topic Re: Getting an AmEX after chargeoff in Credit Card Applications

Getting an AmEX after chargeoff

winner88 — Sat, 16 Jul 2022 23:05:53 GMT

It's been a few years. long story short, I had a few Amex personal / business cards few years ago. Due to a failed business venture, all cards were charged off back in 2015. Started recently to cleanup and rebuild credit and now my reports are free of derogatory accounts. And fico 8 / 9 are in the mid 750's albeit on a thin file.

Considering legendary AmEX blacklist, what are my chances of getting back with AmEX and what's the process? Thanks for your valued input.

Re: Getting an AmEX after chargeoff

Jnbmom — Sat, 16 Jul 2022 23:20:31 GMT

If you didn't pay them back which it appears you haven't I don't think you have a chance in the near future . Eventually yes., but you may have to wait at least a little while longer .

Re: Getting an AmEX after chargeoff

Anonymous — Sat, 16 Jul 2022 23:24:28 GMT

@winner88 I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.

Re: Getting an AmEX after chargeoff

winner88 — Sat, 16 Jul 2022 23:43:13 GMT

@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that.

Re: Getting an AmEX after chargeoff

winner88 — Sat, 16 Jul 2022 23:42:47 GMT

@Anonymous thanks for the info. I just tried the pre qualification and received no offers. My Experian is frozen thou so It's not really a valid data point.

Re: Getting an AmEX after chargeoff

Brian_Earl_Spilner — Sat, 16 Jul 2022 23:56:48 GMT

How much was charged off? If in the 5 digits you're probably looking at 10-20 years.

Re: Getting an AmEX after chargeoff

winner88 — Sun, 17 Jul 2022 00:06:45 GMT

@Brian_Earl_Spilner 5 digits across 5 cards

Re: Getting an AmEX after chargeoff

Anonymous — Sun, 17 Jul 2022 00:42:16 GMT

@winner88 wrote:
@Anonymous thanks for the info. I just tried the pre qualification and received no offers. My Experian is frozen thou so It's not really a valid data point.

There's always next month. I would not give up. And yes, they pull Experian.

Re: Getting an AmEX after chargeoff

OmarGB9 — Sun, 17 Jul 2022 01:22:17 GMT

@Anonymous wrote:
@winner88 I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.

Yes it possible to get back in without paying, but it would take decades.

@winner88, unfortunately if you didn't pay them back, as I mentioned, it would take quite a while to get back in with Amex. And it's not even guaranteed you would be able to. And while Amex would probably be willing to settle, just be aware that if you go that route, you'd probably never get back on. The quickest, easiest way to get back in their good graces would be to pay them back in full and qualify for their Optima program, even if you don't pay them back all at once. They often are willing to work out a repayment plan with you for the full amount.

Re: Getting an AmEX after chargeoff

PapaTunde — Sun, 17 Jul 2022 01:18:11 GMT

Apply for the card you like

If you're in the no-no list, Amex wont pull your reports so no harm, no foul

Good luck

Re: Getting an AmEX after chargeoff

Jnbmom — Sun, 17 Jul 2022 11:04:33 GMT

@winner88 wrote:
@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that.

You will eventually get back in. You can always try to their prequalify link to see if you are still on the list .

I see you already tried. As @Brian_Earl_Spilner if it's over 5 digits it could take 10 plus years

Re: Getting an AmEX after chargeoff

arifjk — Sun, 17 Jul 2022 20:11:43 GMT

AMEX has an incredibly long memory. If you have 5 digits across 5 cards, it'll be very long closer to 20 years.

If you can pay the settlement offer, that would be the best way to get back to AMEX. Call their global collection department. AMEX never sell their outstanding accounts to outside collection agencies. They handle their collection department themselves.

I paid off my old accounts (~$22k) without settlement since it's IIB and because of that, they didn't have any settlement amount for me. Once I paid them off, I got back in within 2 weeks after everything was clear in my bank. They approved me for Charge card and revolving card.

It is now about how fast you wanted to get back into AMEX ecosystems. The choice is up to you.

Re: Getting an AmEX after chargeoff

OmarGB9 — Sun, 17 Jul 2022 20:14:53 GMT

@arifjk wrote:
AMEX has an incredibly long memory. If you have 5 digits across 5 cards, it'll be very long closer to 20 years.
If you can pay the settlement offer, that would be the best way to get back to AMEX. Call their global collection department. AMEX never sell their outstanding accounts to outside collection agencies. They handle their collection department themselves.

I paid off my old accounts (~$22k) without settlement since it's IIB and because of that, they didn't have any settlement amount for me. Once I paid them off, I got back in within 2 weeks after everything was clear in my bank. They approved me for Charge card and revolving card.

It is now about how fast you wanted to get back into AMEX ecosystems. The choice is up to you.

If you settle for less, they won't allow you back in right away. You'll still be waiting for a long time, possibly forever. You were able to get back in because you paid them back in full (regardless of the circumstances where they wouldn't allow you to settle for less since you IIBK them).

Re: Getting an AmEX after chargeoff

john_m90 — Sun, 17 Jul 2022 21:06:52 GMT

In 2007, I had a BK 7 with a couple Amex accounts totaling around 8 k.

I was on their blacklist for almost 8 years. I was able to get authorized on a corporate Amex card for the company I worked for.

After a year of having corporate card, I was able get approved for personal Amex card even with my BK 7 reporting on my credit reports.

Re: Getting an AmEX after chargeoff

7774x — Sun, 17 Jul 2022 23:18:39 GMT

@winner88 wrote:
@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that.

Fact amex stopped sending settlement letters..doesn't mean they forgot ..Check your you credit reports .. Amex regularly checks your CRs. ..I know several on amex list ..common thread.. owe greater than $10,000 ...out of sol... 14 yrs +...none have been approved for new amex accounts..many with fico 750+..

Re: Getting an AmEX after chargeoff

TRC_WA — Mon, 18 Jul 2022 01:08:15 GMT

This thread is why I paid my Amex off prior to filing Ch 13. They let me back in 5 years later with 10x the limit I had on previous account.

Re: Getting an AmEX after chargeoff

Brian_Earl_Spilner — Mon, 18 Jul 2022 04:00:20 GMT

@7774x wrote:
@winner88 wrote:
@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that.
Fact amex stopped sending settlement letters..doesn't mean they forgot ..Check your you credit reports .. Amex regularly checks your CRs. ..I know several on amex list ..common thread.. owe greater than $10,000 ...out of sol... 14 yrs +...none have been approved for new amex accounts..many with fico 750+..

They definitely don't forget. When I got my gold in 2020 I tried to get them to add it to my online account early so I could start paying it as I was given a temp online card when approved. Instead of adding it, they kept adding my 20 year old charged off 11k balance gold card. It is available on my profile, but I chose to hide it as I have no plans to pay them back.

Re: Getting an AmEX after chargeoff

bigseegar — Mon, 18 Jul 2022 11:31:31 GMT

@OmarGB9 wrote:
@Anonymous wrote:
@winner88 I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.
Yes it possible to get back in without paying, but it would take decades.

@winner88, unfortunately if you didn't pay them back, as I mentioned, it would take quite a while to get back in with Amex. And it's not even guaranteed you would be able to. And while Amex would probably be willing to settle, just be aware that if you go that route, you'd probably never get back on. The quickest, easiest way to get back in their good graces would be to pay them back in full and qualify for their Optima program, even if you don't pay them back all at once. They often are willing to work out a repayment plan with you for the full amount.

THIS^ is the best advice you've been given. When AmEx closed my cards many years ago also due to a business failure and which were also a mix of personal and business cards. Even though I didn't owe them a dime when they closed them I did owe other lenders and banks money and AmEx kept me on their Blacklist for 19 years as a result. I just got back in last year, but now again have numerous cards with them. Owing them 5 figures if you don't pay it off or settle with them it will be decades as their memory is long. While @Anonymous is trying to be positive and helpful, their info is off base based on your case as you don't have a "good shot" at all while owing them 5 digits across 5 different cards.

Re: Getting an AmEX after chargeoff

winner88 — Mon, 18 Jul 2022 17:33:08 GMT

Checked my report and they've been soft pulling literally everyday on Experian and weekly on Trans Union. I'm gonna let it simmer for a while and maybe pull the trigger and see what happens.

Thank you guys for all the valuable inputs.

Re: Getting an AmEX after chargeoff

winner88 — Mon, 18 Jul 2022 17:34:27 GMT

@PapaTunde E shay baba