AMEX - Settlement vs Pay in Full (Optima)

Date: Mon, 03/19/2012 - 16:15

Submitted by leahp
on Mon, 03/19/2012 - 16:15

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Total Replies: 7

I have 3 cards with Amex - all 3 charged off - all charged off 2 years back -- all in Collection with NCO

Card 1 - $500 -- Charged Off
Card 2 - $900 -- Charged Off
Card 3 - $4,500 -- Charged Off

Based on the offer letters, I have 2 options:

1. Settle each account for approx 50% balance and ask them to report - paid in full.
2. Pay in Full each account at 100% - and get an Amex - OPTIMA Credit Card

My question:

1. Should I "Pay in Full" or Settle? I have money to pay - but if it doesn't help in anything, I rather settle.
2. Will paying in full effect my credit report?
3. Is it worth to go for Optima Card?

Thanks a lot....

I am aware of the Optima card if you pay in full, but I doubt th

I am aware of the Optima card if you pay in full, but I doubt they will give you three.

If it were me and I had the money to pay all three in full (I'll leave the morality out of this), I would settle all three and take my savings from the settlements and get a prepaid card. I also think you might do better than 50%, but it seems Amex is playing hardball lately.

lrhall41

Submitted by ioalot on Mon, 03/19/2012 - 17:38

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If you settle the account, they will report it settled, not paid

If you settle the account, they will report it settled, not paid in full.

lrhall41

Submitted by SOAPLADY on Mon, 03/19/2012 - 18:43

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Bumping....OP....do not repost the exact same question. And you

Bumping....OP....do not repost the exact same question. And you DID get answers.

lrhall41

Submitted by SOAPLADY on Wed, 03/21/2012 - 09:58

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I don't understand. If you've received an offer letter from the

I don't understand. If you've received an offer letter from them and want to discuss options, why aren't you just calling AMEX and asking them?

lrhall41

Submitted by OhioGal1 on Wed, 03/21/2012 - 11:45

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I have received letters in the mail - but before i call them - i

I have received letters in the mail - but before i call them - i wanted to get advice from the experts here - i am a little nervous about talking to collectors - and even more apprehensive in negotiating ...

lrhall41

Submitted by leahp on Wed, 03/21/2012 - 17:14

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AMEX has given you the options...there is NO negotiations.

lrhall41

Submitted by SOAPLADY on Wed, 03/21/2012 - 20:48

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I wouldnt say there are NO negotiations. I would give a call

I wouldnt say there are NO negotiations.

I would give a call and at least "try" to negotiate, you have nothing to lose.

lrhall41

Submitted by ioalot on Thu, 03/22/2012 - 07:29

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