@FicoTron wrote:not until I both pay off the chargeoff (even though it will still report as a paid chargeoff), and get some more promising responses that people have had success while having a paid CO on their report.
Any other success stories out there with negs of any kind and getting approval for ANY AMEX for that matter?
I have a paid CO and it shows as paid. I was approved for a BCE. I would say you have a good chance. But as we all know with AMEX's internal scoring, nothing is really for sure.
@FicoTron wrote:how long ago did you pay the CO before you app'd? What was your score at the time? AAoA, etc?
Paid the CO in Feb this year. My PlusScore was 691 at the time of my application and my AAoA is 4.5 years
@FicoTron wrote:when did you apply? meaning, how soon after your Experian updated it as paid did you apply? I'm wondering if it will hurt me if they see that I've only paid it off recently that it will get me a denial. Also, on your EX report, does it show all of the late payments that you previously had on the CO? how is it reported?
I know I am asking a lot, but I would really love the info...thanks.
My EX updated the paid CO in March 2011 so a while back and I just got approved.
All my late payment for the CO and the other accounts show up. I'm letting time age my lates.
I would say if you don't have many inqs on your EX, go for it. I had 4 when I apped for the BCE. My util on EX is 6%. My lates are almost strictly on closed account that are paid off.
Have you tried to see if AMEX had any offers for you before you app? Do yiu have any prior relationship with AMEX? I did and it was a card with a great payment history; that might have helped me.
@FicoTron wrote:No, I have no history with AMEX, and I'm positive that your relationship with them factored into their decision. I'm not going to app until at least late January, I'll make sure my util is at 0% when I do.
From what I've seen (all over), those with scores like yours and the AAoA history etc didn't have as much problem getting in with AMEX as I would have expected. After their CO's were paid as you're planning on doing. Though you might want to have your UTIL at the 6% area (I've read 0% is worse than just under 7% for some reason). Other than the UTIL % (which isn't bad at 0, just read so often that around 7% is "optimal"), I think you have a great plan with the late Jan or so idea (CO paid off maybe even removed).
