Now for my bigger issues- Amex and Chase

[Anonymous]

First off, I want to thank everyone thats been helping me. I feel so lucky to have stumbled upon this site!

Ok. So I had an American Express card. Recently I received a letter from them saying I can regain membership if I pay off the balance owed. Should I contact them? I do want to make good on my account but I also want to know what I can ask or say so that I could come out on top, and maybe have them clear up the comments and what not on all three credit reports.

Amex on Equifax- $2,435 Bad debt/collection
Date opened- Sept. 2001
Date of last payment- Feb. 2003
Descriptions- Charged off account. Account closed by credit grantor.

Now the bigger issue is my Chase card. It has been charged off and there is a public record. How do I go about disputing this? Do you think I should call or write a letter...and if so...to who? I'm assuming charge off means it's gone somewhere else...

Chase on Equifax- $3,159 Bad debt/collection
Date opened- Dec. 2001
Date of last payment- Nov. 2004
Descriptions- Charged off account.

I would greatly appreciate any help!

[Anonymous]

charge-off accounts mean that you still owe them the money. Chase can get a collection agency, which they perhaps have sold this debt to by now, to collect this debt. This can further lead to lawyers and they can possibly have a judgment against you in the court. "The public record" that appears on your report is perhaps from that. Your best option would be to try a PFD letter which asks them to remove these derogs items from your credit reports upon payment. But i am sure somebody else on this board would be able to shed some more light on this.

[Anonymous]

Should I be sending my PFD letter to JPMorganChase Legal department or the CA- Collect America?

Thanks again!

[Takunda1]

I am speaking from experience here. AMEX will NOT change their comments no matter how hard you try. I have been in contact with three different divisions and they've all said no. The best you can do with Amex is ask to be put on their oasis program (where they'll issue you an optima card with a beginning credit limit of 50% your total credit limit when you defaulted on your card) If you pay the remainder of the balance in FULL. Barring that there is really nothing that can be done with Amex, unless I was just unlucky.

With chase I be they sold it to a collection agency and if they already have a judgment against you, I'd try and pay that off soon because most judgments include interest until the debt is paid. Of course you can still negotiate a settlement amount, you don't have to pay the whole thing.

Good luck.