Re: I just got an offer

Posted by Linda (65.120.51.36) on August 27, 2002 at 13:45:43:

In Reply to: Re: I just got an offer posted by Why Chat on August 26, 2002 at 14:32:01:

From what I have heard, if you ask them, they won't make any promises. But after a few months of usage and on-time payments, they usually delete the old charge off or change it to R1. Again, if you ask them, they won't tell you anything you want to hear. I guess they don't want to be manipulated.

This has happened to several people who have been good customers in the past and have fallen on hard times through no fault of their own, and it has happened to people who called and said "what can I do to restore my relationship with AmEx. Even after their debt was discharged in bk, they accepted payments made voluntarily, and then gave the person a new card.

IMO, they have a reasonable approach to the situation. It sure the heck beats living with the negative entry on your report for 7 years, and being on the AmEx blacklist.

Citi does something similar.

None of them will make any promises, but they follow a specific pattern. 1) They accept your payments even after charge off. 2) They refuse to promise anything if asked. 3) After the debt is paid the customer is offered a new account - with reasonable terms. 4) After 6 months or so of usage, the old tradeline is deleted or changed.

I hesitate to tell people "take the offer" it depends on your situation. If you have received a settlement, this really beats being sued, though. If you are not back on your feet financially, it's a tossup. They might sue you anyway, they might just write it off - no way to know.

Linda

Follow Ups:

Post a Followup