topic Re: Getting Back To Amex in Rebuilding Your Credit

Getting Back To Amex

Merzeng — Mon, 12 Dec 2022 18:32:15 GMT

Hello all,

Let's start with a brief background; In late 2019 I was looking for a consolidation loan to pay off my creadit cards, and I ended up contacting Freedom Debt Relief (FDR) because in google search it was showing as a loan lender company. Long story short, they directed me to the wrong direction and I ended up having 10 charge off accounts. When I realized what they did to my credit that was too late to fix things. I cancelled the remaining of my accounts with them (4 cards) to avoid paying settlement charges and started calling creditors to settle directly with them.

I had two cancelled Amex cards, one still with Amex and the other one went to CA (Zwicker) for 75% settlement. I paid the remaining balance to FDR to pay off the settlement with the CA because they didn't want to talk to me directly. After that I started calling the CA to see if they can collect the remaining 25% but they said the account is closed and I need to talk to Amex. Amex said the account is handled by outside agency and they cannot collect the remaining ballance. I was trying to pay Amex in full so that I can get back to them in the future but seems like there is no way to pay that ballance, and also they do not offer the Optima card anymore.

Does anyone here has a similar experience? Is there any hope to get back to Amex when I didn't PIF?

Thank you all

Re: Getting Back To Amex

Jeffster1 — Mon, 12 Dec 2022 18:54:27 GMT

GENERALLY, Amex will require you to pay what you owe rhem. I understand your situation, though. In a BK, they have been known to let people (like me) back in 5 years 1 month after filing. (I was in a 100 percent plan).

However, in a non-BK (CO) situation, they have a long memory. I am hoping someone else here might have some advice for you on how to pay that 25%, but keep in mind, that might not get you back in the door with Amex for some time to come either.

Good luck.

Re: Getting Back To Amex

Merzeng — Mon, 12 Dec 2022 19:35:17 GMT

Thanks for the info. I spoke with them many times to see if they can offer the Optima card, and they said that I can apply any time and I wont be on the blacklist. They said their recovery team will review my file after the settlement to see what offers I can get from them.

Re: Getting Back To Amex

Jeffster1 — Mon, 12 Dec 2022 19:52:41 GMT

That's awesome. Sending you the best of luck! I'm glad there's hope.

Re: Getting Back To Amex

markbeiser — Wed, 14 Dec 2022 02:15:41 GMT

I don't think I've ever heard a positive story about FDR, or similar companies.
Only horror stories of high fees and destroyed credit.

Re: Getting Back To Amex

Merzeng — Wed, 14 Dec 2022 05:07:28 GMT

FDR is terrible. Never tell you the truth and destroy your credit. Most of debt settlements were about 10% while the settlement and service fees were double the value of the settlement. I contacted the creditors myself and got better settlement rates without extra fees.

Re: Getting Back To Amex

Jeffster1 — Wed, 14 Dec 2022 05:46:39 GMT

@Merzeng wrote:
FDR is terrible. Never tell you the truth and destroy your credit. Most of debt settlements were about 10% while the settlement and service fees were double the value of the settlement. I contacted the creditors myself and got better settlement rates without extra fees.

It's so outrageous that these predatory companies are permitted to continue to bilk people who are absolutely desperate to get out of debt, only to leave them in worse shape. They are just as bad as the scammers who call people and try to drain people's bank accounts.

Re: Getting Back To Amex

OmarGB9 — Wed, 14 Dec 2022 06:26:01 GMT

Unfortunately those types of companies along with credit "repair" companies run rampant and are unregulated for the most part. As far as getting back in with Amex, you'll likely be blacklisted for a while, sadly. Could be a few months, to a few years, to a few decades. There's just no way to know.

Re: Getting Back To Amex

sjt — Tue, 20 Dec 2022 20:27:45 GMT

@Merzeng wrote:
Thanks for the info. I spoke with them many times to see if they can offer the Optima card, and they said that I can apply any time and I wont be on the blacklist. They said their recovery team will review my file after the settlement to see what offers I can get from them.

Good news!

Keep us posted on the outcome.

Re: Getting Back To Amex

Merzeng — Thu, 16 Feb 2023 06:20:32 GMT

I called them about three weeks ago to see if they can offer me the Optima card and let me back in. The representative was a very nice gentelman who put me on hold for a few minutes to contact other departments to see what they can do for me. Evantually he said because I setteled for less, they cannot make an exception and offer me the Optima card. He said Optima is for people who paid back in full. He said Optima has a very low SL and I'm better to apply again in a few months for either the Gold card or an everyday card.

Yesterday I applied for the Blue Cash Preferred card to see if I'm still on their blacklist or not, and I got denied again but this time for a different reason. The denial reason for the previous applications was: "Amex cancelled your previous accounts" but yesterday the denial reason was " You FICO score"

I paid off all my charge off debts last December and my scores went up from 560 to 700. Only Experian shows 675 because it's not updationg one of the paid COs.

I will apply again in a few months when I have a better score and payment history.

Re: Getting Back To Amex

Jeffster1 — Thu, 16 Feb 2023 10:41:49 GMT

@Merzeng Thanka for the update. Sending good wishes your way.

Re: Getting Back To Amex

Epiki71 — Thu, 16 Feb 2023 16:10:23 GMT

@Merzeng wrote:
I called them about three weeks ago to see if they can offer me the Optima card and let me back in. The representative was a very nice gentelman who put me on hold for a few minutes to contact other departments to see what they can do for me. Evantually he said because I setteled for less, they cannot make an exception and offer me the Optima card. He said Optima is for people who paid back in full. He said Optima has a very low SL and I'm better to apply again in a few months for either the Gold card or an everyday card.
Yesterday I applied for the Blue Cash Preferred card to see if I'm still on their blacklist or not, and I got denied again but this time for a different reason. The denial reason for the previous applications was: "Amex cancelled your previous accounts" but yesterday the denial reason was " You FICO score"
I paid off all my charge off debts last December and my scores went up from 560 to 700. Only Experian shows 675 because it's not updationg one of the paid COs.
I will apply again in a few months when I have a better score and payment history.

OP,

Thanks for sharing, hope in the future you can get back into AMEX.

Re: Getting Back To Amex

sjt — Sat, 25 Feb 2023 21:40:40 GMT

@Merzeng wrote:
I called them about three weeks ago to see if they can offer me the Optima card and let me back in. The representative was a very nice gentelman who put me on hold for a few minutes to contact other departments to see what they can do for me. Evantually he said because I setteled for less, they cannot make an exception and offer me the Optima card. He said Optima is for people who paid back in full. He said Optima has a very low SL and I'm better to apply again in a few months for either the Gold card or an everyday card.
Yesterday I applied for the Blue Cash Preferred card to see if I'm still on their blacklist or not, and I got denied again but this time for a different reason. The denial reason for the previous applications was: "Amex cancelled your previous accounts" but yesterday the denial reason was " You FICO score"
I paid off all my charge off debts last December and my scores went up from 560 to 700. Only Experian shows 675 because it's not updationg one of the paid COs.
I will apply again in a few months when I have a better score and payment history.

The unpaid charge off on your Experian was probably the reason for denial. You should file a dispute with Experian.

Re: Getting Back To Amex

Merzeng — Fri, 10 Mar 2023 23:15:09 GMT

Today I applied for the BCE and got approved for $2000 SL! No SUB because I had this card before (and got charged off). I'm so excited for getting back to Amex again. They pulled Transunion (720) and Experian (707), income $167K, 10 charged off accounts (two of them are with Amex, one pif, one settled for 75%).
I'd love to get the Gold card, so when should I apply for it?

Re: Getting Back To Amex

Epiki71 — Fri, 10 Mar 2023 23:27:32 GMT

@Merzeng wrote:
Today I applied for the BCE and got approved for $2000 SL! No SUB because I had this card before (and got charged off). I'm so excited for getting back to Amex again. They pulled Transunion (720) and Experian (707), income $167K, 10 charged off accounts (two of them are with Amex, one pif, one settled for 75%).
I'd love to get the Gold card, so when should I apply for it?

Congratulations OP, this is great news! I was rooting for you and I'm glad you're back. Based on the information provided here in the forum, I recommend waiting six months before applying for the gold card

Re: Getting Back To Amex

Merzeng — Fri, 10 Mar 2023 23:34:22 GMT

@Epiki71 Thank you so much!

Is it another hard pull if I apply for the gold card or just a soft pull?

Re: Getting Back To Amex

Epiki71 — Sat, 11 Mar 2023 00:02:46 GMT

@Merzeng wrote:
@Epiki71 Thank you so much!
Is it another hard pull if I apply for the gold card or just a soft pull?

Once you are a member it will be a SP.

Re: Getting Back To Amex

Merzeng — Sat, 11 Mar 2023 00:23:05 GMT

@Epiki71 Thanks!

Re: Getting Back To Amex

Jeffster1 — Sat, 11 Mar 2023 01:56:25 GMT

Congrats! Great news.

Re: Getting Back To Amex

Merzeng — Sat, 11 Mar 2023 02:46:26 GMT

@Jeffster1 wrote:
Congrats! Great news.

Thanks!

I forgot to mention that I opened a HYSA with them three months ago and set up direct deposit to that account. I parked about 5K into the account.