Suggestions on getting back in with Amex

[theprat]

I have a Amex Platinum from 02 that I would love to get rid of and the hefty fee. Problem is I cant get approved for another card with them. I even got denied on the Amex Green and Delta card. 

After obtaining the Platinum, I went through a divorce and loss 4 rental properties to foreclosure. This was all over three years ago. Of course, my score plummeted at the time and one of the HOA brought a judgement against me for dues. I paid that off as well and now is 2 years old. My salary is mid 100s and have a car payment of 600 a month and 35k of credit available via credit cards with 2,000 debt on credit cards so low utilization.

Anyhow, now my Experian is 688 from the denial letter that I got from Amex. 

My explanation was:

Serious deliquency and public record collection filed

Insufficient number of satisfactory accounts

Lack of recent information on bankcard accounts or lack of bankcards.....just got approved for Freedom, CSP, and Dicover IT in last 2 months

My question is even if those new cards mature and I pay them off, do I have a chance with Amex or do you think I will continue to be declined. I know they dont like judgements or collections.

[trumpet-205]

If you still have that AMEX Platinum I would get rid of it. AMEX backdates so there is no need to keep hold on to the card. You can always come back later.

[theprat]

wont it hurt my age of accounts though?

[gdale6]

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@theprat wrote:

I have a Amex Platinum from 02 that I would love to get rid of and the hefty fee. Problem is I cant get approved for another card with them. I even got denied on the Amex Green and Delta card. 

After obtaining the Platinum, I went through a divorce and loss 4 rental properties to foreclosure. This was all over three years ago. Of course, my score plummeted at the time and one of the HOA brought a judgement against me for dues. I paid that off as well and now is 2 years old. My salary is mid 100s and have a car payment of 600 a month and 35k of credit available via credit cards with 2,000 debt on credit cards so low utilization.

Anyhow, now my Experian is 688 from the denial letter that I got from Amex. 

My explanation was:

Serious deliquency and public record collection filed

Insufficient number of satisfactory accounts

Lack of recent information on bankcard accounts or lack of bankcards.....just got approved for Freedom, CSP, and Dicover IT in last 2 months

My question is even if those new cards mature and I pay them off, do I have a chance with Amex or do you think I will continue to be declined. I know they dont like judgements or collections.

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Is the real reason. Work on getting your FCs removed.

[gdale6]

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@theprat wrote:

wont it hurt my age of accounts though?

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not for 10 years this is how long it stays around post close

[theprat]

Ok might look into doing that....

Seems a little counterproductive though....trying to get in with Amex but cancelling a card

Plus, I am sure it will knock my credit score down a few points. Last card I closed cost me 8 points

[09Lexie]

Instead of closing the Plat, PC it to another charge card. You won't get the sign up bonus but if your reasoning is to stay with Amex and avoid the hefty AF, it's a solution. 

Also, agree with gdale6, work on getting those baddies removed. 

[theprat]

Can you get a foreclosure removed...they are legit so think I just have to wait the 7 years.

[theprat]

think they will let me PC to another card...I thought since I cant get approved they wouldnt PC to another card

[Kenny]

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@09Lexie wrote:

Instead of closing the Plat, PC it to another charge card. You won't get the sign up bonus but if your reasoning is to stay with Amex and avoid the hefty AF, it's a solution. 

Also, agree with gdale6, work on getting those baddies removed. 

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That's what I was going to suggest to OP -- PC to the Amex Green Senior it's $35/year.  (You can also add the MR rewards for a higher AF.)

https://web.aexp-static.com/us/content/pdf/cardmember-agreements/senior-green/SeniorGreen.pdf