Hey guys this is my first post but I have learned a lot from the forum and have been watching my scores gradually increase as a result. Back in 2002 when I had just turned 18 I managed to max out 2 credit cards, one with Cap 1 and one with AMEX. The Cap1 originally had a limit of $1500 but has swollen to $3900 balance due to fees and interest and such. The AMEX had a limit of 2000 with a balance of around $3800. Cap1 sued me in 2007 but didn't show to court and the case was dismissed. They still try to correspond with me but I mostly ignore it since it is due to drop off in July of this year. AMEX has actively tried to get me to settle for around $3000 which is fine I just don't have the funds to PIF at the moment they are scheduled to fall off in July as well. My question is should I call AMEX and see about a payment plan or just wait until I am able to pay in full, which is probably about 18 months. I really want to get back in good standing with them because my aunt made an authorized user back in 1988 and it shows that I have had credit with them since then obliviously making it my oldest account. Also should I just let the Cap1 fall off and forget about it since it has been doing so much damage for the last 7 years. Funny enough they approved my auto loan @ an astronomical 24% which I am waiting on their card to fall off to see about a refi. I appreciate any advice I maybe given and appreciate all of the helpful information provided on the forums.
Thanks
06/02/2009 EQ(623), TU(582). EX(?)
05/09/2009 EQ(589), TU(?), EX(?)
