AMEX & BOFA late payments seeking for advice

joxnard805 · ‎11-10-2018

Hello,

I lost my job back in february, which put me in $0 income for a few months, which means i maxed out my amex and bofa card to stay afloat. I didnt qualify for any amex financial hardship programs, so eventually i had my amex closed down because i wasnt able to make the payments for 3 consecutive months, and 1 month later my bofa was closed down, eventhough i was ok with them. Amex sent me to collections and im making payments with bofa directly.

I am currently working for a good company and have straighten out my financial situation, i just dont know how to handle the amex collection agency and bofa, i dont know if i should pay the amex collection agency in full or settle with them and bofa for a lower amount. Also, i do have late payments with both bofa and amex, can i get these removed?

Thanks!

Anonymous · ‎11-10-2018

I am glad you are doing well now.

I would pay American Express in full because you will not be blacklisted from them if you do; there are enough data points on here that garauntee this. As for Bank of America, if you either pay them in full or settle, it won't make a difference; you are blacklisted from them. But, of course, in a manual review, future lenders may appreciate that you paid your past debts in full.

My advice would be to do what's best for your financial situation.

Jnbmom · ‎11-10-2018

@Anonymous wrote:
I am glad you are doing well now.

I would pay American Express in full because you will not be blacklisted from them if you do; there are enough data points on here that garauntee this. As for Bank of America, if you either pay them in full or settle, it won't make a difference; you are blacklisted from them. But, of course, in a manual review, future lenders may appreciate that you paid your past debts in full.

My advice would be to do what's best for your financial situation.

+ 1 and as for the lates, you were late so I don't think you can get them removed.

EXP 780 EQ 791TU 795

AverageJoesCredit · ‎11-11-2018

How much did you owe Amex? Im suprised they wouldnt work with you as ive heard many good stories on their willingness to give chances (of course i could be wrong too).

I agree your best best is with Amex more than Boa on second chances.

joxnard805 · ‎11-12-2018

i owe $2500 each. if amex will not blacklist me, i will rather just pay them off and the same with bofa, being that with them im already on a plan. What about the late payments, any tips on how to get them removed? Credit repair people say its possible but want like $500 upfront.

Anonymous · ‎11-12-2018

@joxnard805 wrote:
i owe $2500 each. if amex will not blacklist me, i will rather just pay them off and the same with bofa, being that with them im already on a plan. What about the late payments, any tips on how to get them removed? Credit repair people say its possible but want like $500 upfront.

I would no go the credit repair route: results are not garaunteed. Just start a massive GW campaign to get those lates removed.