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Discussion in 'Credit Talk' started by wondering, Sep 2, 2003.
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I don't know anything about AMEX, and don't know if they handle their own accounts or not. But I'll give you one piece of advice--DON'T EVER CALL THEM! If you want to settle, write a letter, send it certified, return receipt requested. Make them correspond only in writing. You may need to prove who said what to whom. A paper trail is a wonderful thing.
They do handle their own collections, they don't go to CA's...if it is under $5000 they don't sue and they will stop calling pretty quickly.
They will list as "Paid" only. I have never known them to remove a charge-off, you will most likely have to wait until it falls off on its own.
Let me know how you make out. I'm in a similar situation with a similar amount to AMEX.
We'll see what happens. Sending letter today.
Don't know how late or old your Amex account is, but I had a surprising experience with an old Amex chargeoff recently.
I had an old account that was charged off in 1986. Somehow, I wasn't on their blacklist and had gotten 3 Amex accounts within the past 2 years. But when I applied for an Amex biz account, the old chargeoff turned up. After lots of checking with them, I finally was put in touch with the Dead Reserve department. I told them I wanted to pay the old account in full and I asked where to send payment. They gave me the address, I mailed the check.
Amazingly, a few weeks later a new account appeared on my credit reports. It was a 17 year old positive Amex tradeline, pays as agreed, closed by grantor. My scores went up by about 20 points each. It will be there for 10 years. The "closed by grantor" notation has not proven to be an issue in any way.
My guess is it couldn't be reported as a chargeoff because the SOL was had long passed. But I never imagined there would be such a positive outcome. I thought I was going to have nothing more than the satisfaction of knowing I had "done right."
This info is all FWIW. Obviously, I can't guarantee anyone else will have the same results, but it is something to consider for those with a VERY old account.