topic Re: Amex applying for new account let sleeping dogs be...1099C? in Credit Cards

Amex applying for new account let sleeping dogs be...1099C?

firefox100 — Wed, 24 Feb 2021 04:07:07 GMT

First let me say I have nothing bad to say about Amex. I do have question about what Amex will do, here is some back ground. About 20 years ago I burnt Amex for 20K never paid them back. Over the years they called or sent me letters trying to collect that all they did never sued or any thing they have been pretty good about never sent me a 1099c. The question is I know I can try to apply for a Amex card and if they don't give me a new account it will be soft pull, but what I am worry about is could wake sleeping dog and they send me a 1099c 20 years later, I know they can not sue me because of statue of limitation has ran out. I won't be made if Amex does approve me for another card. Like to know what others think am I playing with fire don't want 1099c to come in the mail in the future.

Re: Amex applying for new account let sleeping dogs be...1099C?

Anonymous — Wed, 24 Feb 2021 04:07:42 GMT

Not a tax person but isn't statute of limits on tax returns 3 years?

I doubt it'd be an issue after so long

Re: Amex applying for new account let sleeping dogs be...1099C?

Remedios — Wed, 24 Feb 2021 14:27:43 GMT

@firefox100 wrote:
First let me say I have nothing bad to say about Amex. I do have question about what Amex will do, here is some back ground. About 20 years ago I burnt Amex for 20K never paid them back. Over the years they called or sent me letters trying to collect that all they did never sued or any thing they have been pretty good about never sent me a 1099c. The question is I know I can try to apply for a Amex card and if they don't give me a new account it will be soft pull, but what I am worry about is could wake sleeping dog and they send me a 1099c 20 years later, I know they can not sue me because of statue of limitation has ran out. I won't be made if Amex does approve me for another card. Like to know what others think am I playing with fire don't want 1099c to come in the mail in the future.

If your income (social security, disability payments etc) is exempt from judgement, litigation would be waste of their money (and they already lost $20,000.00).

Since decent amount of your income right now is also judgement proof (based on what you stated before), Amex might be reluctant to put themselves in exact same situation again.

As far as you not being mad if they don't approve you, that's a good call because you still owe them money.

While you're out of statute of limitations, and definitely out of reporting period, debt doesn't disappear.

Perhaps they will offer you Optima in exchange for full/partial payment, or they might approve you (or plain deny).

In any case, you can always try, it's a single pull, so no big harm there.

Re: Amex applying for new account let sleeping dogs be...1099C?

Remedios — Wed, 24 Feb 2021 14:29:01 GMT

@Anonymous wrote:
Not a tax person but isn't statute of limits on tax returns 3 years?

I doubt it'd be an issue after so long

If the form is received, it's "income" for the year in which it was received, not previous years when debt was incurred.

Re: Amex applying for new account let sleeping dogs be...1099C?

Anonymous — Wed, 24 Feb 2021 18:41:05 GMT

@firefox100

There is nothing to worry about...nada....Statue of limitation has already run out which you already know it as its normally 5-7 years depending on which state you live in...So obviously, they can not collect anything from you now nor they do after such a long time...Amex never ever do it. Same goes to 1099-C....Statute of limitation for IRS has also gone...way...way long ago...

I also burned Amex almost $85k 28-29 yrs ago...they never sued me either...All they did was sending me non-stop letters to collect money...which stopped after 2 yrs back then...They didn't even sell my accounts to outside collection agency...However, until now they do SP account review inquiry on my EQ and LexisNexis...even until now...I think a little 5 yrs ago I did try to get their card again but their system automatically right away rejected me and denied me without even any HP and SP. Yes, not even SP. Then a week or 10 days later I received a letter from them that because of my past experience with them, they have denied me. And since then I did not even try until just last week when I tried their prequalification tool which now shows me being qualified for all their cards even big tier ones as well. However, how reliable this pre-qualification tool is then it is the million dollar question.

I know that most of the time this pre-qualification tool is just a marketing heck, but not when it comes to Amex and Apple....All the data-points so far on this forum and on other forums as well suggest that prequalification tool is extremely reliable when it comes to Amex and Apple as not even one time has failed. However, the only way to know for sure is applying for the card with them. You have nothing to loose because if they don't want to open any account then you will get denied without even any SP and if they do approve it then here you go...wooohooo...

As of now, without applying, there is no way to know if they will allow you in or not because some people were able to get in after 7 yrs while some went thru after 15 yrs...24 yrs and even 27 yrs later. I did very extensive dig into it then I found out that the Amex decides on whether to allow someone in or not depending on many factors such as- how much (amount) you burned them out?...How did you burn them- by fraud? Did you pay them back even partially at later time even years later? Were those debts discharged in bankruptcy? If so, then how many years ago bankruptcy discharged? Or you just didn't pay and let time passed-by??

They have their internal guidelines/criteria to decide based on these factors as to whether to allow someone back in or not, and if they do allow then when they should allow....In my case it was determined that I did burn them by fraud, so I have been on their naughtily list for a very long time...In short, my business partner took out all the money from our business accounts and ran away...and I didn't know this and was kept issuing payment checks to Amex on my accounts on other hand while partner was kept using those cards...I think I am the only one who is banned for this long...but I would find out soon since I am thinking to apply one of their cards...Not that I need it...and I am still confused if I should apply or not...but again its all about the challenge and I am down for it...

I think you should try as you have nothing to lose nor to worry about. Good luck...

Re: Amex applying for new account let sleeping dogs be...1099C?

CGeorge — Wed, 24 Feb 2021 18:38:40 GMT

Once they charged it off (long ago) - they took the tax benefit for THEM - at that time. They can't come back now and send you a 1099. The only reason that they ever send you a 1099 is to be able to take a loss benefit themselves.

Re: Amex applying for new account let sleeping dogs be...1099C?

FinStar — Wed, 24 Feb 2021 20:20:34 GMT

@Anonymous wrote:
@firefox100

There is nothing to worry about...nada....Statue of limitation has already run out which you already know it as its normally 5-7 years depending on which state you live in...So obviously, they can not collect anything from you now nor they do after such a long time...Amex never ever do it. Same goes to 1099-C....Statute of limitation for IRS has also gone...way...way long ago...

I also burned Amex almost $85k 28-29 yrs ago...they never sued me either...All they did was sending me non-stop letters to collect money...which stopped after 2 yrs back then...They didn't even sell my accounts to outside collection agency...However, until now they do SP account review inquiry on my EQ and LexisNexis...even until now...I think a little 5 yrs ago I did try to get their card again but their system automatically right away rejected me and denied me without even any HP and SP. Yes, not even SP. Then a week or 10 days later I received a letter from them that because of my past experience with them, they have denied me. And since then I did not even try until just last week when I tried their prequalification tool which now shows me being qualified for all their cards even big tier ones as well. However, how reliable this pre-qualification tool is then it is the million dollar question.

I know that most of the time this pre-qualification tool is just a marketing heck, but not when it comes to Amex and Apple....All the data-points so far on this forum and on other forums as well suggest that prequalification tool is extremely reliable when it comes to Amex and Apple as not even one time has failed. However, the only way to know for sure is applying for the card with them. You have nothing to loose because if they don't want to open any account then you will get denied without even any SP and if they do approve it then here you go...wooohooo...

As of now, without applying, there is no way to know if they will allow you in or not because some people were able to get in after 7 yrs while some went thru after 15 yrs...24 yrs and even 27 yrs later. I did very extensive dig into it then I found out that the Amex decides on whether to allow someone in or not depending on many factors such as- how much (amount) you burned them out?...How did you burn them- by fraud? Did you pay them back even partially at later time even years later? Were those debts discharged in bankruptcy? If so, then how many years ago bankruptcy discharged? Or you just didn't pay and let time passed-by??

They have their internal guidelines/criteria to decide based on these factors as to whether to allow someone back in or not, and if they do allow then when they should allow....In my case it was determined that I did burn them by fraud, so I have been on their naughtily list for a very long time...In short, my business partner took out all the money from our business accounts and ran away...and I didn't know this and was kept issuing payment checks to Amex on my accounts on other hand while partner was kept using those cards...I think I am the only one who is banned for this long...but I would find out soon since I am thinking to apply one of their cards...Not that I need it...and I am still confused if I should apply or not...but again its all about the challenge and I am down for it...

I think you should try as you have nothing to lose nor to worry about. Good luck...

$85K is a pretty hefty loss so I'm not surprised at AmEx still having you on their blacklist @Anonymous.

As far as the pre-qualification tool, it depends. It can be reliable to an extent, and as I'm sure you've done your research and based on previous declined applications, it's definitely not a 100% slam dunk.

AmEx may show you are pre-qualified, but it's not all "Pass Go & Collect $200" until they perform a few internal database cross-checks. So, chances are that if they still consider you a bad risk, regardless if it's been 20 or 30 years or what you claim happened, they can still say no. And, no there's been other members who have reported being on that list for over 20 (even 40) years, so you're not a unique case.

Re: Amex applying for new account let sleeping dogs be...1099C?

Aim_High — Wed, 24 Feb 2021 21:01:17 GMT

@FinStar wrote:
@Anonymous wrote:
@firefox100
All the data-points so far on this forum and on other forums as well suggest that prequalification tool is extremely reliable when it comes to Amex and Apple as not even one time has failed.
$85K is a pretty hefty loss so I'm not surprised at AmEx still having you on their blacklist @Anonymous.

As far as the pre-qualification tool, it depends. It can be reliable to an extent, and as I'm sure you've done your research and based on previous declined applications, it's definitely not a 100% slam dunk.

AmEx may show you are pre-qualified, but it's not all "Pass Go & Collect $200" until they perform a few internal database cross-checks. So, chances are that if they still consider you a bad risk, regardless if it's been 20 or 30 years or what you claim happened, they can still say no. And, no there's been other members who have reported being on that list for over 20 (even 40) years, so you're not a unique case.

AMEX prequal page is not 100% ironclad and there have been denials, even without a history of ever burning them or being on a blacklist. Here is my personal experience with a prequalification followed by denial. (Start at message number one in thread for the prequalification discussion.)

https://ficoforums.myfico.com/t5/Credit-Card-Applications/AMEX-wants-my-business/m-p/6026334#M265355

Re: Amex applying for new account let sleeping dogs be...1099C?

Remedios — Wed, 24 Feb 2021 20:59:30 GMT

@Aim_High wrote:
@FinStar wrote:
@Anonymous wrote:
@firefox100
All the data-points so far on this forum and on other forums as well suggest that prequalification tool is extremely reliable when it comes to Amex and Apple as not even one time has failed.
$85K is a pretty hefty loss so I'm not surprised at AmEx still having you on their blacklist @Anonymous.

As far as the pre-qualification tool, it depends. It can be reliable to an extent, and as I'm sure you've done your research and based on previous declined applications, it's definitely not a 100% slam dunk.

AmEx may show you are pre-qualified, but it's not all "Pass Go & Collect $200" until they perform a few internal database cross-checks. So, chances are that if they still consider you a bad risk, regardless if it's been 20 or 30 years or what you claim happened, they can still say no. And, no there's been other members who have reported being on that list for over 20 (even 40) years, so you're not a unique case.
+1

AMEX prequal page is not 100% ironclad and there have been denials, even without a history of every burning them or being on a blacklist. Here is my personal experience with a prequalification followed by denial. (Start at message number one in thread for the prequalification discussion.)

https://ficoforums.myfico.com/t5/Credit-Card-Applications/AMEX-wants-my-business/m-p/6026334#M265355

I swear I wasn't going to use it as an example!

Pinky swear!!!

Re: Amex applying for new account let sleeping dogs be...1099C?

Anonymous — Thu, 25 Feb 2021 21:48:05 GMT

In my opinion (and I believe to Amex too) any amount is hefty when a cardholder defaults on any lender. Lenders just want their money back, small or large, and rightly so. I have seen so many people's accounts were shut down just because they were unable to make $35 payment on time, and they were also banned for a very long time...Actually here was a member who last month reported that he was banned by Amex for 24 yrs for the defaulted amount of $1500 (I believe) . .So, every amount is important to Amex (and to other lenders too), small or large. And Amex (and other lenders as well) do many things out of blue and equation...sometimes without any reason as well...like shutting down an account for no whatsoever reason...lowering the credit line...with or without being default...And they also deny to open an account to someone who could be well-qualified based on their profile and creditworthiness.

I can not speak nor attest anything about their pre-qualification tool because I don't really know how accurate it is. I have NEVER ever tried pre-qualification tool with any lender in my life until 10 days ago when I tried it just for the kick. The member, who reported on this site last month, stated that he was kept checking thru pre-qualification tool for the last many years to know if he is forgiven or not by Amex, and stated that this tool never showed anything for him in last 24 yrs until recently when he immediately applied and got approved for. Given his statements, it seems to believe, at least to ME, that Amex pre-qualification tool could be trusted; otherwise pre-qualification tool might have given him a wrong signal all these years by stating that he is qualified for this and that card, but it did not...rather it has happened only lately which made him to apply and then gotten approved for it...Seems kinda reliable to me.

As for me, did I EVER try it before to see if I was pre-qualified with them? No..I tried only now...10 days ago. But I did apply to get their card 5 yrs back though, but never tried their prequalification tool. So I can not say for sure how accurate this pre-qualification tool is. Nevertheless, there is no harm whatsoever in applying their cards to people who were banned before. Why? Because if one would have been still banned then there will not be any inquiry whatsoever...no HP nor SP. Amex system is very sophisticated. They first cross check thru their own internal system...then within a few seconds they will check at least 3 CB if a person is not banned...But their internal system will cross-check first. If someone is still banned then system will right away deny the application and will tell you that you will receive the denial letter in the mail...In the letter, they will just tell you that because of our past relationship with them, they just can not approve anything for us. That's it. No hard pull..and no soft pull. However, if they do approve then their system automatically will do a HP...They might not give big SL to those who were previously banned based on the data-points across all forums but every regular knows so well that credit line could grow so fast with them...

Here is another member who started out with $10k or less, I guess, and now he has $60k...and all this within one and half year...I reviewed this member's previous postings a few weeks back and found that he had so many baddies..and it took him a very long time to get rid off those with so much hard work and patience which is so commendable...I mean its so admirable what he has achieved so far. Kudos to him. By the way, I never said that Amex prequalification tool could be 100% accurate. All I said that most data-points do suggest it to be accurate. As a matter of fact, I have repeatedly said that the only way to know for sure is- applying with them.

As for me, I never tried for Amex products in last 29 yrs except once which was 5 yrs ago...I really don't care if they let me in or not...When I can live without them for this long then I can live forever without them..Besides, I have more better cards than Amex. If they allow me, then its fine, otherwise its not the end of the world. But I will never keep any grudge against them for not allowing me in. Yes I was defaulted with them, but we all get into troubles at time, whether it was by our fault or not...and other times situations and circumstances are not in our control...All I have learned is- there is nothing we could do about the past...just learn and move on...and try to do things better...Same goes to handling of financial things or relationship...marriage...whatever...Like most of us, I also went thru a rough times in my life...lost everything in business (in the past) because of deceit by my business-partner...went thru painful divorces...and was on a public benefits once....kinda grew up on street (kinda)...but I learned, re-grouped..gathered broken pieces of my life and started re-building everything from the scratch by my own. Now in the age of 49 I have a very succuesful life, business, family....good credit line...good score...and I am in true love and going to marry in the end of this year..So, life must go on...I don't wanna see back, rather I wanna move forward....Cheers....

Re: Amex applying for new account let sleeping dogs be...1099C?

firefox100 — Thu, 25 Feb 2021 02:29:12 GMT

Thanks to all for replying to my post with great insight, the question now which Amex card do I apply for , it is the ever day the cash mag , or the cash blue creditcard. Which cards have easist underwriting credit requirements. Below are my data points.

Fico scores are over 800 on 3 cb. open three accounts in the last years they are as follow, July of 2020 US Altitude go visa, US cash visa+ august of 2019 and Apple creditcard Gs August 2019.

Total cl 226,450 and outstanding balance is 850 dollars. What do you guys think let me know before I spin amex lady luck.

Re: Amex applying for new account let sleeping dogs be...1099C?

CGeorge — Thu, 25 Feb 2021 02:32:46 GMT

You will have no problem getting any American Express card that you want. Your data points are excellent.

Re: Amex applying for new account let sleeping dogs be...1099C?

firefox100 — Thu, 25 Feb 2021 02:44:23 GMT

@CGeorge wrote:
You will have no problem getting any American Express card that you want. Your data points are excellent.

If you read the post I may still be black listed from Amex. Another thing about the Amex did not charge off account they held it they could charge it off then still send me a 1099c to teachme a lesson to mess Amex.

Re: Amex applying for new account let sleeping dogs be...1099C?

CGeorge — Thu, 25 Feb 2021 02:49:08 GMT

Point well taken - that fact had gotten lost in my mind. But 20 years is a generation ago. I maintain that you won't have any problems. Have you tried to get pre-qialified for any of their cards?

Still on Amex black list no hard pull so far.

firefox100 — Wed, 21 Apr 2021 01:12:20 GMT

I have been quiet on boards in the last few days. This afternoon I decided to apply on the phone for the AMEX Blue cash credit card with no annual fee with 15 months 0% intrest, because I need to buy a new computer that is about 10 years old. After giving the customer rep all my info then it took less then 20 seconds the rep I am sorry we can approve you at this time you will get a letter in couple of days. I check my emails and had an email from AMEX with link to letter, which said you can not be approved for bBlue cash credit card because of an out standing balance on past account you had with us. I am said but not agnry because AMEX did not do a hardpull. I gess I will never be able to get back in with AMEX I do like the fact they did not do a hard pull, ther data and computer system is amazing how fast they look up the info and got out a letter by email link. The only Question is will they send me letters again looking for ther money from 20 years or more.

Re: Still on Amex black list no hard pull so far.

FinStar — Wed, 21 Apr 2021 01:27:48 GMT

Cool 👌

Re: Still on Amex black list no hard pull so far.

BetterMoves — Wed, 21 Apr 2021 01:37:04 GMT

They probably won't send you letters for a 20+ year old debt because of your state's debt colllection statute of limitations...which doesn't mean you don't still owe the money, just that they can't sue you or get a judgment at this late date.

I was on their blacklist for maybe 29 years ($7K, BK7) until recently, so hang in there!

Re: Still on Amex black list no hard pull so far.

firefox100 — Wed, 21 Apr 2021 01:57:55 GMT

FinStar what is so Kool, could I get some counseling and TLC Hi Hi. In your Case you filed Bk that may make the difference, I just let the clock run out did not file BK. AMEX never sell ther bad debt.

Re: Still on Amex black list no hard pull so far.

FinStar — Wed, 21 Apr 2021 02:29:30 GMT

@firefox100 wrote:

FinStar what is so Kool, could I get some counseling and TLC Hi Hi. In your Case you filed Bk that may make the difference, I just let the clock run out did not file BK. AMEX never sell ther bad debt.

Cool in the sense that you didn't get a hard pull and it appears that you're still on their blacklist -- but who knows for how long. All you can do is try in the future. You have a variety of lenders so no need to be sad.

@firefox100 As far as BK, no I've never had to go that route so I'm not sure if you have it confused with someone else. I've been an AmEx cardmember for > 20 years.

Re: Still on Amex black list no hard pull so far.

Brian_Earl_Spilner — Wed, 21 Apr 2021 02:47:59 GMT

@FinStar wrote:
@firefox100 wrote:

FinStar what is so Kool, could I get some counseling and TLC Hi Hi. In your Case you filed Bk that may make the difference, I just let the clock run out did not file BK. AMEX never sell ther bad debt.
Cool in the sense that you didn't get a hard pull and it appears that you're still on their blacklist -- but who knows for how long. All you can do is try in the future. You have a variety of lenders so no need to be sad.

@firefox100 As far as BK, no I've never had to go that route so I'm not sure if you have it confused with someone else. I've been an AmEx cardmember for > 20 years.

Pretty sure he was commenting on your, and the other poster's comments. They filed bk.