Charge Off/Balance Due?

[despair808]

I am a little confused and looking for some help. I was ready to PIF on my AMEX CC account that was charged off in 2010 and noticed that it shows charge off and then it is also showing a balance of $2200.00. The original balance owed was 8k which is what I actualy owe, so why is the balance showing only $2200? Did they charge off/write off $5800 and not do the $2200? What do I actually owe? I need to pay it off to apply for a mortgage. Thanks in advance!

Edited May 28, 2015 by despair808

[scottinla21]

I am a little confused and looking for some help. I was ready to PIF on my AMEX CC account that was charged off in 2010 and noticed that it shows charge off and then it is also showing a balance of $2200.00. The original balance owed was 8k which is what I actualy owe, so why is the balance showing only $2200? Did they charge off/write off $5800 and not do the $2200? What do I actually owe? I need to pay it off to apply for a mortgage. Thanks in advance!

 

 

Are they all reporting the same across all three reports?

[despair808]

Yes.....reported as same across all 3 reports.

[despair808]

*bump* Anyone have an answer to this?

[NoPresetSnarkLimit]

Have you never received a 1099 for it? I'd just deal with it as shown on your credit reports, that will solve your short term problem, if they hit you back later with a different amount you might even make a case that you paid what was asked and reported to the CRA's. But that would likely come much later.

[despair808]

Recovered, no....I have not received a 1099. So what you are saying is pay the balance showing? Thanks for your input.

[NoPresetSnarkLimit]

Recovered, no....I have not received a 1099. So what you are saying is pay the balance showing? Thanks for your input.

That's what I'd do, pay the amounts showing, mortgage broker can do a rapid re-score and you're good to go. Insert something involving gift horses and staying out of their mouths lol.

[hdporter]

Sorry, but you need to have a conversation with Amex to see what they say you need to pay to clear the reported delinquency. If you pony up $2200 without first doing so, there's no guarantee you'll get the result you're looking for otherwise.

 

You need to do this anyway because you want to have a mechanism in place whereby Amex agrees to clear the delinquency ASAP after receiving payment.

[NoPresetSnarkLimit]

OC won't PFD, he just has to show mortgage company paid debt

[scottinla21]

Yes.....reported as same across all 3 reports.

Oh ok because like with a 1st premier card I had, I sent there ceo an email showing different reporting on all 3 credit reports and they just had it removed. I was shocked it was so easy lol I thought you could have did this move, but if there all the same you cant.

[hdporter]

OC won't PFD, he just has to show mortgage company paid debt

 

I can't say with certainty, but I expect the mortgage company will require more than a cancelled check. They're going to require that the credit report show a "0" balance, or a statement from Amex stating the account is settled in full.

 

Since there's a suggestion that the amount owed Amex may be greater than reported to the CRA, there's no guarantee that upon payment Amex might not correct the reporting.

 

Again, best bet is get things straight with Amex to ensure confidence that the payment will result in a "paid in full" statement from them.