Is it worth trying to get a deletion from my credit card company?

Question

I've had an overdue balance from American Express of about $2800 for a few months. Just last week, I made a single $2100 payment directly to american express, leaving a $700 balance on the card. I've read that it's sometimes worth calling and trying to negotiate a deletion of the negative information reported to credit bureaus in exchange for immediate payment... would it be worth trying to get them to remove the negative info in exchange for the last $700 payment? I have it and just want to play my cards to the greatest advantage possible at this point.

Answer 1

They can't delete the report.  They can do a followup report that you are current and paid.  You might be able to get them to do that sooner rather than later - some companies routinely only report quarterly so you might push for immediate.   Have you gotten your credit report and looked at it?  You can get one each year free from each of the three credit reporting agencies on line.

Answer 2

If you are talking about the original creditor (American Express) and not a Collection Agency they will not remove the negative information.  But they will change your report accordingly.  However, showing that you are now current will be better than being more delinquent and having it possibly go to a "Charge-Off".

If it is in a Collection Agency you can ask for a "Pay for Delete" letter.  However, you must pay off the entire balance before they will do that.  If you go this route be sure to have something in writing before you send them any money.

Answer 3

You can try it but I seriously doubt they will delete it.  Especially cuz you just made a large payment to them.  They aren't losing so much now if you don't pay.  What's $700 compared to all the rest of the debt that is owed to them by the rest of their customers?

Answer 4

You should use credit repair agency to fix this issue - for example this one - http://creditreport.undonet.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 5

First off they can delete it.  If you have been good with your payment and that is the only one you missed then they might do it for you.  However if you are late all the time it is unlikely they will.  If it was just over a couple of months and only happened that one time call them and explaine times are tough and you were unable to make a timely payement.  Just be really nice.  Amex has real good customer service.  They now have their money so they are already happy about that.  Good luck

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Answer 6

You would have done better sending them a letter in the mail asking for that option before you sent them the first payment. Because they already got money out of you....they'll probably deny giving you that option since they really don't want to delete your delinquency from your report. You see, this tactic is used more-so as an incentive to get people to pay who probably aren't. Since you've already paid them more than most people probably would, they have no reason to give you that incentive my friend.