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Question By
nymeria4

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20 People Helped
Old Charge Off Reporting Again - Killing Score
i stopped paying my AMEX in 2009 due to financial difficulties. I've managed to bob and weave every collector they've thrown at me. For some reason, AMEX stopped reporting the Charge off in 2012. This month, they reported it again and my credit score tumbled 60 Points.

Does anyone know how soon my score might recover? THe charge off was already listed but the recent update of it has really hurt me. Andy advice would be appreciated.

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AMEX is a tough one to get rid of, the only good thing is that it is quite old, so it's not hurting your score as much as if it were a new derogatory account.  If you owe it, you owe it, so you can just wait it out and it will fall off your report sometime in 2016.  The older it gets, the less damage it is doing, so time is your best friend.  In the meantime, visit www.credit.about.com and read up on ways to improve your score to off-set the damage this account is doing.  Best of luck!

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