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Getting an AmEX after chargeoff

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winner88
Contributor

Getting an AmEX after chargeoff

It's been a few years. long story short, I had a few Amex personal / business cards few years ago. Due to a failed business venture, all cards were charged off back in 2015. Started recently to cleanup and rebuild credit and now my reports are free of derogatory accounts. And fico 8 / 9 are in the mid 750's albeit on a thin file. 

Considering legendary AmEX blacklist, what are my chances of getting back with AmEX and what's the process? Thanks for your valued input. 

EQ 772
TU 764
Message 1 of 34
33 REPLIES 33
Jnbmom
Credit Mentor

Re: Getting an AmEX after chargeoff

If you didn't pay them back which it appears you haven't I don't think you have a chance in the near future . Eventually yes., but you may have to wait at least a little while longer . 

EXP 780 EQ 798 TU 804
Message 2 of 34
Anonymous
Not applicable

Re: Getting an AmEX after chargeoff

@winner88  I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.

Message 3 of 34
winner88
Contributor

Re: Getting an AmEX after chargeoff

@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that. 

EQ 772
TU 764
Message 4 of 34
winner88
Contributor

Re: Getting an AmEX after chargeoff

@Anonymous thanks for the info. I just tried the pre qualification and received no offers. My Experian is frozen thou so It's not really a valid data point. 

EQ 772
TU 764
Message 5 of 34
Brian_Earl_Spilner
Credit Mentor

Re: Getting an AmEX after chargeoff

How much was charged off? If in the 5 digits you're probably looking at 10-20 years.

    
Message 6 of 34
winner88
Contributor

Re: Getting an AmEX after chargeoff

@Brian_Earl_Spilner 5 digits across 5 cards 

EQ 772
TU 764
Message 7 of 34
Anonymous
Not applicable

Re: Getting an AmEX after chargeoff


@winner88 wrote:

@Anonymous thanks for the info. I just tried the pre qualification and received no offers. My Experian is frozen thou so It's not really a valid data point. 


There's always next month. I would not give up. And yes, they pull Experian.

Message 8 of 34
OmarGB9
Community Leader
Super Contributor

Re: Getting an AmEX after chargeoff


@Anonymous wrote:

@winner88  I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.


Yes it possible to get back in without paying, but it would take decades. 

 

@winner88, unfortunately if you didn't pay them back, as I mentioned, it would take quite a while to get back in with Amex. And it's not even guaranteed you would be able to. And while Amex would probably be willing to settle, just be aware that if you go that route, you'd probably never get back on. The quickest, easiest way to get back in their good graces would be to pay them back in full and qualify for their Optima program, even if you don't pay them back all at once. They often are willing to work out a repayment plan with you for the full amount. 


Last App: 1/10/2023
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Currently rebuilding as of 04/11/2019.

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Message 9 of 34
PapaTunde
Established Contributor

Re: Getting an AmEX after chargeoff

Apply for the card you like

If you're in the no-no list, Amex wont pull your reports so no harm, no foul

Good luck

All Fico9 835+ or there abouts

These violent delights have violent ends
Message 10 of 34
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