Amex for bad credit?

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CC Deville
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Postby CC Deville » Wed Feb 08, 2012 6:08 pm

andrewfashion wrote:I have very bad credit right now, and honestly, it'll probably take 1-2 years before my credit is fixed. Is there any way at all to get an Amex?

I have a bunch of collections, charge offs, judgements, and a tax lien (totaling 20 negative items on my credit report) -- LOL, sounds like a stupid question I'm asking I know.

Point is, can you even get approved for an Amex with negative items on your report? Or is it impossible? How many negative items have you seen on a credit report and someone get approved?

Obviously I'm doing everything in my power to remove the negative items from my credit report and pay of all collections.


American Express is a prime credit card company. It is true that the new Zync has been opening the door to those with questionable credit, even the Zync requires a relatively clean recent past. You will need those collection accounts to age to near removal to get an Amex.

You might try for a Dillard's Amex issued by GECRB-but even then, 20 negative accounts....ouch.

Another option is Amex's pre-paid card. Obviously it is prepaid but they monitor spending etc and they may offer a charge card after a while if they believe you might be a good candidate.

https://www212.americanexpress.com/dsmlive/dsm/dom/us/en/personal/cardmember/additionalproductsandservices/giftcardsandtravelerscheques/gpr_home.do?vgnextoid=afdd06393b3ec210VgnVCM100000defaad94RCRD&vgnextchannel=95ddb81e8482a110VgnVCM100000defaad94RCRD&appInstanceName=default&name=gpr_home&type=intbenefitdetail&source=ReloadHP_GPR

That is likely your best bet at this point.


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PlatinumAMEX94
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Postby PlatinumAMEX94 » Thu Feb 09, 2012 3:15 pm

MEHLANI wrote:I'm a little surprised that people believe someone could get approved even with a bankruptcy. I know from experience that Amex will NOT approve if you have a bankruptcy because I've been there.

It had been nearly 8 years since I filed Chapter 7 and I had 2 more to go before it was completely off my credit reports. My credit score by this time was about 670-680. The main reason for the denial was the bankruptcy.

When I applied for the green card I actually thought, as I'm sure many others have as well, that a charge card would be easier to get approved for. I was surprised that I got denied especially because I was getting cards from major banks by this point.

It's been about 2 years later now and my bankruptcy has finally fallen off my credit reports. I just received a pre-approval from Amex for the green card in the mail. I called it in and finally got approved!

Anyways, my best advice would be to wait until THEY contact you so you don't get dinged on the credit report. I have read many reviews about people applying for Amex and looks like majority of people who receive a preapproval letter DO get approved (this is not the case with Chase Bank which sends "invitations to apply" not genuine preapprovals). In my experience, people with fair credit usually get denied automatically (especially online) when they initiate an application on their own.



Did you have an American Express card prior to your bankruptcy? And if you did, how much money did you owe them that they had to write off? I know of several people who were able to get back in with AmEx after their 7 years were up, but they had to pay back what they owed plus interest before getting another account established.
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roland
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Postby roland » Sat Feb 18, 2012 11:14 pm

I can tell you that I was approved for a Gold PR with an Experian score lower than yours (which I believe would likely put my FICO sub-600), multiple delinquencies and charge-offs from a not-unrecent period of unemployment.

When I applied it was for S&G, and I fully expected to be denied, but was instantly approved. I didn't have to talk to a live person to explain away the issues. So, when others say they use an internal scoring system, it seems to be true.

What it is or how it works I haven't a clue. AMEX and Discover are happy to do business with me, but pretty much no one else wants to, so it can't all be credit score. But that isn't to say you will be approved because they don't. So, in short: Not a clue. (lol - sorry)

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Postby br2012 » Sat Mar 17, 2012 2:19 pm

Before I went through bankruptcy, I had Amex Platinum and had some personal financial problems (married with a child and 1 income holder) that prevented me from paying on time. I ended up paying in full with balance of zero but because of my payment history, Amex cancelled my Platinum card and closed my account in Jan 2011. I've finalized my bankruptcy in Oct 2011.

I was told to wait for 3 months before rebuilding my credit score so in Jan 2012, I went ahead and applied for secured card with $2,500 deposited in PNC bank as a requirement. In the meantime, I was getting Capitol One offers in the mail every week. After the 10th offer, I went ahead and took the plunge/risk and went ahead and used the pre-offer code for quick online approval for 3k. I received "approved" within 5 minutes for 3k and was I so surprised, shocked and elated.

I now have a non-secure MC and secured Visa. So for those who say that you need to wait for your BR to be removed off your FICO in order to get a credit card is FALSE. I did this within 2 months AFTER my BR finalized and approved. I want my Platinum status back so I will pursue "Prepaid Amex" at max credit and in addition, I will open a Savings account with Amex to rebuild my history with them. For those that are unsure, please pursue, google and research and do your due diligence. Don't sit back and wait for the BR to be removed from your history. You need to be PROACTIVE!

These days, people from all walks of life file bankruptcy (Doctors, Lawyers, Divorcees, Foreclosures). From what I was told, you can turn your credit around and able to get credit cards, car loans and even get a mortgage within 3 years and not 7-9 years like back in the day. I take BR very seriously and it was one of the hardest decision that I was forced to make. Good luck to those are in similar situations as mine.

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Postby westcoastd » Tue Apr 08, 2014 9:07 am

Ok, Guys added question to this: I had a few accounts that were Amex and went through Bankruptcy. I have reapplied, and was declined, and the reason was the accounts were closed by Amex. Does this mean I am out forever??

GoCreditGo!
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Postby GoCreditGo! » Tue Apr 08, 2014 11:13 am

I had a 653 and I was approved for an Gold Premier Rewards Gold. My score promptly closed the gap closer to 700. I was not previously bankrupt, but I had some credit issues due to fraudulent accounts.


gimmecredit wrote:(Updated 2013) Does anyone know what is the lowest credit score you can still get approved for an American Express with? I already have a Visa, Mastercard and Discover (though it is a store card) and i don't need any more of those.

I really would like to get an American Express but don't know if I'd qualify with a 670 credit score. I had a bankruptcy in the past (circumstances outside of my control) and have been working hard to rebuild my credit ever since.

Your thoughts? Can you get an Amex with bad credit history and bad score?

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djrez4
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Postby djrez4 » Tue Apr 08, 2014 11:40 am

GoCreditGo! wrote:I had a 653 and I was approved for an Gold Premier Rewards Gold. My score promptly closed the gap closer to 700. I was not previously bankrupt, but I had some credit issues due to fraudulent accounts.


I had a flat 650, but also no bankruptcy.

Also, holy old thread, Batman!
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GoCreditGo!
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Postby GoCreditGo! » Tue Apr 08, 2014 12:09 pm

I didn't notice how old it was until you mentioned it.


djrez4 wrote:I had a flat 650, but also no bankruptcy.

Also, holy old thread, Batman!

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Postby MemberSince99 » Tue Apr 08, 2014 4:36 pm

westcoastd wrote:Ok, Guys added question to this: I had a few accounts that were Amex and went through Bankruptcy. I have reapplied, and was declined, and the reason was the accounts were closed by Amex. Does this mean I am out forever??




It is old but still a valid question.


There is no set answer to this question that anyone can give you (that is valid). It just depends. You are currently blacklisted based on your post, as that's the message you get about Amex closing your previous account(s) and no hard pull if blacklisted by them.


Now as to whether that will be true forever, no one can really say. In my personal experience with them I burned them (though did not include them in any BK as I've never declared BK) and did not pay them back what they were burned for. As you can see by my signature, I have Amex cards today. They still remind me of the fact I burned them every time I try for a CLI on one of their revolvers (by declining it due to previous delinquent account(s)), but I did get back in with them.


Some people do, and some people do not. Most have to pay them back before Amex will consider letting them back in from what I've read, but some get back in anyway. So no one can predict whether you will or won't, though if you pay them back the money (and yes I know you are under no legal obligation to do so and Amex cannot even legally ask you to pay them back) it would help your chances. Otherwise just give it time AT LEAST over 10 years, for it to fall off your report. I can all but guarantee it won't happen within that 10 year period. After that who knows, just apply say once a year and see what happens. Pay them back if you want to increase your chances. If you offer you a shot at an Optima card consider that as well.

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tbka
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Postby tbka » Wed Apr 09, 2014 7:23 am

I too have to wait, I have four some odd years till my Bankrupsy drops off. But I'm going to try never the less at less ones every 6moths or a year till then. Since I have never had a Amex there not on my Chaper 7 so I might have a better chance. Here hoping!
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