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 Posted: Fri Nov 09, 2007 8:13 pm Subject: building credit |
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i had a AMEX credit card go to collections with a $7700 balance. i paid it off within 7 months just wondering could that rebuild my credit or it want make any difference, cause my credit really need the help. but thanks for taking time for reading my message
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dorion
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Debtcc Points: 100
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| Posted: Fri Nov 09, 2007 9:49 pm Subject: |
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Hi, welcome to the forums. When the credit card account defaulted, more than likely AMEX reported it to the credit bureaus, which would give you a negative mark. However, since you've paid it off, it would show that on your report as well, which makes it look a lot better.
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finsfan13
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Joined: 17 Feb 2006
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| Posted: Sat Nov 10, 2007 5:24 am Subject: |
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Fins is right. you may have sustained a black mark on your credit by your AMEX going into collections, but to your credit, you paid that off within a very reasonable time frame. that takes a lot of discipline to do because monthly payments would have been pretty substantial. Congrats for paying that card off...we learn from our history and sounds like you will be very responsible with future credit which will undoubtedly enhance your credit scores. good luck!
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debtstinker
Joined: 08 Oct 2007
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