fletch Posted August 30, 2007 Report Share Posted August 30, 2007 OK...back in 1999, I had a chargeoff with American Express for ~$1900. With my new job, we are issued AmEx Corporate cards. My application was turned down due to my previous charge off. Per AmEx, I can get a Corp. Card if I pay off my balance.I kinda need to do this quickly as I will have some expenses for work that will add up quickly. What is the best course of action? Should I try to contact AmEx for a PFD or is this a futile effort? I just started writing letters to OC's and CA's last week but haven't contacted AmEx.Help? Link to comment Share on other sites More sharing options...
whocares Posted August 30, 2007 Report Share Posted August 30, 2007 Is AMEX on your credit still? if not your opening a can of worms...they can report the account negative for the next 7 years,,,even if you pay it, Paying it renews the statute of limitations.I would get it in writing if you pay you get a clean slate...no mention of the old card and balances, and make sure they will issue a new card...get tat in writing too...they just may want to get the debt paid and then say you no longer meet their credit requirements, you could be stuck with a paid collection and not card at all...be careful Link to comment Share on other sites More sharing options...
elyse449 Posted August 30, 2007 Report Share Posted August 30, 2007 Whocares,Are you referring to statute of limitations, or reporting time?You said; they can report the account negative for the next 7 years,,,even if you pay it, Paying it renews the statute of limitations..."Here's what I read at Bankrate...apparently, paying a debt does not restart the legal reporting period. However, paying part of it may restart the SOL in some states. Statute of limitations is what says how long they have to sue you in court...and they can always try, but you can use the expired statute (if it applies) as your absolute defense if they do.Maybe I read the article wrong though...http://www.bankrate.com/brm/news/debt/20051014a1.asp?prodtype=pfinElyse Link to comment Share on other sites More sharing options...
Amerikaner83 Posted August 31, 2007 Report Share Posted August 31, 2007 you interpreted it correctly, Elyse.SOL is different than "reporting period" Link to comment Share on other sites More sharing options...
fletch Posted August 31, 2007 Author Report Share Posted August 31, 2007 Yes, it reports on my credit as a CO. Link to comment Share on other sites More sharing options...
OnTheMoveAgain Posted August 31, 2007 Report Share Posted August 31, 2007 I have a letter from them still wanting me to pay off old debt (1995). I will in due time...make a long story short, here is the phone number: 1.877.354.8148 Link to comment Share on other sites More sharing options...
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