You have to wait 61 months after BK to apply with Amex. They may not approve you until you pay them back or wait an undisclosed amount if time which could be upwards of 20 years.
Optima is a card you'll receive if you agree to pay them back. Typically, it would be offered to encourage someone to pay them back. Being that you're BK, I highly doubt they would give you one. It could be considered a solicitation on their part to get you to pay back the money discharged in BK. The limit will be a percentage of the charged off balance. You won't be able to apply for a new product for 12 months.
If you have the money and can pay them back, you can literally apply as soon as it updates in their system. As long as your profile supports the product you want, you should be approved.
@Brian_Earl_Spilner wrote:You have to wait 61 months after BK to apply with Amex. They may not approve you until you pay them back or wait an undisclosed amount if time which could be upwards of 20 years.
Well it would be nice to know if I am going to have to wait for 20 years. I will call them on Monday and see what they say.
Optima is a card you'll receive if you agree to pay them back. Typically, it would be offered to encourage someone to pay them back. Being that you're BK, I highly doubt they would give you one. It could be considered a solicitation on their part to get you to pay back the money discharged in BK. The limit will be a percentage of the charged off balance. You won't be able to apply for a new product for 12 months.
I wonder if I could proactively ask for that card after telling them I will pay them back in full. They may not be able to ask me to pay it back or offer the Optima card, BUT I can be proactive in paying and applying LOL. I would be OK with not being able to apply for 12 months.
If you have the money and can pay them back, you can literally apply as soon as it updates in their system. As long as your profile supports the product you want, you should be approved.
That is good to know. I think they were willing to set up a augment plan when I spoke to them earlier this year, but I cannot do that just yet. I probably will not apply for anything AMEX until after I pay them off. Currently, I am saving my next HP for the NFCU Flagship in September (assuming the SUB comes back)
Thanks for all of your help!
I included them in my Ch 13 BK, but I paid them back 100% through my plan. After my discharge, I opened their high-yield savings account and CD. Little after 5 years and 1 month from my filing date, I applied and was approved for Cash Magnet. I then applied for and got two more Amex cards (Platinum and Hilton Honors) with soft pulls.
@Anonymous wrote:
@mrcraft wrote:I included them in my Ch 13 BK, but I paid them back 100% through my plan. After my discharge, I opened their high-yield savings account and CD. Little after 5 years and 1 month from my filing date, I applied and was approved for Cash Magnet. I then applied for and got two more Amex cards (Platinum and Hilton Honors) with soft pulls.
So they did approve you with a BK before it
fell off? Good to know! How far apart were your apps for your AMEX cards? May I ask what your income was when you applied?
My BK is still reporting, scheduled to fall off next November. I got my second Amex (Platinum) three months later, and my Hilton Honors a month after my Platinum. My income was $95K when I applied. Amex won't do a credit line increase until the BK falls off though.
I also have a bk7 discharged in 2014 and applied and was approved for the Cash Magnet card June 1st of this year and the Green card a few weeks ago.
Amex wasn't included in the bk but I charged off just over $10k on a business Platinum card and did not pay them back so I'm not sure if that makes a difference in the end.
