, thank you for that information.

With a F8 score of 703 EX, 679 EQ, and 705 TU touching the CO won't help the scores any. With my short open account history I am getting the best that I can.

Thank you for the advice everyone. I will wait to apply for any more cards.

[thornback]

EEs work differently on each bureau-  TU will generally remove 6 months early, EX 3 months, EQ 1 month.   So what @Anonymous meant was that even if you got TU to remove 6 months early, the derogatory would still be on EX and EQ.  So, for example, if a lender hard pulled TU for approval and saw a clean report, that doesn't mean that same lender would not also soft pull EX and/or EQ and see the derogatory there - ultimately resulting in a denial

[OmarGB9]

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@dustind wrote:

It's on all three reports. Both CCT and my annual (now weekly until April 2021) credit report show nothing since April 2016. It reported CO 12 times May 2015 to April 2016 and then stopped.

I didn't know early exclusion wouldn't help with EX and TU, thank you for that information.

With a F8 score of 703 EX, 679 EQ, and 705 TU touching the CO won't help the scores any. With my short open account history I am getting the best that I can.

Thank you for the advice everyone. I will wait to apply for any more cards.

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Actually it may help. Even though it hasn't updated in 5+ years, the fact that it's a CO with an outstanding balance continues to suppress your scores. The mere utilization drop alone may help more than you think and outweigh the final update hit.

[dustind]

I have been monitoring my scores and error codes for over a year through several sources, utilization for that card isn't counted at all in any place on any FICO or vantage score. This is likely due to its time since DOFD or time since last update.

My profile responds to utilization normally as if the CO wasn't there at all.