topic Re: From Amex Platinum to BofA Secured Card my Story in Rebuilding Your Credit

From Amex Platinum to BofA Secured Card my Story

Mike11208 — Tue, 10 Jun 2014 16:42:58 GMT

I had a great job, great credit and a hot girl friend. I still have the hot girl friend but my credit and job went the way of the dinosaur.

About 5 years ago, at the age of 28 after having a job for 10 years with a steady pay check I lost my so did everyone else at the company. At the time I had a Platinum Amex Card, a Delta Plat Card (Was a Plat/Diamond on Delta at the time to) and a CapOne card. I had to start living off my savivngs. In about a year my savings were gone and while working odd jobs here and there I found myself struggling. It was either pay bills or don't eat. My plans to start a family pushed back and I was living pay check to paycheck. My girlfiend had also just started med school and it was just an out right struggle all around. It stressed both of us but at the same time built a bond between us so strong that a Credit Card App delcine can't even break us up.

Anywho as the struggle got worst I began to pay my capone card late, but I kept paying my two Amex cards on time. CapOne card had a 600 dollar balance, Amex Delta card 600 as well but paid on time and my Plat Amex had a 0 balance as I paid it off monthly.

My year anniversary for my Plat card was approaching and I had decided to downgrade it to the green card, as there was no means to pay that $475 fee but I could scrounge up for the $85 dollar fee. However a week before the anniversary date Amex just canceled both my cards out the blue, stating they reviewed my credit history blah blah blah. The only card deliquent at the time was Cap One but I was paying it just late. I recall my credit score at the time (698 per CreditKarma) yes they were around back then, and allowed you to update the score daily.

I was so upset, I felt as if Amex screwed me over they essentially took away my meal ticket. as I was using the card for food etc until I get paid. What made it even worst is they demanded payment in full for both cards in 30 days. I was so upset I litterally became depressed. I just said **bleep** it, and with a 600 dollar balance on my Amex Delta card, a 47 dollar balance now on my Amex Plat Card I never paid them. I eventually had to cancel my capone card too and also was unable to pay it off in full.

Fastfordward 5 years, I am not back in a steady job that pays well, even got a 2nd job to help pay my girlfriends med school tutition (not that I needed it but it helps), but I find myself with a ruined credit history.

So I have gone the Secure Credit Card Route, CitiBank declined my app, so I tried BofA. and I am so happy that I was approved for their Secure card, I have found myself transfering all my accounts (Checking, Savings, Investment) to them.

When I look back now, I ask myself what if I just called AMEX and explained the situation, but at the same time I don't think I would have. I was embarresed at my financial situation at the time, I had people around me who could of helped but to proud to ask for any. I felt it was my mess, and I had to fix it on my own.

Moral of the story, don't be ashamed of your situation I hope no one who reads this is in or ever is in a bad financial situation but if you are don't let your ego ruin it even more.

Re: From Amex Platinum to BofA Secured Card my Story

fishbjc — Tue, 10 Jun 2014 16:52:34 GMT

Thank you for your story. The good news is: Credit can be repaired and we're all more than 'just a number'. We're all humans and S*** happens. My inlaws are about to lose their paid-off home (long story). It stinks, but moving forward is the only way.

The only thing I really worry about is: HEALTH. That cannot be bought or traded. SAFETY. as long as the family is safe and no harm comes to them, it's all good.

Re: From Amex Platinum to BofA Secured Card my Story

credit-hunter — Tue, 10 Jun 2014 20:08:45 GMT

thanks for posting don't forget to add 1,2,3 rewards to your BOA secured card...good luck

Re: From Amex Platinum to BofA Secured Card my Story

Mike11208 — Wed, 11 Jun 2014 02:42:59 GMT

The card I was approved for was the Platinum Secured Card with Cash Rewards. Is 123 Rewards better?

Re: From Amex Platinum to BofA Secured Card my Story

buildafico — Wed, 11 Jun 2014 03:21:38 GMT

if you're using your card regularly and paying the balance in full the rewards card is the better choice, because it pays you for being responsible with the card. If you are regularly carrying a balance go with whatever option has the lowest APR. AMEX will probably hold on to your debt forever, which down the road may be a good thing, as in limited situations they will allow you to enter their oasis program where you pay what you owe them and they give you a new card. They'll even backdate you to when you opened the card so you get a boost in AAoA.

p.s. congrats on the approval, if you treat that card right BofA will certainly want to give you an unsecured line eventually.

Re: From Amex Platinum to BofA Secured Card my Story

Mike11208 — Wed, 11 Jun 2014 03:23:38 GMT

Is there a way to contact them regarding the oasis program?

Re: From Amex Platinum to BofA Secured Card my Story

buildafico — Wed, 11 Jun 2014 03:39:14 GMT

888-232-3261

Re: From Amex Platinum to BofA Secured Card my Story

Kenny — Wed, 11 Jun 2014 03:42:55 GMT

Best of luck Mike with your rebuilding! Your story was a very nice one to read. I wish nothing but the best for you and your girlfriend.

Re: From Amex Platinum to BofA Secured Card my Story

Mike11208 — Wed, 11 Jun 2014 03:49:37 GMT

Thanks Build and Kenny.

I actually just logged into my American Express account and I was wrong, I owe AMEX a bit more than I thought, 328 on the Plat card and 932 on the Delta Plat card.

I really want to pay that off, so I will be contacting them tomorrow. And see what can be done. Nothing against BofA but I loved my AMEX card and even if they don't want to put me in the oasis program (just googled it) I rather pay it off and make things right.

Re: From Amex Platinum to BofA Secured Card my Story

Mike11208 — Wed, 11 Jun 2014 11:37:02 GMT

I'm ready to call AMEX but am a tad bit nervous, and unsure what to say or how to ask. Would love some advice if anyone is out there this time of the morning.

Re: From Amex Platinum to BofA Secured Card my Story

buildafico — Wed, 11 Jun 2014 12:07:59 GMT

id start with how much you really miss amex's top notch service, and that your sorry circumstances lead to you to a situation that put your cards in to default, but now you're in a more stable financial position and you wish to make ammends. mention you've been digging around on the internet and came across the program and you were hoping they might consider you for it as you're hoping to become a great customer again. something like that lol

Re: From Amex Platinum to BofA Secured Card my Story

Mike11208 — Thu, 12 Jun 2014 04:12:31 GMT

So I called, three times in fact each time I hung up. Still feeling a bit embarresed an as much as I practice saying what is posted above (thanks for the advice). I just have this fear of coming off as some sort of low life crawling back begging for forgiveness.

So I emailed them via the secure message center, they replied but it wouldn't let me read the message. So I used the live chat and it was not much help.

So tomorrow when my gf is with him I will hold her hand and call, yes I know that makes me sound like a **bleep** but I can use a lil hand holding.