Is anyone aware of any circumstances where a 10 year debt can be placed back on a credit report? I need to be sure before I contact the creditor and say something that allows them to report this old account. I want to make an offer of payment for a new account.
Let me ask this question a different way: If I call these people and they don't accept my offer of payment of a 10 year debt in exchange for a new account, can they place the account back on my reports? Everything I've read says they can't. However, I must be sure.
At the risk of repeating myself... You cannot reset the 7.5 year clock for reporting by making a payment. However by making a payment on the 10 year old debt you make it new again, and reset the collecting clock to 0. They can't report payments you make on the debt after the initial 7.5 years. Always deny completely the existence of the old debt, make no payments do not enter into negotiations over it. If you want to pay it for a new account you are wasting your money. Why do it?
Which company are we talking about? Why do you want an account with them? There are a lot of lenders out there.
I have an AmEx Optima charge off from the early 1990's. There is no way I'd pay it for a new account. Basically I feel the 'emperor' has no clothes. I visited this issue here before and AmEx told me it is not their policy to require such payment, nor do they have a permanent blacklist. Are they telling you differently?
A friend of mine had an unpaid debt with American Express from about 9 or 10 years ago. She applied for a card and was declined due to the past debt. She paid the debt and was immediately reconsidered after the payment posted. She received the card and nothing was placed on her report regarding the past debt. Hope this helps.
Several people here have done this very same thing in order to re-establish a relationship with AmEx. Perhaps some of them will post their experiences.
About a year ago I received a letter from a collection agenc saying if I paid the debt I would be issued a regular Amex charge card. I didn't respond to the letter but kept it. I called the other day and they told me that they no longer have the authority to make me the offer. I was thinking of calling Amex to see if it was still possible.
Same here. I also recieved those collection letters sying that if you pay up it's possible that AMEX will reinstate your card. I never responded to any of them though. I'd be interested in hearing if anyone ever did this. MY AMEX account was charged off in 1992. EdG
The thing with American Express is that they want their money, period, and they never forget. If your account was in good standing (i.e., no late payments since inception), and you then experienced some unforseen issues, and were unable to pay your bill, and ultimately charged it off, you will not be able to re-apply until the previous debt is paid off. I have an American Express Platinum charge, and have never been late since I have been a card member. Due to several factors, I once experienced a time when I was unable to pay off $6k worth of charges. Rather than going into a "charge off" situation, I worked with the agency to repay the debt. I felt they were very helpful, as I was in the mindset to repay what I owed, and have my card priviledges reinstated. At the beginning, I was informed that when the debt was paid off, they would inform Amex, and that I would be able to have my card reinstated. Also, the agency, nor Amex did not report anything onto my credit report. I had all 1's.
