topic Re: Does AmEx let you back in after settlement offer? in Rebuilding Your Credit

Does AmEx let you back in after settlement offer?

Brucemac — Tue, 02 Apr 2024 23:20:07 GMT

Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.

Re: Does AmEx let you back in after settlement offer?

Horseshoez — Wed, 03 Apr 2024 00:43:54 GMT

@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.

There are numerous reports around here of folks settling with AMEX and eventually getting back in. There are other folks who've made AMEX whole and have not gotten back in; so long story short, it is a crap shoot.

If you take their offers, keep us posted on what happens if/when you reapply.

Re: Does AmEx let you back in after settlement offer?

shalimarcat — Wed, 03 Apr 2024 00:44:29 GMT

@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.

Hello, I was in a debt settlement program for two years. Amex was the one I owed the most to. My lawyer made settlements with all my creditors for less that full. Amex was one of the few that sent me official letters that my accounts were settled. This was late 2021. Amex was gracious enough to let me back in with a Hilton Honors card in June 2022, and then a Green in October of 2022. The only negative is that my Hilton Honors is still at its starting limit of $1,000. They have been good on everything else, though.

Re: Does AmEx let you back in after settlement offer?

CorpCrMgr1 — Wed, 03 Apr 2024 02:52:00 GMT

I'd take the deal. You have a chance to save your credit. Certainly, AmEx will look at the entire picture with any future relationship. Good luck!

Re: Does AmEx let you back in after settlement offer?

pizzadude — Wed, 03 Apr 2024 03:32:54 GMT

@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.

Your odds of getting back in are going to be higher by accepting the settlement offer and paying them off. Not guaranteed though.

Re: Does AmEx let you back in after settlement offer?

Lurker22 — Wed, 03 Apr 2024 12:45:28 GMT

@Horseshoez wrote:
@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.
There are numerous reports around here of folks settling with AMEX and eventually getting back in. There are other folks who've made AMEX whole and have not gotten back in; so long story short, it is a crap shoot.

If you take their offers, keep us posted on what happens if/when you reapply.

I just want to add - yes I agree, take their offer BUT weigh it carefully, if the offer is pay them $10K (or some such silly number) does that really make sense? Look at what you'd be repaying them versus the benefits you'd receive from the card and be sure it makes sense

Re: Does AmEx let you back in after settlement offer?

Horseshoez — Wed, 03 Apr 2024 13:56:17 GMT

@Lurker22 wrote:
@Horseshoez wrote:
@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.
There are numerous reports around here of folks settling with AMEX and eventually getting back in. There are other folks who've made AMEX whole and have not gotten back in; so long story short, it is a crap shoot.

If you take their offers, keep us posted on what happens if/when you reapply.
I just want to add - yes I agree, take their offer BUT weigh it carefully, if the offer is pay them $10K (or some such silly number) does that really make sense? Look at what you'd be repaying them versus the benefits you'd receive from the card and be sure it makes sense

That calculation for me was easy, I burned them for somewhere between twenty-five and thirty grand in my 2015 Chapter 13, so I won't even consider any type of a repayment, ever. If that means I ain't gettin' back in with AMEX, then I ain't gettin' back in; I'm good with that.

Re: Does AmEx let you back in after settlement offer?

shalimarcat — Wed, 03 Apr 2024 20:56:44 GMT

@Lurker22 wrote:
@Horseshoez wrote:
@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.
There are numerous reports around here of folks settling with AMEX and eventually getting back in. There are other folks who've made AMEX whole and have not gotten back in; so long story short, it is a crap shoot.

If you take their offers, keep us posted on what happens if/when you reapply.
I just want to add - yes I agree, take their offer BUT weigh it carefully, if the offer is pay them $10K (or some such silly number) does that really make sense? Look at what you'd be repaying them versus the benefits you'd receive from the card and be sure it makes sense

I just wanted to add that, with my settlement offers, It was lump sum payment only. There was no dividing it up into monthly installments.

Re: Does AmEx let you back in after settlement offer?

CorpCrMgr1 — Wed, 03 Apr 2024 22:55:05 GMT

@shalimarcat I'd go higher up and find the one that will allow a payment plan.

Re: Does AmEx let you back in after settlement offer?

Lurker22 — Fri, 05 Apr 2024 15:42:32 GMT

@Horseshoez wrote:
@Lurker22 wrote:
@Horseshoez wrote:
@Brucemac wrote:
Amex has sent me settlement offers for two cards charged off in 2018. I'm seriously considering accepting the offers since they won't she off my credit reports until Nov 2025. At least it will show as paid. Does anyone know if this gets you off their black list and they let you back in at some point? My spouse has the BCE card and I would like to at least be an AU.
There are numerous reports around here of folks settling with AMEX and eventually getting back in. There are other folks who've made AMEX whole and have not gotten back in; so long story short, it is a crap shoot.

If you take their offers, keep us posted on what happens if/when you reapply.
I just want to add - yes I agree, take their offer BUT weigh it carefully, if the offer is pay them $10K (or some such silly number) does that really make sense? Look at what you'd be repaying them versus the benefits you'd receive from the card and be sure it makes sense
That calculation for me was easy, I burned them for somewhere between twenty-five and thirty grand in my 2015 Chapter 13, so I won't even consider any type of a repayment, ever. If that means I ain't gettin' back in with AMEX, then I ain't gettin' back in; I'm good with that.

Same boat for me...won't ever make sense for me to pay them back anything, if I get back in great - if not oh well there's other cards that fit my needs just as well

Re: Does AmEx let you back in after settlement offer?

Brucemac — Fri, 05 Apr 2024 18:36:35 GMT

I've weighed my options and have decided not to accept their offers. These will fall off my CR in January. In the email AmEx says they cannot sue me. So I'm fine just waiting for them to fall off and staying on their naughty list . I have other prime cards.

Re: Does AmEx let you back in after settlement offer?

911gt34life — Fri, 05 Apr 2024 18:43:08 GMT

@Brucemac wrote:
I've weighed my options and have decided not to accept their offers. These will fall off my CR in January. In the email AmEx says they cannot sue me. So I'm fine just waiting for them to fall off and staying on their naughty list . I have other prime cards.

I almost did the same thing Which is not bad if don't care going back in just move on ..