If you want to use your credit card to purchase something, the last thing you need is for your AmEx Statement to show that you did not pay for your charge. When this happens, the charge can be reported as “Payment Required” and a negative rating can appear on your account.
The first thing that you can do to repair your account and get your credit card paid off is to try to limit how many credit cards you have open at any one time. You should also try to keep all of the charges on your statement as close to zero as possible. This can be done by paying off your balance before it gets high enough to show up as a bill.
It is important that you are aware of the minimum amount of money you must pay on any credit card that you have. If you fail to make all of your payments, the charge may continue to show up on your statement. It will stay there for up to two weeks and will then be removed from your statement if you make your monthly payments. The longer you let your card stays open, the higher your credit risk will be and the more difficult it will be to get your credit card paid off.
An Amex representative may be able to negotiate a lower interest rate with you. These negotiations should not involve a negotiation over the amount of money that you must pay. The representative will be looking for an offer that offers you the same rate that you would have to pay to a bank. This type of offer can help you get rid of your credit card completely while keeping your debt to a minimal.
In order to get an interest rate as low as possible, you need to look into any fees that you will be responsible for paying once the balance reaches a certain amount. It can be helpful to check out the various rates for the lowest balance. Often times, the best deal will come when you take advantage of a better rate for your balance.
You can avoid being reported as a payment failure just because your AmEx statement does not reflect what you actually did . . . . . . spend the money on. You should try to limit the number of credit cards you have open at any one time in order to keep track of the balance as well as the interest rate. This will ensure that you always have the best chance at getting your credit card paid off.