help!!!!!!

[bichonmom]

Bostonte is right: Any negative info would have fallen off of your CR after 7 years (or 7 years and a few months, max), except for a bankruptcy, which would fall off after 10 years.

If you have a negative item on your CR that is 10 years old, then you should dispute it and they'll remove it, since it's past the 7-year reporting period. Then you can recon w/Amex. Otherwise a recon will do you no good whatsoever.

ETA: The 7 year reporting period is from DATE OF FIRST DELINQUENCY, not when you paid it. AFAIK, paying the CA does not extend the reporting date. If the DOFD is past 7 years, then you should dispute to have it removed. You may be able to get some help in that area on the Rebuilding Thread.

[Anonymous]

ive never heard that but ill check on it ive been a credit student for two years but you guys have been my teachers so ill listen im call ex right now but i think your wrong because the account DELINQUENCY stops after they recieve payment and becomes paid,was a charge off which reset the age of activity and the neg info will show another ten years and ex said its a creditor discretion

but how should i critique my letter since you guys know everything about whats going on and where do i send it

[Anonymous]

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@Anonymous wrote:

I open this neg account in 2003 I made the worst mistake of my life by paying it off in oct. 2009

My bank assures me that it will not be removed until oct. 2019 and chase sapphire preferred approved me right after 12k

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This completely sounds like someone gave you some wrong information.

You really need to look into this.

When you say your bank, do you mean some "CSR" or someone in the credit department or a branch manager who was in a bad mood that day?

Who?

[Anonymous]

yea at the credit department

[Anonymous]

your right i didnt know just got off the phone with ex and they said its coming off in 3 months thank you its dq since 2005

[Anonymous]

what should i do 

[Anonymous]

Wait enough time for your report to clean up and then try applying again.

[Anonymous]

thank you all 

[GB44]

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@Anonymous wrote:

Thanks to the editor) OK here's what they sent 

Thank you for your recent application for Blue Cash PreferredSM .  We do value your desire to establish a relationship with us.  We regret that we are unable to approve your request.

Reason(s) for Our Decision

Our scoring of your credit and other relevant information  (See below)

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report.  The following key factors contributed to our evaluation:

Your FICO? score (See below) Account(s) not paid as agreed. (Experian) In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian) Amount of credit available on accounts (Experian)

Information About Your FICO? Score

We obtained your FICO score from Experian and used it in making our credit decision.  Your FICO score is a number that reflects the information in your credit report.  Your FICO score can change, depending on how the information in your credit report changes.  On February 21, 2012, your FICO score was 674.  The FICO score ranges from 300 to 850.  The following are the key factors that contributed to your FICO score:

1 Serious delinquency. 2 Length of time accounts have been established. 3 Too few accounts currently paid as agreed. 4 Lack of recent installment loan information. 5 Too many inquiries in the last 12 months

1: is the old account 

2:average account age 5.6 years

3:is the old account I have 8 active accounts right now  

4:I have a home loan for two years I only buy cars

5: I have 2 besides this one amex (amex)10 months old (cap one) 10 months old

I open this neg account in 2003 I made the worst mistake of my life by paying it off in oct. 2009

My bank assures me that it will not be removed until oct. 2019 and chase sapphire preferred approved me right after 12k

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Not sure if it's covered but you should probably look into resolving the highlight above before reapplying in 3 months.

[Open123]

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@GB44 wrote:

Your FICO? score (See below) Account(s) not paid as agreed. (Experian) In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian) Amount of credit available on accounts (Experian)

---

Either they feel your balances are too high, or you don't charge enough.

I've seen many declines or low CLs with high scores because AmEx felt the person didn't spend enough to fit their "spend-centric" model.  I'm not sure as to why they would reference a 10 year old account, but I suspect that isn't the main reason, unless it was an unpaid debt owed to them.

Regarding recons, for my firm, I never allow for reconsiderations, unless there was a tangible error on our part.  There are a couple of reasons for this.  

One, if I allowed a successful reason other than error, now I must consider EVERYONE who reqeusts a recon otherwise face litigation for discriminatory practice.

Secondly, if an employee makes a correct decision (even if I disgaree with his/her judgement) I will never undermine his authority simply by people who were persistent enough in asking for an override.  Unless there was an error, I want my employees to know that if they make a judgement decision, it will not be overturned regardless of how many complaints or requests for "supervisors."

I suspect AmEx adopts the above corporate culture and philosophy.