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Open Ended or Written Contract?

Discussion in 'Credit Talk' started by donnav025, Mar 13, 2002.

  1. Mar 13, 2002 #1
    donnav025

    donnav025 Well-Known Member

    I'm confused as to what kinds of accounts are considered open ended or written contracts. I had an American Express blue card that was charged off in 1997. On my credit report, under type of account, it is listed as "Open". It makes a big difference on the SOL for me, in a good way, if it is an open ended account. Anyone know?
     
  3. Mar 13, 2002 #2
    mindcrime2

    mindcrime2 Well-Known Member

    Credit cards are considered open-ended accounts.
     
  4. Mar 14, 2002 #3
    donnav025

    donnav025 Well-Known Member

    Thanks Mindcrime, that's good news. I've got an AMEX charge off that is past the SOL so I'm hoping to be in a good position to negotiate.
     
  5. Mar 14, 2002 #4
    breeze

    breeze Well-Known Member

    "Open" means different things when used in different contexts.
     
  6. Mar 14, 2002 #5
    donnav025

    donnav025 Well-Known Member

    Do you know if there are definitions of each type of account anywhere? I've looked but haven't been able to find anything so far.
     
  7. Mar 14, 2002 #6
    QUEEN_BEE

    QUEEN_BEE Well-Known Member

  8. Mar 14, 2002 #7
    donnav025

    donnav025 Well-Known Member

    Thanks Love. According to their definition, open ended is "Having no set limit, either in time or money". So I guess AMEX qualifies since there is no credit limit?
     
  9. Mar 14, 2002 #8
    QUEEN_BEE

    QUEEN_BEE Well-Known Member

    Yes, its definitely open-ended since its also a revolving account.
     

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