Around November of last year (2006), my american express card was charged off. I had a balance of around $500. I had been making sporadic payments on the card. In fact, within the previous 3 months before the charge off, I had made a payment. The charge off was a surprise. I had not received any warning notice. I think since I made payments before the charge off, that maybe they made a mistake.
I stopped making payments on the card thinking that the damage was done. I was also trying to catch up on other credit cards. No job for a year will wreck havoc on your credit history. Recently, they sent a settlement offer. I currently owe 739.66 and they will settle for 359.77.
I would rather pay the card off in full and have the card removed from my credit history. Is this possible? If it is, what should be my first steps?
