If you’re facing a legitimate financial hardship and can’t make the minimum payments on your American Express credit card one. I was on a program with them.
I didn't realize how much this would help me at the time. My question is, can I/should I call Amex and see if I can still get the Optima. The delinquency is reporting as two different items on my report (not sure why 2) with a status of Paid Charge-off.
I called to see what I could do with the credit limit on my Optima. I was told since it was a recovery product, the limit can never be increased. The only workaroudn is to reapply for a new card. So, I did an app over the phone for the Amex Blue. The result - I was declined because I have an 'open, active recovery product'. I called in to explain my situation and asked for a recon.
He suggested trying in a month because “you never know how these things work.” What do you think? And what should I do now? ( January 11, 2013 ) Marilyn, it’s very common for creditors to adjust settlement policies and procedures at year-end or the first of the new year. It is virtually impossible for any major creditor to take a “no settlements ever” policy and stick to it for long. I’ve seen it attempted time and time again, and the creditor always returns to settlements sooner or later anyway. For one thing, if you don’t pay a credit card debt for 6 months, the creditor has to record a loss of 100% of the balance and try to recover after charge-off via collection agencies. The rep was basically telling you to sit tight until they figure out what their settlement policy will be this year, etc.
Congrats on your approval Old user name newportguy*** Current Score: myFico EQ - 828 () Discover TU Fico - 826 () EX Fico - 821 ( ) ******* Amex - BCP 10 K * Discover - IT 12 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ******FICO 800 Club Member ******* EQ 828 *** TU 826 *** EX 821 ********* Last HP New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******. I pulled my 3 annual free reports in March from annualcreditreport. I paid for one here 2 days ago. How come some of the CAs appearing on the free annual one arent shown anywhere on the one I pulled here? I didnt dispute any and they arent set to age off until 2014 AMEX Green charge NPSL NFCU Cashrewards Visa Sig $25,000 NFCU Navcheck $15,000 AMEX Everyday $15,000 Discover IT $15,000 Amex BCP $18,000 Cap1 Quicksilver $5000 Amex Oasis Optima (recovery card) $500 (closed July 2014)10% util on NFCU, 25% util on Discover, zero on rest, 6% overall. MyFICO: TU 815, EQ 809 EX 801 Discover TU FICO 803.
That will show me what ending balance was. Once I have that, and the copy of final payment/paid in full letter they are sending, I will have documentation to send with the letter you suggest. Due to the statement being 3 years old and archived, I had to mail a letter requesting in writing.
But, if it is, continue to explain further. I never signed for anything, and my Mom applied for it in my name. Would I need to pay it off before American Express would issue me a card? I've read accounts of AMEX exhibiting a surprising amount of GW at times. If they do demand payment, ask 'em whether you can do payments. Newbie Guide - Never be late - Friendly CCCs - CC TacticsCredit Monitoring - Fax Disputes to the CRAs - Abusive Phone CallsSOL v. CRTP - DV - I've DVed, now what?
I have some good news, and no I didn't just save a bunch of money on my car insurance.DW had an AMEX Gold that went into collection in 2005.We made last payment on the debt in April, she got the Oasis Optima offer in May, applied and got the CC ($1300 CL), then promptly applied for Delta($2K CL) and Green and got both of 'em.Sent off a GW letter to AMEX, and they deleted the Gold collection from all 3 CRAs. Collection could have remained until 2012, and gone.Yee-hah!If you have an Oasis, and the defaulted PIF AMEX CC is still on your CRs, GW it. Newbie Guide - Never be late - Friendly CCCs - CC TacticsCredit Monitoring - Fax Disputes to the CRAs - Abusive Phone CallsSOL v. CRTP - DV - I've DVed, now what? - GW - MOV - ReconBeing sued? - Medical bills/collections - Magic Eight Ball.
When it comes to settlement with American Express, there are some specific facts about this creditor that you should be aware of. Prior to the financial crisis of 2008, American Express was not a bank like most other major credit card issuers (such as Bank of America, JP Morgan Chase, Citibank, etc.).
As usual, when things were going well, everything was paid in full in a timely manner. Things are no longer going well, and balance is currently ~80k. While the due date has just passed, I do not believe the company will be able to pay moving forward. Any suggestions? ( December 12, 2013 ) Howard, if you personally guaranteed this account, then Amex won’t care if you are a partner or not.
Now I have 15k in credit and 2 mo ago I had 300. I love you guys. Thank you-***MYSTERY SOLVED: So I called this morning to speak to the lady at Amex who sets up the Oasis program Optima cards and she said they cancelled and did not issue that card because I'm not allowed to have that card AND any other Amex card.So I read the posts on this forum and misunderstood. People waited for their Optima card, activated it and THEN applied for other Amex cards.I got anxious and applied/recvd Delta and Clear before ever receiving the Optima. The only thing I was hoping for was 'member since 1989*. I'll just let these new TLs age and take very good care of them.THanks everyone! Mystery solved!
AMEX Green charge NPSL NFCU Cashrewards Visa Sig $25,000 NFCU Navcheck $15,000 AMEX Everyday $15,000 Discover IT $15,000 Amex BCP $18,000 Cap1 Quicksilver $5000 Amex Oasis Optima (recovery card) $500 (closed July 2014)10% util on NFCU, 25% util on Discover, zero on rest, 6% overall. MyFICO: TU 815, EQ 809 EX 801 Discover TU FICO 803. Rebuilt from 500's.gardening until mortgage time. So I recently got 3 Amex accounts beginning of July. I've read it takes at least 2 or more billing cycles for them to report. They'll be backdated to 1999.Now, I know a mortgage underwriter wont see the gap in reported months, however there is a house we saw and love and want to at least get the pre-approval process goingI dont want to do pre approval before they are reporting, then have them show up on the pull right before closing!Any experience with pleading ones case with amex to rush the reporting process?
My app didn't even get that far in the process because of the optima account. Here's my question - if I call Amex to have the optima account closed, then apply and get declined, obviously I want to keep my exisitng account. Will they let me reopen the Optima? Has anyone had any luck with this? Has anyone on the board even been in this situation before? I did some searching but couldn't find anything too similar to this situation. Finally, any feedback you have on recent application experience with Amex is greatly appreciated (score/decision, etc)!!
But the judgment is public record and there is no reversing that. Talk to your loan officer and see if a settlement resolution will help you clear the hurdle of getting a loan application approved. ( September 5, 2013 ) Hi Charles, I posted a question Oct 17, 2012.to follow up Amex is now suing me for 74k. The business owner is no longer in business and states he cant contributed anything to His debt. I’ve hired an attorney but my concern now is I work in Accounting for a bank so bankruptcy is something I can’t really do.
So in the space of a week I've basically added $17, 400 in CL to my profile--YAY! Honestly I have the very nice people here to thank for my rebuilt profile. 18 months ago I was sitting on a lame-o Optima oasis card CLI 1100 (btw I has no idea that it was an oasis card and was severely limiting my options) and a Cap one 900 CL. If you are feeling discouraged just know that you can turn things around in a relatively short amount of time!
MyFICO: TU 815, EQ 809 EX 801 Discover TU FICO 803. Rebuilt from 500's.gardening until mortgage time. Hi, I have been reading the threads on here for a long time, thanks in advance as it has helped my tremendously with my credit.
Is that far fetched to ask for that status once I pay it off? Thanks again! ( April 25, 2015 ) Alyssia, you should order the $100 document review service if you’re not certain the document covers what you need it to. It might be titled differently depending on what state you are in, so I was not saying it definitely had to be titled Stipulation for Judgment.
It’s quite common for American Express to assign their accounts to third-party collection agencies well before the point of charge-off at 180 days late, often as early as 90 days late. Don’t panic if this happens! Understand that the majority of settlements with American Express are negotiated through these third-party collection agencies.
I do still see some settlement letters that contain that language, but they are from third-party agencies and may be a carryover from before. Payment of a 2002 balance should not re-age the account, as the 7.5 year reporting period is supposed to date from the point of default, not settlement. Why don’t you simply call Amex and ask your question directly?
I use the green for a lot of monthly bills and pay off ever month. I rarely use the costco card, but I have a $27K bal on the blue card. While I have been making min payments all the while on the blue, my income is down and now I am finding to very difficut to continue to eveb make the min payments on the blue card. I wanted to know if it would be a good idea to contact AMEX and request that they close my Blue card and lower my monthly min. I just went through loan mods (successfully I might add) on three properties (home and 2 rentals) which has trashed my credit.
Sankofa wrote:Noah,Good news for the wife!! Wow, I didn't know onecould apply for one Amex and get two more instantly!! WTG!Now you have to take lessons from the woman in charge!
I was only hoping for the 'member since 1989' to show on my reports.****HAVE I MENTIONED HOW HAPPY I AM!???? **** Thanks everyone. Now I have 15k in credit and 2 mo ago I had 300. I love you guys.
The said I should have the app in 20 days (I assuming this is to let the $0 balance report). The Optima card is NOT ELIGIBLE FOR BACKDATING, and any cards you app for from Amex will be an instant denial (wont even pull). Im not complaining, I burned Amex in college and now that I have paid my debt the are letting me back in the door to primeville. I plan on keeping everyone posted as to if the actually keep there end of the deal. None of this would have been possible without the help of the MyFICO community. Edit: the did backdate my account to 2005.
Neither have refuted the legitimacy of my income status and difficultyjust so you know. I do not own my home, I am paying off my car. I have nothing worth anything. What can they do to me? 1917 enfield eddystone serial numbers. What can I do to get on a feasible payment plan with them? I would much rather tend to this debt, or at least make minimum payments, rather than quit. ( September 12, 2014 ) Sandy, sorry to hear about your situation, but you’re describing a very common scenario with Amex.
I have been paying off balances on my Optima / Gold cards once every week some times as soon as I see balance online on my account, I have been paying off right away.I learned on this forum the best credit practises, keep the debt low, increase savings, invest in retirement funds. What a turn around in my personal life. My scores are still high 600's though. Hopefully I'll make it to 700 clubs soon. Opsrex wrote:Takunda1 wrote:yes they do. After about 2 months. When they start reporting, write them and ask them to remove the derogatory info from the previous account.
I guess I am in decent graces with them at the moment. I was just wonder if anyone has experience with how often they give automatic increases or what criteria.