Topic: Creditors with Memories of Elephants

[HeadsUp]

I have a Mervyn's charge card that I didn't pay, and it got charged off, and then I tried to get a Target card, and they told me that I was rejected because of the bad Mervyn's card experience with me.  So, Target and Mervyn's are owned by the same parent company, I guess.

But, anymore, I don't even want another credit card.  I have proven over and over again that I simply cannot control my spending when I have credit cards, so it is better for me to just use cash to pay for things I need and want, and it I can't afford to buy something, it will just have to wait until I save up enough money to buy it.

The only thing I miss is being able to rent a car.  I have to drive everywhere I go on vacation, which can be a bit limiting.  I was able to drive from Eugene, Oregon to Phoenix, Arizona in one day, stopping only for gas and bathroom breaks but I was absolutely exhausted when I got home at 4 am in the morning the next day.

[GunsofNavarone7]

Just want to add that I IIB Citibank for a credit card and an installment loan in 2004. About six months ago I applied and recieved a Home Depot consumer card with a $500 limit and recieved an increase to $900.

Applied today for the ConocoPhillips Mastercard (Citibank), will let the board know the results when they come in (the on-line app simply responding saying confirmation and to clear my sent data from the browser for security).

[Kitten]

Does Chase belong in the 'memory of an Elephant' group?
If the consumer BK'd a First Usa and a Bank One ten years ago, would Chase have incorporated that into
their system and blacklisted the consumer? Total on the two cards was five digits, so I'm sure they are
still unhappy if they have a record of it.

BTW, does anybody know if Chase pulls TU in Michigan? I joined the whopulledmycredit group at
Yahoo, but the info wasn't current or consistent enough to tell.

Mic.

[Kitten]

Answer: Chase either doesn't know or doesn't care about an old First USA IIB account. They pulled my TU and EX. Got an OK CL, and the maximum duration 0% interest offer. Would have been happier with twice the CL I was approved for, but what they gave me isn't bad.  Now if they'd give me a big enough CL to buy a house at 0% interest, I'd be happy ;-)

[CreditFighter]

Nobody is kidding here when they say that AMEX never forgets...  I had an AMEX card back when I was in college.  I (stupidly) didn't keep up the payments and it CO back in 1998.  The balance was small...somewhere in the range of $500 or so.  The account never went to a CA (that I know of), and was never sold.  I STILL get letters from them (last one being a couple weeks ago) asking if I'd like to pay off the account.  They aren't very clear if they'll issue another card tho, so I haven't fallen for it...

[foolsmission]

Just want to add that I IIB Citibank for a credit card and an installment loan in 2004. About six months ago I applied and recieved a Home Depot consumer card with a $500 limit and recieved an increase to $900.

Applied today for the ConocoPhillips Mastercard (Citibank), will let the board know the results when they come in (the on-line app simply responding saying confirmation and to clear my sent data from the browser for security).

What did you guys say to "guns" that he has not posted since: « Reply #16 on: July 12, 2006, 02:51:57 PM »? J/K

[ti]

You may wish to settle with them if the amount is relatibvely small and get assurasnce that they issue new card afterwards.

quote author=CreditFighter link=topic=339.msg28415#msg28415 date=1171219267]
Nobody is kidding here when they say that AMEX never forgets...  I had an AMEX card back when I was in college.  I (stupidly) didn't keep up the payments and it CO back in 1998.  The balance was small...somewhere in the range of $500 or so.  The account never went to a CA (that I know of), and was never sold.  I STILL get letters from them (last one being a couple weeks ago) asking if I'd like to pay off the account.  They aren't very clear if they'll issue another card tho, so I haven't fallen for it...
[/quote]

[ti]

Have you tried some other avenue to deal with the father son issue====like writing to the Chairman, or ?

First on this thread to me memorialized should be AMERICAN EXPRESS. They literally never forget. They will also hold the sins of the father against the son (that is why I have never been able tio get an Amex Card in 30 years of trying - good credit and bad - becuase my FATHER stiffed them - I have that straight from Amex itself).

IF you stiff AMEX, here's what you will need to do (as of the datye this is written, obviously these requirements can change at any time) to get another card from them:

1 Pay off the old debt. It is unclear whether they will want just the principal, the balance at time of charge off or every penny they can extract from you. No posters on other boards have been that explicit.

2. Wait 1 year

3. Apply for their low-end card (whatever that may be at the time).

[cntzero]

First on this thread to me memorialized should be AMERICAN EXPRESS. They literally never forget. They will also hold the sins of the father against the son (that is why I have never been able tio get an Amex Card in 30 years of trying - good credit and bad - becuase my FATHER stiffed them - I have that straight from Amex itself).

IF you stiff AMEX, here's what you will need to do (as of the datye this is written, obviously these requirements can change at any time) to get another card from them:

1 Pay off the old debt. It is unclear whether they will want just the principal, the balance at time of charge off or every penny they can extract from you. No posters on other boards have been that explicit.

2. Wait 1 year

3. Apply for their low-end card (whatever that may be at the time).

I have an 4.5 year debt with AMEX for about 2k and would like to pay it off in full however I am concerned about the impact on my scores. I mean if I pay it off  now then won't it show being paid off but in default for 7 more years? Is this better than to wait 3 more years and let it drop off my report? If I don't pay it off I don't have a chance in getting AMEX back but at least this negative tradeline is off my credit score.

[CreditFighter]

I have an 4.5 year debt with AMEX for about 2k and would like to pay it off in full however I am concerned about the impact on my scores. I mean if I pay it off  now then won't it show being paid off but in default for 7 more years? Is this better than to wait 3 more years and let it drop off my report? If I don't pay it off I don't have a chance in getting AMEX back but at least this negative tradeline is off my credit score.

Well, assuming that they still own the debt in 3 years, they don't persue you before then (and you don't mind the hit on your FICO for 3 years)...
What I would do is wait the 3 years, let the tradeline fall off, THEN pay the account if I had the assurance that they would issue another card.
Here's the reasoning:  Once a TL falls-off the CR, "most" companies will NOT place it back on, even after the account is paid.  It costs them money to do so, and we all know how creditors feel about spending extra cashola...  Now, when you get the NEW card, you can bet your patootey that they're gonna report it on the CR.  This would effectively remove a bad TL, and replace it with a good one...  Follow?
OR, see if they will grant you a new card now for payment of balance in full, and agree that the new TL will REPLACE the old TL (chances are SLIM that they will agree to this, but it's worth a shot).

[cntzero]

Well, assuming that they still own the debt in 3 years, they don't persue you before then (and you don't mind the hit on your FICO for 3 years)...
What I would do is wait the 3 years, let the tradeline fall off, THEN pay the account if I had the assurance that they would issue another card.
Here's the reasoning:  Once a TL falls-off the CR, "most" companies will NOT place it back on, even after the account is paid.  It costs them money to do so, and we all know how creditors feel about spending extra cashola...  Now, when you get the NEW card, you can bet your patootey that they're gonna report it on the CR.  This would effectively remove a bad TL, and replace it with a good one...  Follow?
OR, see if they will grant you a new card now for payment of balance in full, and agree that the new TL will REPLACE the old TL (chances are SLIM that they will agree to this, but it's worth a shot).

Thanks for the input. I will wait until the magic 7 is done. Crazy system eh? Here I am with the $ to pay but because of the up system we have it makes no sense in paying them now.

[Flyingifr]

Thanks for the input. I will wait until the magic 7 is done. Crazy system eh? Here I am with the $ to pay but because of the up system we have it makes no sense in paying them now.

Of course, there is no harm in talking to them now and getting any agreements that may arise in writing.....

[survivor23]

Yes, I would whole heartedly agree, that AMEX belongs on this list, but dont despair.

I had an AMEX account, and I disputed a charge from an auto mechanic. After they did their "investigation" they told me to pay up. They did not do ANY investigation. AMEX is a bunch of liars, like from month to month, they would frivolusly decline transactions, because one month I was approved for their card, and then the next, they would shut off my line. It was all very frivolous.

Eventually, I did end up paying the balance, but they revoked the card, and added some fee, and it still showed up on credit report as a charge off anyway!!

It literally took me three years, of just re-disputing the same all debt over and over again, but eventually it did come off.

Three years later, under the business, they issued me a $20,000 credit card, but I did not take it because I was squeamish, AND they did the bad thing of reporting business debt as personal, so I never used the card.

Just stay strong.

AMEX, it really depends on who get on the phone. They are very frivolous and hap hazard, like when I was using the card. I would call up to see why a certain transaction would not go through, and they would say something like, "your income does not support the line" I cant remember what I said, but then , the guy ended lifting the freeze, and I could use the card again.

I am afraid of AMEX.. They report to ALL THREE CREDIT BUREAS,  and they go out of their way to change every little commment!!!!

Even after they agreed to take it off, the status should 've been paid as agreed, but they took 5 years of payment history off completely.

<removed>!!!!!!!!!!

Edited by Admin3496 for language