AMEX Black List - Redemption from C/O

[Anonymous]

Hi guys, I know this topic has been talked about quite a few times though the threads I searched and read all got locked so going to pose my question here

Quick summary

Had multiple cards and an unfortunate early 20s, paid the bills as long as I could and let them C/O.

3 or 4 AMEX cards were CO

Settled one of the cards after a lawsuit they pursued (if I settled on one, does that mean I'll never have another chance again?)

I still have maybe 2-3 AMEX cards unpaid, total no more than 10k. (ok with paying in full or settling, to get back in)

They all CO'd around 2013 so looking at maybe 2020 before they fall off.

Now that I'm doing better I'd like to apply and responsibly use AMEX again.

I've read some people were able to pay off the full or settlement amount and got off the high risk list relatively quickly and their reports haven't even fallen off yet.  I'm looking at this as a possible method to employ.

My questons;

1) If I have to pay them, does AMEX only take full payment back or are settlements fine for falling off the black list?

2) Anybody here able to get back on AMEX with C/O (not BK) before the reports fell off, and no settlement?

3) Almost all AMEX blacklist redemption stories are BK based, any credit card C/O default stories welcome successful or not.

Lately I've been able to get back credit score to 700 and have a fully paid off car financing, worked on some secured CC and even a couple of unsecured CC.  Wondering if I can attempt to pursue AMEX within the next year given my current status, with or without settlement.

Also USAA has a secured AMEX card, wondering if that would be the best first step forward.

Thanks!

[JR_TX]

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@Anonymous wrote:

Hi guys, I know this topic has been talked about quite a few times though the threads I searched and read all got locked so going to pose my question here

Quick summary

Had multiple cards and an unfortunate early 20s, paid the bills as long as I could and let them C/O.

3 or 4 AMEX cards were CO

Settled one of the cards after a lawsuit they pursued (if I settled on one, does that mean I'll never have another chance again?)

I still have maybe 2-3 AMEX cards unpaid, total no more than 10k. (ok with paying in full or settling, to get back in)

They all CO'd around 2013 so looking at maybe 2020 before they fall off.

Now that I'm doing better I'd like to apply and responsibly use AMEX again.

I've read some people were able to pay off the full or settlement amount and got off the high risk list relatively quickly and their reports haven't even fallen off yet.  I'm looking at this as a possible method to employ.

My questons;

1) If I have to pay them, does AMEX only take full payment back or are settlements fine for falling off the black list?

2) Anybody here able to get back on AMEX with C/O (not BK) before the reports fell off, and no settlement?

3) Almost all AMEX blacklist redemption stories are BK based, any credit card C/O default stories welcome successful or not.

Lately I've been able to get back credit score to 700 and have a fully paid off car financing, worked on some secured CC and even a couple of unsecured CC.  Wondering if I can attempt to pursue AMEX within the next year given my current status, with or without settlement.

Also USAA has a secured AMEX card, wondering if that would be the best first step forward.

Thanks!

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Amex Blacklists a minimum of 10 Years BK or not. Defaulting on them and not settling any amount that’s “acceptable” to them is how you get on that list. From all the DPs I’ve gathered $5K “seems” to be the threshold for the minimum 10 YR ban. The higher the amount the longer the ban. 

I am on that list due to my BK7 but my DW isn’t as they offered her to settle for about 25% of her original debt back in 2008. She now has about $22K CL with them on 2 cards.

USAA Amex is not a Centurion Bank Amex and is a totally different company that’s just merely using their network.

If you really need and want to get back on their good graces, you will have to call them and ask and “negotiate” for a settlement. That’s the only way you’ll be out of their blacklist.

Good Luck and keep us posted.

[Anonymous]

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@JR_TX wrote:

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USAA Amex is not a Centurion Bank Amex and is a totally different company that’s just merely using their network.

If you really need and want to get back on their good graces, you will have to call them and ask and “negotiate” for a settlement. That’s the only way you’ll be out of their blacklist.

Good Luck and keep us posted.

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The bolded part is very important IMO!   Now some feel a moral imperative to pay back amounts owed, but if you don't fall into that camp, it's a fairly straightforward financial calculation:  do you want to pay $X for the possibility of getting back an Amex?   Personally, I would find it hard to justify spending several thousand dollars to do this, as I don't find Amex that much more valuable than competing cards.   But if you do....

[AverageJoesCredit]

My understanding is if you have charged off accounts and dont pay them back you will have a much more difficult time getting back in. Not to say impossible but very difficult. I spent 10 years on the bl due to bk.

However , LTL brings up a good point. It would be worth it if you find value in their products if not perhaps look to other lenders. Dont get me wrong I like Amex but as we often do through trial and error, I am finding it not the end of the world if I didnt have my Amex's again. With my low spend due to income, it really hard to take advantage of either Cash back or their MR points system. So your spend and what you want to do rewards will and should help determine if it's worth it

[Anonymous]

Thanks for all the tips guys.

Reason Im asking is because I see from other threads that other members have had luck, getting back to Amex and off the high risk list by either being lucky or having the opportunity to pay off the debt.

I've already settled with them once, I just hope that did not ruin it for me

[pizza1]

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@Anonymous wrote:

Thanks for all the tips guys.

Reason Im asking is because I see from other threads that other members have had luck, getting back to Amex and off the high risk list by either being lucky or having the opportunity to pay off the debt.

I've already settled with them once, I just hope that did not ruin it for me

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You wont get another card with them anytime soon, unless they are paid back.  Im surprised they settled with you on one account, because they are not known to do that, and its usually all or nothing with them.  You can always contact their department for CO/BK/Delinquent accts, and inquire about a payback,  and see if they will take a payment plan.  But as for getting a card with them now or in the next few years....forget it.

 One way to find out if youre on the BL is to apply for a card, and if get a HP youre not on their list...yet. If you dont get a HP, you are.  How much are we talking about that you owe between the cards? 

And just a side note as others have stated....getting an AMEX backed cc thru another lender like USAA, or any other bank will NOT help you get back in with AMEX. THose are merely just using the Amex network.  Only way to be back in with Amex is to get one of their cards thru them only. 

[sjt]

My SO paid off Amex for the full amount and got their Optima Card. Had the card for a year then applied for a charge card and was approved witha score of 638. A year after that, when the credit improved, he was able to get a line increase on the Optima and they approved him extened pay options with a $35K line. He also gets pre-approvals for other card products.