American Express

[Anonymous]

Hi All, I'm in the process of filing bankruptcy... this was one of the hardest decisions I have to make but after talking to a few ppl that went through bankruptcy said not to let it stress me out. It's a fresh start. I have a question about American Express. They will be one of the companies in this bankruptcy so my question is can I get them back in the future? Has anyone had luck with them after burning them in bankruptcy? 

[Mjhall85]

Depending how much you burn them for you may be let back in one day in the future or possibly never,if you owe them a lot. If they get paid back in full after bankruptcy they usually offer products again, from what I seen others post.

[pizzadude]

Agree with the comment above, you're unlikely to get back in without repaying.    A handful of people have reported getting back in without repayment but only after a very long time.

[Guyatthebeach]

mssremaa1,

Basically in a nutshell, if you burn Amex with any unpaid debt, you will not get able to get another card directly from American Express again until you pay the debt back. Then it's up to Amex if they approve you for another card again.

When I declared chapter 7 bankruptcy, my Amex cards were closed and paid in full. I didn't get approved until 61 months after declaring bankruptcy. Again I didn't burn them. I know of any a handful of people that got approved for cards after paying the debt back post bankruptcy. 

On the positive sign, you can eventually an Amex branded card from Macys, Credit One, Navy Federal, and Dillard's. It's simply a credit that works on the Amex platform, but it's not underwritten by American Express. I can on speak on the Macy's Amex because I have that card. You still get a lot of really good offers and it does have a lot of the traditional Amex travel benefits.  

I would not very about Amex. Focus on your bankruptcy and then your rebuilding process. 

Guyatthebeach

[CWESTL]

I wrote the below in another post several months ago. AMEX has been good to me after burning them in my 2013 Chapter 7 BK. I did NOT repay the debt and my current AMEX Cash Magnet credit limit is $26K along with my AMEX Lowes Business Card has a credit limit of $13.5K. A steady march to your rebuild to avoid unnecessary pitfalls will win the day. This forum has served an invaluable role in my rebuild as I have not received any denials for credit during this process. The key is to be strategic about when to apply with a significant focus on building income and net worth.  

Re: AMEX after CH7? Anyone?

American Express has been a great credit card issuer especially considering I included AMEX in my 2013 Chapter 7 BK for approximately $10K. Was happy to be approved for the AMEX Cash Magnet approximately 22 months ago (5 years 4 months post DC) with a SL of $10K and 0% APR for 12 months. Was approved for an AMEX Lowes Business Card in November 2020 without a credit inquiry. In December 2020 I went online and was approved for a $10K CLI on my AMEX Cash Magnet card without a credit inquiry. New CL is $20K!!!

Not exactly sure the threshold AMEX uses for opening the door again, but I did NOT pay off the old debt that was discharged in 2013. However, I was an AMEX cardholder since 1997 in good standing for more than 10 years before the financial crisis of 2008. The debt was finally discharge in my 2013 Chapter 7 BK. I also have a healthy income.  

Discover was my challenge as my Discover It card approval was met with a small SL of $2000 and only a $500 CLI over a couple years. I was told by Discover representatives my prior Discover card discharge of approximately $8K/$9K wouldn't allow for my card to grow. This was true until a month or two ago when I was approved for a second Discover It with a SL of $9500 and 0% APR for 14 months and an increased CL on my initial Discover It to $5K. 

At some point in the future would like to reconnect with Citibank, Chase and BOA.  .  . I believe all but Chase were included in my 2013 Chapter 7 discharge. 

Seems each has a variable look back and criteria for reentry.