It has been a little more than 5 years since I filed BK7. I have updated over the years but life got busy with a new business so I haven't updated lately. I wanted to just do an update, since I was just approved for TWO AMEX cards last night, even after IIB them 25 years ago. So for anyone wondering, you can get an AMEX after IIB, not sure if the 25 years makes the difference, but I have an active BK7 on my credit right now that is 5 years old and was approved.
I have filed BK7 twice in the past 25 years, the first time was 1996, I included AMEX for about $10k. That was due to mismanagement of money, period. Then I developed MS 20 years later and had $1 Million in medical bills so I had to file again in May 2013, but that was all medical bills. Since then, I have really worked hard to get my credit rebuilt. I am currently 740+ on all 3 FICO scores and the only neg on my reports is the BK7.
I have several high limit cards ranging from $10K - $40K and I use them for my business, charging and paying off up to $100K a month and keeping them all PIF every month. Mind you, all these cards started with $300 and $500 limits back in 2013, but I grew them to these limits in 5 years time.
I never thought I would EVER get an AMEX again, since they were IIB in 1996. I tried their prequal site several times over the years but it always came back that I was not prequaled for anything. I really want one though. Yesterday I had to take off the freeze on my credit reports so I could apply for a Verizon acct., so I decided to see if I was prequaled for any AMEX cards. Well, to my surprise, this time, it came back that I was prequalified for 3 cards! The Everyday Cash, the BCE, and the Gold card. After reading on here that a HP would only occur if I was not blacklisted, I decided I would go for it and applied for the BCE card.......I was floored when it came back APPROVED for $10K SL!
Then the next screen said I was preapproved for the Gold AMEX card and asked if I needed a business credit card. I applied with all my business info, and was also approved for that! I did not see a limit, so I think it is a NPSL.
Afterwards it asked if I wanted to set up an online account for managing my cards, so I did, and at the top it said, "WELCOME "My Real Name" Member since 1994!" So they definitely still have me in the system, but if I was blacklisted, I am not any longer.
I wanted to share this because I read where people were wondering if the prequal was even possible for someone who IIB Amex in the past or had a BK on their credit reports. My BK was filed May 2013, so it is a little over 5 years ago. I was not expecting to be approved, so I am very happy about this.
Right now, I have over $175K in major credit limits on 5 cards. All of those cards were starter cards in 2013, but have since been upgraded to World Elite cards and other prestigious cards and limits raised to $10K + on all of them.........Cap One QS, Cap One Venture, Barclay's Rewards, Barclay's UPromise, and the Discover IT cards are all I have now. I have combined and closed all the others and just have these with high limits. I am absolute proof that there is life and great credit limits after BK....and now AMEX after BK. :-)
Awesome approval! Congrats!
Congratulations on your rebuild and I hope your MS stays in remission forever.
I'm 6 and half years past my chapter 7 discharge. I just got a preapproval for the Amex Magnet card, which I took. This is my second Amex. I got my first Amex post bankruptcy at end of year 5. I also just got approved for a Discover It card.
For me, it seems I'm blacklisted with BB&T, Chase, Citi, and USBank. I'm fine with that because my scores are between 705 and 721 on the major 3 and I have enough credit cards for now.
As far I'm concerned, I have recovered my bankruptcy and have taken the step to prevent that from ever happening again.
Best of luck to you and keep on doing what you're doing. You will be in 800 club soon!