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AmEx Card in Debt Management Program listed as "In Collections/Charge Off"

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#1 Lillibet212

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Posted 01 June 2017 - 06:10 PM

I have an American Express charge card that has been in a debt management program for a a little over a year and it has an outstanding balance of $1600. The other credit cards have a status of "closed" whereas this one has a status of "charge off/in collections." Is this status hurting my credit score? Would it be better to have the status as just "closed" rather than "collections/charge off"? How would i do that?

#2 breeze


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Posted 01 June 2017 - 07:41 PM

That depends. What kind of debt management program is it? Generally speaking, AmEx does their own debt management and does not accept 3rd party programs. Is this program one where they attempt to settle the debt for you?

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