topic Update-AMEX Post Bankruptcy in Bankruptcy

Update-AMEX Post Bankruptcy

Mgilbert8605 — Sat, 20 May 2023 03:19:45 GMT

Hi All,

I've seen on the forum that Amex will allow you in 5 years and 1 month post bankruptcy file date. I won't hit that date for another 2 weeks. Out of curiosity, I checked out their prequal page. There's offers available to me. I'm excited and want to apply. Particularly because I'm offered an extra bonus/points for the Gold. I'm nervous because I'm 2 weeks away from that landmark time frame. Debating between waiting and applying now. Has anyone ever seen an offer on the Amex prequal page, yet got denied?

Re: AMEX Post Bankruptcy

GZG — Tue, 09 May 2023 15:59:24 GMT

@Mgilbert8605 wrote:
Has anyone ever seen an offer on the Amex prequal page, yet got denied?

yes

but when you officially apply, you should apply under some language called 'apply with confidence', this means you can apply without getting HP(s) (EX + TU) until you accept the card from an approved application, if declined, there's no HP(s)

just wait for the 5 years and 1 month, imo, it's only 2 weeks away

did you burn Amex?

Re: AMEX Post Bankruptcy

Mgilbert8605 — Tue, 09 May 2023 17:21:44 GMT

I should wait, and probably will. Patience just isn't my virtue. Lol. I did not burn Amex.

Re: AMEX Post Bankruptcy

Creditwiser — Tue, 09 May 2023 22:29:43 GMT

@Mgilbert8605 wrote:
I should wait, and probably will. Patience just isn't my virtue. Lol. I did not burn Amex.

Don't pull the trigger. As @GZG said, wait the 1 week. You'll be glad you did. Keep us posted !

Re: AMEX Post Bankruptcy

pizza1 — Thu, 11 May 2023 01:07:31 GMT

Just wait it out. When I applied, I waited an extra 2 weeks just to be sure their system had enough time to know the dates lol

Re: AMEX Post Bankruptcy

Rogue46 — Fri, 12 May 2023 19:18:36 GMT

I'd agree with the others just wait a little while longer. I got back in at 5.5 years post bk7

Re: AMEX Post Bankruptcy

Jeffster1 — Wed, 17 May 2023 02:20:09 GMT

I got back in with Amex exactly 5 years 1 month after filing my 13, and I IIB two Amex cards.

It's definitely a YMMV situation.

Re: AMEX Post Bankruptcy

Mgilbert8605 — Sat, 20 May 2023 03:23:26 GMT

Frustrating update: I waited 3 days past my file anniversary. I did the prequal and only got preapproved for 1 card. The Hilton Surpass. I wasn't even approved for that before the file anniversary. It was their more traditional cards. The gold is what I'm after (and was preapproved for before). I applied, and got denied. Very frustrating.

Re: AMEX Post Bankruptcy

CH-7-Mission-Accomplished — Sat, 20 May 2023 03:58:05 GMT

@Mgilbert8605 wrote:
Frustrating update: I waited 3 days past my file anniversary. I did the prequal and only got preapproved for 1 card. The Hilton Surpass. I wasn't even approved for that before the file anniversary. It was their more traditional cards. The gold is what I'm after (and was preapproved for before). I applied, and got denied. Very frustrating.

I'm sorry to hear that. It should only be a SP since you were not approved, so I would keep trying the prequal once a month and see when the gold pops up again.

Re: AMEX Post Bankruptcy

CH-7-Mission-Accomplished — Sat, 20 May 2023 03:58:40 GMT

@Mgilbert8605 wrote:
Frustrating update: I waited 3 days past my file anniversary. I did the prequal and only got preapproved for 1 card. The Hilton Surpass. I wasn't even approved for that before the file anniversary. It was their more traditional cards. The gold is what I'm after (and was preapproved for before). I applied, and got denied. Very frustrating.

When you get the letter, please report back the reason for the denial -- to help all of us.

Re: AMEX Post Bankruptcy

Mgilbert8605 — Tue, 23 May 2023 20:35:26 GMT

These were the reasons provided:

1. There is serious delinquency and derogatory public record or collection agency record on your report.

2. There is no recent information about installment loans on your report.

3. There are too few accounts currently paid as agreed.

4. The number of accounts that have or had a delinquency.

I've had a clean profile since my bankruptcy, but many lates prior to that. So I don't understand the ding for #3. Everything is always paid on time.

The major change that happened in between me doing to original prequal and when I actually applied is #2. My student loans (which are my only installments) were transferred/sold to another servicer. I pulled a 3B report this weekend. The new loans show on every bureau EXCEPT Experian.

Re: AMEX Post Bankruptcy

rosco75 — Fri, 26 May 2023 13:06:13 GMT

Does AMEX only pull EX? I thought they were a 2 CB pull. Now I have to dig again lol

Re: AMEX Post Bankruptcy

CWESTL — Sat, 27 May 2023 12:42:29 GMT

@Mgilbert8605 wrote:
These were the reasons provided:

1. There is serious delinquency and derogatory public record or collection agency record on your report.
2. There is no recent information about installment loans on your report.
3. There are too few accounts currently paid as agreed.
4. The number of accounts that have or had a delinquency.

I've had a clean profile since my bankruptcy, but many lates prior to that. So I don't understand the ding for #3. Everything is always paid on time.
The major change that happened in between me doing to original prequal and when I actually applied is #2. My student loans (which are my only installments) were transferred/sold to another servicer. I pulled a 3B report this weekend. The new loans show on every bureau EXCEPT Experian.

Thanks for sharing your experience. More information on your credit profile may denote approval odds in comparison to others that have applied. I've posted about my AMEX approvals despite having included and discharged approximately $10K in AMEX CC debt in my Chapter 7 BK. My credit file at the time of applying was void of any old discharged accounts and only included the Chapter 7 BK as a derogatory mark. Additionally, my file had a healthy mix of several revolving and installment accounts (inclusive of CC, mortgage, auto and student loan accounts), low utilization, greater than $200K in available credit, two or fewer inquiries, etc. I'm certainly not aware of AMEX's approval formula, but as clean and robust of a file will likely increase your odds of approval.