topic Re: Need Advice Amex Chase Bank Collections in Rebuilding Your Credit

Need Advice Amex Chase Bank Collections

Prat10 — Sun, 14 Aug 2022 18:00:53 GMT

So let me first give you little bit of a backstory. I became the youngest franchisee for checkers/ rally's restaurant or any fast food restaurant in America at 23 years old! I started my credit journey at 18 and had credit cards from most major bank and at 25 years old I fell into bad habits and maxed out everything I had and went homeless for almost a year. Now I'm 30 and I have started my business again last year and everything is going well time to just build my future and not make those mistakes again! Lol thank god I got that out of the way.

I have been reading a lot on here and looking for some advise since my situation is different and didn't really find any threads with info that I need help.

I had credit card from the following banks :

chase - Amazon prime card 2k limit maxed out and went to collections

citi - 2k limit same as above

amex - personal unsecured loan at $25k defaulted and went to collections I think with over $15-18k left to pay

amex - 15k blue cc spend $20k and let it go to collections

capital one business card - spark business 20k limit but was able to charge $25-30k never paid went to collections.
barclay - Best Buy 2200 limit max went to collections

pen fed - 2 card can't remember which one 1 had $5k limit another had 20k limit and both I was able to charge $20k and $65k respectively and went to collections

comenity/ express clothing - $800 limit and charged $400 and went to collections

All cards went to collections in 2019/2020 since then I started my credit repair ( still haven't paid any of the banks off all collections internal system I'm sure still stand as is) last year 2021 and nothing besides comenity is reporting from my credit repair and I currently do have few cards I'll list at the end but long story short need advice on what I should do to try and get back with some of those banks.

Current cards :

Navy Flagship CC - April 2022 SL $6300 CLI July 2022 $13100 (current)

Navy auto Loan - $30k @ 3.99% for 60 months April 2022

Suncoast Credit union - Rewards SL $15k ( July 2022 applied and approved got the card last week)

Mid Florida CU - 2% CB card SL $5k limit ( July 2022 )

credit one platinum cc - SL $400 ( July 2022)

Surge CC - SL $500 (July 2022)

Current income $100k and credit score all over the place right now since when all the most recent new account hits drops my score 40-50 points

I also have one secured credit cards since 2020 premier bank card

Sorry it's already a long post so any advice will help looking to get back with chase, Amex etc feel free to ask any questions if I didn't provide enough DP

ex - 668 score

eq - 603 score

tu - 601 score

As of august 14 2022

fyi never filed bankruptcy or anything and now it's too late because I have business and too much already at this point.

btw I also screw all the major banks with leaving overdraft account with almost all banks lol still haven't paid them but please advise

Thank You Everyone for help.

Re: Need Advice Amex Chase Bank Collections

creditgnome — Sun, 14 Aug 2022 22:01:36 GMT

i wrote a long post because i have been in this position since 2015,

I am in the same boat but have much older debt that you do. ill speak on my experience because i have one of the lowest scores to get back in with amex i have seen on here. i never burned amex through bk. i did optima program for plum. never paid anybody except the 3400 i owed to amex . i have a credit score at 573, supposedly. lenovo prequalify said i have a 447 so synchrony sees my credit score differently as of last week. i still was able to get their mccoys card and walgreens. i even burned them long ago for the billmelater credit from back in the day and never paid them back.

...all my debt falls off feb 2023 from 2015 debt.

my personal cards as of right now I was able to get with 10-12 derogs and no payments in order except for the amex plum i paid off :

this is with only paying one bank off but remember my amounts were considerably less than what you owe...

missionlane 600 CL , capital one walmart 2500cl, capital one for good credit no af 800 cl, credit one wander card no af 800 cl, regular credit one card 300 cl, merrick 2000cl no af, prosper 1000cl , ikea card 300 cl, comenity lexus 2000k cl , walgreens 500 CL, kohls 300 CL , mccoys 1000 cl , amex optima 1000cl.

speaking of chase..they still have never once offered me a product and i have a checking account with them. citi is in the same issue, wont give me personal cards yet besides secured, but i have like 3 or 4 business credit cards with them no pg.

for my business ein no pg cards i have like 40000 to 50000 in credit and 10-12 tradelines reporting. dk my paydex score but i figure its good. never use my business credit.

its just a waiting game if you don't pay the banks trust me and u have huge amounts you owe. your 100k income should be fixing those fast.. i remember when capital one wouldn't give me a secured (2-3 years ago) and amex blacklisted me on every product even the non credit products. i am now getting offers for 49k car loans from capital one and back in with amex. heck i had a repo I removed off my credit reports just last year for around in the five figures from 2018 so everything is in the right order for me and i have been waiting since 2015.

seen it myself the timeline of growth from subprime banks helping me to getting back in with amex and capital one. can only see more growth if i don't go on a spending spree like a mad man lol.

i see good things on your report for the few loans/cards u have, its just you burned a lot of the big banks for big amounts so it will take much longer to fix things if u don't settle or pay in full. another option would be use that 100k if u can... get more secureds from the big banks and go from there if u want in quickly...if u are even eligible.

just my advice. don't give up.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 02:21:29 GMT

Thank you that awesome to see you have done well for yourself I'm not proud but young and dumb and I'm glad I learned early while I'm still only 30 and have time to get right back to where I was.

(mod cut-Im sorry personal information cannot be disclosed on this board)

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 05:23:58 GMT

Got it Mod I'm new to this site

well thank you for all the advice so few questions

which card did you apply with your business without personal guarantee also when you apple for those specific cards do they still require to put your social because most applications I have came across always still require to put your social and when I do for example with capital one I get flagged due to previous relationship.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 05:53:30 GMT

so I tried pre approval with capital one Walmart and got the same message as I have been getting basically my charge off with them is still on their internal file.

so my credit report is pretty clean besides all new trade lines in last few weeks and 3 negative items

1) bmw financial services - charge off with $2700 it was actual involded in accident. Bought gap coverage through bmw and gap never picked it up I've been disputing for last 1 year no results. So I guess if anyone has advice on how to take care of this.

2) Austin Capital- which is creditstrong back in oct 2019 I was late 30 days for 1 payment. Closed the entire account besides that in good standing so I have been reading about GW so will try and get that resolved through GW letter hope I have success it's only 1 late 30 day payment.

3) comenity bank/ express CC - charge off at $427 already disputed with them and waiting to see if they will do either PFD or will just keep disputing until they give up lol

Currently my credit profile is I would say pretty good. I'll give the breakdown below but what I don't understand is my chexsystem and EWS is really bad I'm guessing because I have 4-5 banks I let my checking account charge off with approximately $1-1.5k in negative so does that have anything to do with BOA not approving me for credit card? Because I never had BOA card and I just can't seem to get approved from them also to keep in mind my checking account were shut down by BOA from risk or back office and told me I can't bank with them until atleast 5 years and same is the situation with chase and many of the major banks so would like some advice on how to even just get back with them with checking accounts?

current credit profile :

*Note All AU account were through my best friend in 2020 to help jump start my credit journey I don't actually have any of the card in my possession but curious could I be eligible to get primary card if I've been an AU with those banks for 2+ years? Curious

Ava Finacne - $2500 limit opened June 2022

CBNA - $15k AU

Citi Card - $6k AU

Credit One - $400 opened august 2022

Discover - $3600 AU

Elan Financial Ser - $5k AU

First premier secured - $1k august 2019

Grow credit - $1800 May 2022

Navy Fed CLOC - $500 July 2022

Navy Fed Flagship - SL $6300 April 2022 & CLI - $1300 as of July 2022

Nacy Fed Secured - $1500 AU - April 2022 ( added myself with my finance just to make my file thick)

Suncoast Credit Platinum Rewards -$15k August 2022

SYNCB/EBAY - $12.5k AU

SYNCB/ JCP - $10k AU

Auto Loan with Navy - $31k in April 2022

Midflorida CU - 2% CB card - $5k August 2022

I also have 6 closed credit card account all good with exception of comenity reporting as charge off

I have 4 previous auto loan closed in good standing expect BMW as mentioned above

I also have LOQBOX reporting as personal loan and I also have self lender reporting under it both opened in

May as suggested by my credit repair king lol

once again sorry for such a long post but this summarizes everything any advice or help someone can give me on which card should I apply for and when?

My main concern is why can't I Get approved with banks like US Bank or even BOA or PNC? I never had bad relationship with them so do they also look at chexsystem because none of those bank I can even open a checking account let alone credit card.

thank you for reading this and helping its a long post I know sorry in advance.

Re: Need Advice Amex Chase Bank Collections

FireMedic1 — Mon, 15 Aug 2022 10:35:34 GMT

I dont know where to begin. I added up +/- the debts in the begining of your post. I came up with $163,200 using the max balance range. Is this correct before the gang can help out.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 10:51:50 GMT

Sad to say but yes its probably more than that i left out accounts with under $500 like target red card, Bank of Missouri $400, and few more that were under $1k but were not major banks that i care for.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 10:54:34 GMT

To be honest i know it looks bad but i just gave up on life and being so young i literally did not know what i know today and just even from the few days i have been on this forum and learning with the knowledge i have today.

I Shouldve filed BK but being so young didnt know anything and thought that was worst that just letting it go to collection but today i know that was the wrong decision and too late to go back 5 years now.

Re: Need Advice Amex Chase Bank Collections

FireMedic1 — Mon, 15 Aug 2022 11:23:04 GMT

Well thats why this froum and especially this sub-forum exist. We all have been there done that. With credit. More good doesn't hide the bad unfortunately. All the AU's helps, but really it doesnt in your case. Good credit on both ends with a thin file yes. With your income being past basically all of the states means test to file a Chap 7. Man I never says this. But Chap 13 might be in your near future to protect yourself from one of the creditors coming after you. Those amounts separetly are up there. I would consider speaking to the lawyer and see what they can do you for. Or contact all the banks and work out settlements to clear the past. I dont believe they'll go silently in the night to the end of the 7 yr reporting period. Maybe 1 or 2. But not all. Best of luck! Others will give their opinions in your situation. JMO.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 11:39:18 GMT

This helps so thank you and i will consider that as an option i still have 2-3 years before 7 years from first default so i have time to prep i just wanted to know if never paying them and 10 plus years later if i will ever be back in with any of those banks?

Re: Need Advice Amex Chase Bank Collections

TheKid2 — Mon, 15 Aug 2022 12:12:23 GMT

@Prat10 wrote:

3) comenity bank/ express CC - charge off at $427 already disputed with them and waiting to see if they will do either PFD or will just keep disputing until they give up lol

There is so much info to unpack here, but just want to provide one big piece of advice. Stop disputing items on your credit report that are correct. When items come back verified it is making it worse for YOU, not them. They will certainly not "give up" on money that you owe them, but they will settle for less. Instead of trying to dispute, work with them to get a settlement so debt is paid off and the report is updated to $0 balance. You won't get there with frivilous disputes, get a settlement.

Good luck!

Re: Need Advice Amex Chase Bank Collections

Prat10 — Mon, 15 Aug 2022 12:22:03 GMT

Thanks for the advice will do my best its just so much debt and even though my income is decent if you calculate the taxes i pay and after all the living expense and planning for marriage and starting a family its very hard to make any kind of settlement.

Also just to clarify since its a lot of info none of those collections on my credit profile is reporting so my credit score is not being bothered by it but i wanted to know if i could ever still get back with the banks i owe without paying or settlement? even if its 10-15 years from now i am just wondering if anyone that had cc go to collections with some of these major banks never paid and years later still able to get back in their system with a credit card?

Re: Need Advice Amex Chase Bank Collections

Madein84 — Thu, 18 Aug 2022 17:40:05 GMT

@Prat10 wrote:
So let me first give you little bit of a backstory. I became the youngest franchisee for checkers/ rally's restaurant or any fast food restaurant in America at 23 years old! I started my credit journey at 18 and had credit cards from most major bank and at 25 years old I fell into bad habits and maxed out everything I had and went homeless for almost a year. Now I'm 30 and I have started my business again last year and everything is going well time to just build my future and not make those mistakes again! Lol thank god I got that out of the way.

I have been reading a lot on here and looking for some advise since my situation is different and didn't really find any threads with info that I need help.

I had credit card from the following banks :

chase - Amazon prime card 2k limit maxed out and went to collections
citi - 2k limit same as above
amex - personal unsecured loan at $25k defaulted and went to collections I think with over $15-18k left to pay
amex - 15k blue cc spend $20k and let it go to collections
capital one business card - spark business 20k limit but was able to charge $25-30k never paid went to collections.
barclay - Best Buy 2200 limit max went to collections
pen fed - 2 card can't remember which one 1 had $5k limit another had 20k limit and both I was able to charge $20k and $65k respectively and went to collections
comenity/ express clothing - $800 limit and charged $400 and went to collections

All cards went to collections in 2019/2020 since then I started my credit repair ( still haven't paid any of the banks off all collections internal system I'm sure still stand as is) last year 2021 and nothing besides comenity is reporting from my credit repair and I currently do have few cards I'll list at the end but long story short need advice on what I should do to try and get back with some of those banks.

Current cards :

Navy Flagship CC - April 2022 SL $6300 CLI July 2022 $13100 (current)
Navy auto Loan - $30k @ 3.99% for 60 months April 2022
Suncoast Credit union - Rewards SL $15k ( July 2022 applied and approved got the card last week)
Mid Florida CU - 2% CB card SL $5k limit ( July 2022 )
credit one platinum cc - SL $400 ( July 2022)
Surge CC - SL $500 (July 2022)

Current income $100k and credit score all over the place right now since when all the most recent new account hits drops my score 40-50 points

I also have one secured credit cards since 2020 premier bank card
Sorry it's already a long post so any advice will help looking to get back with chase, Amex etc feel free to ask any questions if I didn't provide enough DP

ex - 668 score
eq - 603 score
tu - 601 score
As of august 14 2022

fyi never filed bankruptcy or anything and now it's too late because I have business and too much already at this point.

btw I also screw all the major banks with leaving overdraft account with almost all banks lol still haven't paid them but please advise

Thank You Everyone for help.

what is the question? 🧐

Re: Need Advice Amex Chase Bank Collections

Prat10 — Thu, 18 Aug 2022 18:29:19 GMT

How would I get back with the banks I have never paid without paying? Do I just wait enough time to pass by or do I have to at some point settle with them?

Re: Need Advice Amex Chase Bank Collections

OmarGB9 — Fri, 19 Aug 2022 17:33:02 GMT

@Prat10 wrote:
How would I get back with the banks I have never paid without paying? Do I just wait enough time to pass by or do I have to at some point settle with them?

Yes you'd most likely have to pay them back to even have a chance to get back in. At least with Chase, Amex, Citi, and Capital One. Barclays blacklists for life. Penfed I'm not sure of. Comenity maybe you can get back in without paying, but probably not for a while.

Re: Need Advice Amex Chase Bank Collections

DSTforlife — Fri, 19 Aug 2022 18:09:13 GMT

Hi OP,

I don't usually chime in on posts like these, but this stopped me in my tracks. You may want to reconsider 'waiting it out' and hoping to get back in with these creditors. With the amount of unpaid debt you have out there, what's showing on your credit report is the least of your worries. Being sued is a real possibility, and the snowballing effect of those judgements can have a detrimental effect down the road. If you are starting over, looking to get married and start a family, it would be in your and your future family's best interest to get in front of this now to eliminate the need to duck and dodge for the next few years. Those creditors can come after you at any time, and having it hanging over your head is not a wise way to start a new life.

There's no judgement from me...I just wanted to offer advice.

I agree with the other poster, those big banks will probably not let you back in with that amount of bad debt owed to them. Whatever you decide, I wish you all of the best. Congrats on your upcoming nuptials.

Re: Need Advice Amex Chase Bank Collections

Prat10 — Fri, 19 Aug 2022 18:20:10 GMT

Hello,

Thank you so much for that advise. This forum is life changing. I never knew they could come after me years later especially since I'm planning to propose next year and start a family.

I thought after 7 years it's all over so I guess even in my 40s & 50s they could come after me if they notice I'm doing well financially again. That sucks. Lot to think about now again so another question.

does that mean filing personal bankruptcy now is better than waiting when you have family and asset??

Re: Need Advice Amex Chase Bank Collections

7774x — Fri, 19 Aug 2022 19:29:51 GMT

@Prat10 wrote:
so I tried pre approval with capital one Walmart and got the same message as I have been getting basically my charge off with them is still on their internal file.

so my credit report is pretty clean besides all new trade lines in last few weeks and 3 negative items

1) bmw financial services - charge off with $2700 it was actual involded in accident. Bought gap coverage through bmw and gap never picked it up I've been disputing for last 1 year no results. So I guess if anyone has advice on how to take care of this.

2) Austin Capital- which is creditstrong back in oct 2019 I was late 30 days for 1 payment. Closed the entire account besides that in good standing so I have been reading about GW so will try and get that resolved through GW letter hope I have success it's only 1 late 30 day payment.

3) comenity bank/ express CC - charge off at $427 already disputed with them and waiting to see if they will do either PFD or will just keep disputing until they give up lol

Currently my credit profile is I would say pretty good. I'll give the breakdown below but what I don't understand is my chexsystem and EWS is really bad I'm guessing because I have 4-5 banks I let my checking account charge off with approximately $1-1.5k in negative so does that have anything to do with BOA not approving me for credit card? Because I never had BOA card and I just can't seem to get approved from them also to keep in mind my checking account were shut down by BOA from risk or back office and told me I can't bank with them until atleast 5 years and same is the situation with chase and many of the major banks so would like some advice on how to even just get back with them with checking accounts?

current credit profile :

*Note All AU account were through my best friend in 2020 to help jump start my credit journey I don't actually have any of the card in my possession but curious could I be eligible to get primary card if I've been an AU with those banks for 2+ years? Curious

Ava Finacne - $2500 limit opened June 2022
CBNA - $15k AU
Citi Card - $6k AU
Credit One - $400 opened august 2022
Discover - $3600 AU
Elan Financial Ser - $5k AU
First premier secured - $1k august 2019
Grow credit - $1800 May 2022
Navy Fed CLOC - $500 July 2022
Navy Fed Flagship - SL $6300 April 2022 & CLI - $1300 as of July 2022
Nacy Fed Secured - $1500 AU - April 2022 ( added myself with my finance just to make my file thick)
Suncoast Credit Platinum Rewards -$15k August 2022
SYNCB/EBAY - $12.5k AU
SYNCB/ JCP - $10k AU
Auto Loan with Navy - $31k in April 2022
Midflorida CU - 2% CB card - $5k August 2022

I also have 6 closed credit card account all good with exception of comenity reporting as charge off

I have 4 previous auto loan closed in good standing expect BMW as mentioned above

I also have LOQBOX reporting as personal loan and I also have self lender reporting under it both opened in
May as suggested by my credit repair king lol

once again sorry for such a long post but this summarizes everything any advice or help someone can give me on which card should I apply for and when?

My main concern is why can't I Get approved with banks like US Bank or even BOA or PNC? I never had bad relationship with them so do they also look at chexsystem because none of those bank I can even open a checking account let alone credit card.

thank you for reading this and helping its a long post I know sorry in advance.

Try a regoinal bank..years ago was in same boat .. Big Banks refused to open checking, savings. Went to TCF Bank ,was approved & opened ...Since then.. Huntington bank took over TCF .

Re: Need Advice Amex Chase Bank Collections

mfinsmi1 — Sat, 20 Aug 2022 02:13:21 GMT

@Prat10 im super impressed that even with all those collections you still get some killer starting limits on these recent approvals - im sort of jealous to see that LOL

my 2 year old paid charge offs still are impacting my approvals / starting limits

Re: Need Advice Amex Chase Bank Collections

Madein84 — Sat, 20 Aug 2022 02:31:13 GMT

@Prat10 if you want to get back in sooner, yes - you would have to settle. Even after settling though you still might not get approved for a bit.

You could wait it out if you don't care to get back in any time soon, and try every so often. But chances of getting back in are significantly higher if you at least settle the debt.