topic Re: Recon AMEX Business Card after Personal Amex Burn in Bankruptcy

Recon AMEX Business Card after Personal Amex Burn

sznnmnt — Thu, 23 Sep 2021 20:29:26 GMT

Just thought I'd add my data point for all you MyFicoForums people looking to rebuild your credit post BK.

Background:

CH 7 BK was discharged 11/2015 - 6 years ago

Cleaned credit - no bankruptcy accounts reporting on my credit report anymore.

No lates on any cards/ accts Two highest cards are $12,500 and $18,000.

Utilization: 8%
Only derogatory item: BK CH7 Public Record.

Scores are 715, 712, 742

I applied for the Amex Business Platinum at my business associate's recommendation. I knew what I was looking at going in: Black listed for burning Amex in the BK.

So I did not get an automatic decline. The first email said the decision will be sent in the mail within 14 days. Next email 30 min later was the decision. It said declined. Talked it over with the local rep about it - he wasn't interested in Helping me after the mention of bankruptcy. He disregarded my description of my cleaned credit, said I could apply when my credit score goes up. Probably thought I lied about my credit score. I know BS when I see it. Anyways, I do have a legit business with credit cards and bank balances. My credit is good there. I was told by another business associate a few weeks back to call Amex to see if they are willing to look at my cleaned credit and good business credit to change their automatic denial. I thought this is the time to do the recon. Called the recon line (that good number from a 2012 post is no longer in service). The associate discussed the reason for the decline and asked about any old accounts with an unpaid balance. Told her about the one that was delinquent 6 years ago. I then asked about reconsideration by looking over my current good history both business and personal as it is as perfect as it can be. She agreed that I would then qualify for my application to be looked over. She said I'd get a decision within 48 hours. Not much promise, but at least a reconsideration. I will update when I hear back as I just spoke with them.

Something I remembered:

I asked about the blacklist I may be on and the rep said that they still had a delinquent account open. I guess this is where the "blacklist" flag stems from.

The rep couldn't tell me when the account gets removed nor could she tell me how to reconcile or get around it.

I personally do believe that if you've worked as hard as I have to clean up your credit over at least 5 years and have proven your ability to pay EVERYTHING on time and keep low balances, seek regular CLIs and maintain that stamina to walk that line, a person has proven themselves credit worthy to give a second chance. I likely have the best credit of those closest to me and they don't have charge-offs, BK, collections or a business with and credit lines.

I hope this helps, thank you

Re: Recon AMEX Business Card after Personal Amex Burn

pizza1 — Sat, 25 Sep 2021 00:05:23 GMT

If you burned Amex on the personal side in your BK, then it will be many many years before they let you back in. They will BL you until the other account that was burned is paid off. Thats the only way to get off the black list, and get back in with them.

Re: Recon AMEX Business Card after Personal Amex Burn

Guyatthebeach — Sat, 25 Sep 2021 00:46:26 GMT

I wanted to add another data to getting a business Amex.

I opened my Business Amazon Prime American Express, I had to list my Federal tax ID number as well as my social security number. American Express will not add any additional authority users to your business Amex if they are on the blacklist. Typically if you burn them, they keep on the blacklist for a very long time, like forever. I didn't burn them in my chapter 7, but it took 5 years and a month to get back in with them.

Now if you really want Amex, take a look at the Macy's or Bloomingdale's Amex. Their Amex cards are through Citi's retail bank division. It just like an Amex and actually has better offers than on regular American Express in my opinion. Also Dillard's Department Store has an Amex as well as Navy Federal. I'm not sure if CreditOne still offers AmEx as a product or not. The difference are you don't use the Amex website or get to different payment plans Amex offers.

Just my opinion on the subject. Hope it helps.

Guyatthebeach

Re: Recon AMEX Business Card after Personal Amex Burn

jmw1 — Sat, 25 Sep 2021 17:29:24 GMT

@sznnmnt wrote:
I personally do believe that if you've worked as hard as I have to clean up your credit over at least 5 years and have proven your ability to pay EVERYTHING on time and keep low balances, seek regular CLIs and maintain that stamina to walk that line, a person has proven themselves credit worthy to give a second chance. I likely have the best credit of those closest to me and they don't have charge-offs, BK, collections or a business with and credit lines.

You forgot one critical thing about Amex.

If you had not declared bankruptcy and discharged the Amex debt, they would have sued you into the ground and collected a good amount of the debt against your will and leave you homeless. Amex doesn't sell their debt to 3 cents on the dollar JDBs to settle for less than full payment. Instead, they hire aggressive law firms to collect on it. Amex is a very aggressive creditor who wants to be paid back 50+ cents on the dollar with interest and fees. If you don't pay 100 cents with fees and interest, you are still on the blacklist and are never forgiven for your sins against American Express National Bank. They will hunt for your employer, garnish your wages, loot your bank account, and put a lien on your house. I would not be surprised if they do a debtor's exam too.

So why would Amex forgive you after a burn like Synchrony and CapOne just because you cleaned up in the years afterwards? Just forget about Amex and move on.

Re: Recon AMEX Business Card after Personal Amex Burn

sccredit — Wed, 29 Sep 2021 21:12:31 GMT

Amex's position is pretty well known. I burned them on a $26k business card and have written off any hope of getting back in. Plenty of issuers out there. My advice is to move on and forget them.