Anyone have any thoughts about how to negotiate a charged off credit card with Amex?

[Len]

Does anyone have any suggestions regarding how to negotiate getting my account settled with Amex when the account has been charged off? I made an agreement with them to make payments and they chose to send my account to a collection agency instead and charged it off. It is on my credit report and I am so angry with Amex for doing this to me. This is the only debt on my credit.

If you have any suggestions, please let me know. Thanks!

[chilton1]

How much do you owe? If it is an amount that you can afford to pay then you should pay the full balance. I had an Amex when i was in college in the 1990s. Some time around 1993 the account was charged off. I applied for amex recently and I was denied because of the old negative.

I am about to send them a payment to over all that i owed so that i can get off of the $hit list.

If having an Amex in the future is something you may want say 20 years from now, I would pay if I can. If you don't ever want their card then negotiate a settlement.

[direred]

Len, You might ask a mod to move this to the Credit Repair or Collection forum, as this particular forum is about obtaining new credit.

Amex really doesn't negotiate. However, one thing they can do is offer you an Oasis program, which would permit you a new card after the existing chargeoff is paid.

[asiatiger]

How much do you owe? If it is an amount that you can afford to pay then you should pay the full balance. I had an Amex when i was in college in the 1990s. Some time around 1993 the account was charged off. I applied for amex recently and I was denied because of the old negative.

I am about to send them a payment to over all that i owed so that i can get off of the $hit list.

If having an Amex in the future is something you may want say 20 years from now, I would pay if I can. If you don't ever want their card then negotiate a settlement.

I have a six year old debt with amex for 10k. I don't mind to pay this off, but I worry that paying it now will restart my 7yr clock. I recall you paid a debt that was 15yrs old. I'm concerned about the risk here. Do you suppose they would agree in writing to do a pfd to endure it doesn't hit mycredit report as a negative?

[chilton1]

I have a six year old debt with amex for 10k. I don't mind to pay this off, but I worry that paying it now will restart my 7yr clock. I recall you paid a debt that was 15yrs old. I'm concerned about the risk here. Do you suppose they would agree in writing to do a pfd to endure it doesn't hit mycredit report as a negative?

The account I paid was not on my credit report. However, after I paid they reported the account as a positive, which gave me some additional history and aged my overall credit.

I would call them to find out how the account would be reported. Just tell them you are able to pay now but you do not want paying to destroy your credit any further and see what they can do. I can't imagine they would pass up 10K.

Paying the collection account does not restart the reporting period. The negative still falls off in about one year.

[matrixpatriot]

Amex still denies me even though I was charged of years ago.

The negative might drop off the credit report but it doesn't drop of Amex's records.

Using Oasis to repay the old debt? Is having an Amex card really worth all that?

[elyse449]

Does anyone have any suggestions regarding how to negotiate getting my account settled with Amex when the account has been charged off? I made an agreement with them to make payments and they chose to send my account to a collection agency instead and charged it off. It is on my credit report and I am so angry with Amex for doing this to me. This is the only debt on my credit.

If you have any suggestions, please let me know. Thanks!

Hi Len,

I do have a few questions. When you made an agreement with them to repay this debt, was it in writing? Did you miss a payment? Have you contacted them to see what happened? It could've been a clerical error. Anyway, if it were me and if I could afford it, I would pay it in full. Either way, once you aren't as angry-try contacting AMEX, ask to speak to the supervisor and go from there. Maybe they'd be willing to take it out of collections and accept payment.

Elyse