Getting one late AMEX payment removed from Credit Report

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dodgers24
 
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Getting one late AMEX payment removed from Credit Report

Postby dodgers24 » Sat Dec 05, 2015 2:04 pm

I am about to re-fi my mortgage and in the process learned AMEX (correctly) reported a single late payment that is adversely impacting my credit score. Does anyone have any experience approaching AMEX about removing this? Even better has anyone had any success doing this? The payment was 30 days late and was from May of this year. I am a 20 year AMEX member, with only this single blemish on my credit. Thanks in advance for any help you can provide.


ingramjuan
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Re: Getting one late AMEX payment removed from Credit Report

Postby ingramjuan » Sat Dec 05, 2015 9:43 pm

dodgers24 wrote:AMEX (correctly) reported a single late payment that is adversely impacting my credit score. Does anyone have any experience approaching AMEX about removing this? Even better has anyone had any success doing this? The payment was 30 days late and was from May of this year.



Not sure if this can be done since it was reported correctly, however you have nothing to lose by asking. I have also seen several threads in the community that tried but had to luck with the removal. The good thing is that the longer it sits on your credit file the less impact it will have. Usually you will see a change between 9 and 12 months. The longer you can hold out with refinancing your home the better you will be.
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travisrauh
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Re: Getting one late AMEX payment removed from Credit Report

Postby travisrauh » Sat Dec 05, 2015 11:55 pm

Where AMEX already does a courtesy by not reporting if you're only 30 days late, which means you would've had to have actually gone 60 days past due in order to be reported, I would not expect to have the delinquency removed. That could place American Express into a compliance violation per the FCRA since the reporting is accurate. As stated, you may certainly call and ask, but I would just like to set your expectations.
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thom02099
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Re: Getting one late AMEX payment removed from Credit Report

Postby thom02099 » Sun Dec 06, 2015 11:14 am

dodgers24 wrote:I am about to re-fi my mortgage and in the process learned AMEX (correctly) reported a single late payment that is adversely impacting my credit score. Does anyone have any experience approaching AMEX about removing this? Even better has anyone had any success doing this? The payment was 30 days late and was from May of this year. I am a 20 year AMEX member, with only this single blemish on my credit. Thanks in advance for any help you can provide.


What are your scores?

What is your timetable to get the ReFi completed?

As previously stated, it's not likely that the single late payment will be removed.

That said, it's also possible that the mortgage lender may be willing to overlook a single blemish on your record. In the past, while rebuilding, I had some late payments/30 days late. It wasn't a lot of them, but enough to compromise my getting a better mortgage rate. The broker/lender that I was using requested a written statement from me, detailing the circumstances of the late payments. I put together a written statement and was able to get the better rate (at that time), based on the explanation along with my credit scores at the time.

I bring this up to encourage you to talk to your broker/lender and see if an explanation of the single late could result in a better mortgage interest rate, rather than focusing on getting the blemish removed. Time is your ally; at it progresses, the single blemish will mean less and less.
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takeshi
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Re: Getting one late AMEX payment removed from Credit Report

Postby takeshi » Mon Dec 07, 2015 9:36 am

Definitely do whatever it takes to avoid derogs like this. They tend to have a significant impact, tend to hold one down as long as they're on reports and can be difficult to impossible to remove. However, they will eventually fall off.

Vermonster
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Re: Getting one late AMEX payment removed from Credit Report

Postby Vermonster » Mon Dec 07, 2015 9:56 am

takeshi wrote:Definitely do whatever it takes to avoid derogs like this. They tend to have a significant impact, tend to hold one down as long as they're on reports and can be difficult to impossible to remove. However, they will eventually fall off.


Very true. My score dropped over 40 points from 2 derogs, and they had already aged a year when I noticed them. But damn, I've been super vigilant since then!
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Elijahmex
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Re: Getting one late AMEX payment removed from Credit Report

Postby Elijahmex » Tue Dec 08, 2015 2:45 pm

takeshi wrote:Definitely do whatever it takes to avoid derogs like this. They tend to have a significant impact, tend to hold one down as long as they're on reports and can be difficult to impossible to remove. However, they will eventually fall off.


This is very true. I had one (Identity theft) and my file was pretty thin so it hald a huge impact on my credit score. It wasnt able to grow rapidly. Luckily after running an investigation it was removed and the following month my score jumped 38 points :lift: . Nothing but progress since
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