topic Re: Has anyone settled with AMEX or Chase, and been approved for a CC after? in Credit Cards

Has anyone settled with AMEX or Chase, and been approved for a CC after?

Taevibe — Fri, 07 May 2021 17:21:30 GMT

Has anyone settled a CO with AMEX or Chase, and been approved for a CC with them after?

How long did you wait after settlement?

Did you have to use the recon line? If so, what did you explain?

Which card(s)? How much was the limit? Has it since increased?

Background: I have charge-offs with Chase and AMEX from 2017. I'm prepared to pay in full, but I'm reading here they still blacklist if you pay in full. I'm wondering if I should just take my chances with settling for a lesser amount.

I'm new to this so any insight would be greatly appreciated!

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Remedios — Fri, 07 May 2021 17:33:10 GMT

Depends.

Amex may consider approving you, but if you settle, probably not any time soon.

Chase, pay in full or settle, you will be in the naughty chair and no one can tell you for how long. They aren't forgetting or forgiving kind.

Neither is Amex, but they might be willing to give you a toy limit in exchange for the loss they incurred.

Without a payment, decade(s) for both.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

jcooks — Fri, 07 May 2021 17:57:21 GMT

I had a CO with Chase about 10 years ago, settled for less with CA. Since then, I've cleaned up. I just got approved for the Chase Freedom Flex after getting instantly denied and also making 2 seperate recon calls. Make sure you have no more derogs and relatively clean. My worst derogs were a few lates from about 5 years ago. Clean profile since then. When I spoke to the first recon rep, she said she couldn't do anything. I tried again the next day and explained that I wanted to start building a relationship with Chase again. They approved me with a very low limit, but I'm working my way up on this. My first statement cut just this morning so I don't have other DP's to offer. I would recommend just rebuilding and keeping a clean profile. Once all COs stop reporting, then you can retry but will most likely be an auto denial.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Taevibe — Fri, 07 May 2021 20:41:56 GMT

Thanks!

Are "toy cards" cards with low limits?

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Taevibe — Fri, 07 May 2021 20:44:59 GMT

@jcooks wrote:
I had a CO with Chase about 10 years ago, settled for less with CA. Since then, I've cleaned up. I just got approved for the Chase Freedom Flex after getting instantly denied and also making 2 seperate recon calls. Make sure you have no more derogs and relatively clean. My worst derogs were a few lates from about 5 years ago. Clean profile since then. When I spoke to the first recon rep, she said she couldn't do anything. I tried again the next day and explained that I wanted to start building a relationship with Chase again. They approved me with a very low limit, but I'm working my way up on this. My first statement cut just this morning so I don't have other DP's to offer. I would recommend just rebuilding and keeping a clean profile. Once all COs stop reporting, then you can retry but will most likely be an auto denial.

Congrats!! Had you tried to apply before this?

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

FinStar — Fri, 07 May 2021 20:49:34 GMT

@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?

"Toy limits" is in reference to accounts with fairly low limits.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Horseshoez — Fri, 07 May 2021 20:57:18 GMT

@FinStar wrote:
@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?
"Toy limits" is in reference to accounts with fairly low limits.

My brain immediately pictured an AMEX Platinum with a $300 limit.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

FinStar — Fri, 07 May 2021 22:33:13 GMT

@Horseshoez wrote:
@FinStar wrote:
@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?
"Toy limits" is in reference to accounts with fairly low limits.
My brain immediately pictured an AMEX Platinum with a $300 limit.

I think I've seen Gold Cards 'imposed' or restricted spending limits at $500 and Platinum at $1K in the past. When the ZYNC charge card was around years ago (still have mine), it was not unusual to see spending limits either assigned (or reduced) to $500 😬...depending on profile.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

pizza1 — Fri, 07 May 2021 23:58:59 GMT

@FinStar wrote:
@Horseshoez wrote:
@FinStar wrote:
@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?
"Toy limits" is in reference to accounts with fairly low limits.
My brain immediately pictured an AMEX Platinum with a $300 limit.
I think I've seen Gold Cards 'imposed' or restricted spending limits at $500 and Platinum at $1K in the past. When the ZYNC charge card was around years ago (still have mine), it was not unusual to see spending limits either assigned (or reduced) to $500 😬...depending on profile.

@FinStar , yep...I was one of them with imposed limits (sighs) Im jealous at your ZYNC card! I wish they'd bring it back! Its so pretty too

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

FinStar — Sat, 08 May 2021 00:20:40 GMT

@pizza1 wrote:
@FinStar wrote:
@Horseshoez wrote:
@FinStar wrote:
@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?
"Toy limits" is in reference to accounts with fairly low limits.
My brain immediately pictured an AMEX Platinum with a $300 limit.
I think I've seen Gold Cards 'imposed' or restricted spending limits at $500 and Platinum at $1K in the past. When the ZYNC charge card was around years ago (still have mine), it was not unusual to see spending limits either assigned (or reduced) to $500 😬...depending on profile.
@FinStar , yep...I was one of them with imposed limits (sighs) Im jealous at your ZYNC card! I wish they'd bring it back! Its so pretty too

Yes, not to sidetrack or go off topic, but AmEx will have to pry that one out of my cold dead hands ☠️ It's one of those 🌈 🦄 that are rarely seen these days. And, regardless of the upgrade offers they throw at me (Gold/Platinum mainly) - nope. I believe @Revelate still has theirs too.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

W261w261 — Sat, 08 May 2021 00:31:15 GMT

No kidding! A Plat with a 1k SL? I guess Amex figures if you're willing to pony up $500+, soon to be $600+, they'll oblige. Kind of reminds me, however, when Mercedes started selling cars that cost $30k. Put a dent in the mystique imo.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

pizza1 — Sat, 08 May 2021 00:41:19 GMT

@Taevibe wrote:
Has anyone settled a CO with AMEX or Chase, and been approved for a CC with them after?

How long did you wait after settlement?
Did you have to use the recon line? If so, what did you explain?
Which card(s)? How much was the limit? Has it since increased?

Background: I have charge-offs with Chase and AMEX from 2017. I'm prepared to pay in full, but I'm reading here they still blacklist if you pay in full. I'm wondering if I should just take my chances with settling for a lesser amount.

I'm new to this so any insight would be greatly appreciated!

You could, but both of those lenders have long internal memory base (bascially for life). If you have the means to do so, and you want back in sooner, the only way is to PIF. Id start with Amex first because they wont issue you another card until you do so, and it needs to be PIF. To Amex, a settlement means PIF over time, LOL. Contact their internal collections department, and tell them you want to pay the said account. Once you do, give their system 60 days to update your information, and then try the prequal and see if it pops back anything to you. Or you might be offered the Optima/Oasis program card by invitation only (snail mail).

Chase, same as above.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

OmarGB9 — Sat, 08 May 2021 02:37:47 GMT

@pizza1 wrote:
@Taevibe wrote:
Has anyone settled a CO with AMEX or Chase, and been approved for a CC with them after?

How long did you wait after settlement?
Did you have to use the recon line? If so, what did you explain?
Which card(s)? How much was the limit? Has it since increased?

Background: I have charge-offs with Chase and AMEX from 2017. I'm prepared to pay in full, but I'm reading here they still blacklist if you pay in full. I'm wondering if I should just take my chances with settling for a lesser amount.

I'm new to this so any insight would be greatly appreciated!
You could, but both of those lenders have long internal memory base (bascially for life). If you have the means to do so, and you want back in sooner, the only way is to PIF. Id start with Amex first because they wont issue you another card until you do so, and it needs to be PIF. To Amex, a settlement means PIF over time, LOL. Contact their internal collections department, and tell them you want to pay the said account. Once you do, give their system 60 days to update your information, and then try the prequal and see if it pops back anything to you. Or you might be offered the Optima/Oasis program card by invitation only (snail mail).

Chase, same as above.

Actually, I believe Amex did away with the Optima program this year. I've seen a few posts around this forum saying so.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Rudy1 — Sat, 08 May 2021 02:55:24 GMT

I've settled with chase in late 2019 for an old Chase Mastercard. I try preapproval sometimes to no avail. I have attempted to apply for a card twice. Both times I did that I denied. They didn't get so far to even pull credit just bad history with Chase. Though I have had a HELOC which now closed and in repayment for years and a checking with them in the past. I think it will be years before they look at me and even give me a chance. When that day does come i'll be below 5/24 so maybe then. Though you never know with Chase. American Express I have never had a charge off with them. Though I do believe they will sometimes offer you and American Express Optima Platnium not exactly sure how it all works though.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

jcooks — Sat, 08 May 2021 09:48:01 GMT

@Taevibe wrote:
@jcooks wrote:
I had a CO with Chase about 10 years ago, settled for less with CA. Since then, I've cleaned up. I just got approved for the Chase Freedom Flex after getting instantly denied and also making 2 seperate recon calls. Make sure you have no more derogs and relatively clean. My worst derogs were a few lates from about 5 years ago. Clean profile since then. When I spoke to the first recon rep, she said she couldn't do anything. I tried again the next day and explained that I wanted to start building a relationship with Chase again. They approved me with a very low limit, but I'm working my way up on this. My first statement cut just this morning so I don't have other DP's to offer. I would recommend just rebuilding and keeping a clean profile. Once all COs stop reporting, then you can retry but will most likely be an auto denial.
Congrats!! Had you tried to apply before this?

I have tried but instantly denied. This was before I learned of these forums. I wasn't even aware of a recon line. My profile was horrible then so even if I knew about it, it probably wouldn't change much. The only thing that helped me was time for some baddies to fall off and never missing anymore payments. Once that's established and your scored improve, then you would have a better leg to stand on with the recon line. I wouldnt expect an instant approval with Chase with an old charge off. Not too sure how this will work for me in the future woth my old chase charge off, but I'm just happy that I'm rebuilding the relationship that I burned with Chase.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Revelate — Sat, 08 May 2021 11:52:07 GMT

@FinStar wrote:
@pizza1 wrote:
@FinStar wrote:
@Horseshoez wrote:
@FinStar wrote:
@Taevibe wrote:
Thanks!

Are "toy cards" cards with low limits?
"Toy limits" is in reference to accounts with fairly low limits.
My brain immediately pictured an AMEX Platinum with a $300 limit.
I think I've seen Gold Cards 'imposed' or restricted spending limits at $500 and Platinum at $1K in the past. When the ZYNC charge card was around years ago (still have mine), it was not unusual to see spending limits either assigned (or reduced) to $500 😬...depending on profile.
@FinStar , yep...I was one of them with imposed limits (sighs) Im jealous at your ZYNC card! I wish they'd bring it back! Its so pretty too
Yes, not to sidetrack or go off topic, but AmEx will have to pry that one out of my cold dead hands ☠️ It's one of those 🌈 🦄 that are rarely seen these days. And, regardless of the upgrade offers they throw at me (Gold/Platinum mainly) - nope. I believe @Revelate still has theirs too.

Haha yup.

I'm literally throwing nearly everything in my life away seemingly right now; as part of my shrinking material possessions I still have that ridiculous 20 slot fold or whatever it is called, and the Zync is tucked away in it still getting the $10 / mo donation.

Funny I haven't opened that thing in 18 months and just now looked through it: can only strip out two cards that auto-closed on me (Barclays nee Sallie and Citi with my never quite out of first gear relationship with them), a couple of Cali area transit cards, and an old benefit card... and the two Clipper cards were stacked.

I clearly have too many pieces of useless plastic . I guess it's clear what that says about me when I'm dumping 95% of my life and yet keeping basically all of said plastic.

Anyway more on topic wasn't Chase 8 years after being burned or was that BK (or both if they were IB) before you had a shot of being approved at all? Too bad about the Oasis program, I really thought that was one of the more consumer friendly methods of dealing with the situation: get righteous with us and we'll let you play ball again... the rest of the credit market isn't really setup like that other than arguably PFDs with some CAs, but that just stops the bleeding it doesn't actually restart your credit life.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Anonymous — Wed, 12 May 2021 06:42:41 GMT

Yes! I had charge offs from both Chase and Amex which occurred in 2017. I settled with Amex first since they were the most threatening (a former roommate told me they actually send someone knocking on my door at a former residence!) settled Amex in 2018 for about 50% the original balance. Continued settling with other creditors in the subsequent years and was denied the one or two times I applied for another Amex. Recently I settled my last charge off and my scores improved ~40pts to 690s. Applied immediately for Amex BCP and was approved with $5k spending limit. I still have derogs on my report, just nothing with an unpaid balance. All charge offs (4 in total) were settled for less than the OG balance betweeen 2018 and 2021. So roughly three years between when I settled with Amex and got approved. However it almost seems like it was more about not having any outstanding balances on derogs as opposed to an amount of time since settling with them. Hope these DPs help!

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

Taevibe — Wed, 12 May 2021 16:51:48 GMT

Yes, this is exactly what I needed to hear!

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

sjt — Mon, 17 May 2021 22:13:58 GMT

@Taevibe wrote:
Has anyone settled a CO with AMEX or Chase, and been approved for a CC with them after?

How long did you wait after settlement?
Did you have to use the recon line? If so, what did you explain?
Which card(s)? How much was the limit? Has it since increased?

Background: I have charge-offs with Chase and AMEX from 2017. I'm prepared to pay in full, but I'm reading here they still blacklist if you pay in full. I'm wondering if I should just take my chances with settling for a lesser amount.

I'm new to this so any insight would be greatly appreciated!

If you pay Amex in full, you will be off the blacklist. You would still have to meet credit requirements if you apply. I would call Amex to see if they will reinstate your account or offer the Optima Card in exchange for payment. If Chase still owns the account, you would be off the blacklist if you repay.

Re: Has anyone settled with AMEX or Chase, and been approved for a CC after?

sjt — Mon, 17 May 2021 22:17:17 GMT

@OmarGB9 wrote:

Actually, I believe Amex did away with the Optima program this year. I've seen a few posts around this forum saying so.

They still offer the Optima, but they are offering to reinstate accounts more and more.