Can I be an authorized user after defaulting on another card?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
17 posts
irvine801
Centurion Member
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Location: Salt lake city, UT

Postby irvine801 » Thu Apr 05, 2012 9:46 pm

Jeremy1982 wrote:For your information, I owned a business with 5 employees and made 400k/ year. It closed literally overnight when the mortgage industry crashed 4 years ago leaving me with 0 income. That's why I couldnt pay the bill. Always has a 720+ credit before that. Don't judge people so fast...sometimes life happens. I didn't get the Amex with the intent to not pay


Sorry if that came off as rude. I meant Celestine's opinion was a good statement. No one wants to default on anything but things happen unfortunately. My father, who had 50k worth of open credit declared a bk. And now 1k is is highest limit. It sucks... And again sorry I didn't mean as rude towards you my friend. :)
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Celestine
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Postby Celestine » Mon Apr 09, 2012 7:27 pm

Jeremy1982 wrote:For your information, I owned a business with 5 employees and made 400k/ year. It closed literally overnight when the mortgage industry crashed 4 years ago leaving me with 0 income. That's why I couldnt pay the bill. Always has a 720+ credit before that. Don't judge people so fast...sometimes life happens. I didn't get the Amex with the intent to not pay


That is just stating the cold hard truth about finance. Things do happen in life but that does not mean we should use it as an excuse to run away from debt.

If your business really made 400k a year, then left with nothing on overnight; you might have done something wrong or mismanaged somewhere down the line. Businesses usually have the liquid assets to pay for any debts that comes their way.

So using the excuse of "life happens..." to run away from debt is not good. Not flaming you here but that is the cold hard truth-reality.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

JCarter
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Location: Virginia

Postby JCarter » Fri Apr 13, 2012 4:28 am

Celestine wrote:That is just stating the cold hard truth about finance. Things do happen in life but that does not mean we should use it as an excuse to run away from debt.

If your business really made 400k a year, then left with nothing on overnight; you might have done something wrong or mismanaged somewhere down the line. Businesses usually have the liquid assets to pay for any debts that comes their way.

So using the excuse of "life happens..." to run away from debt is not good. Not flaming you here but that is the cold hard truth-reality.


Just a tidbit, I have seen businesses which crashed in 2009 because of failures elsewhere which were well hidden by upper management so these businesses did not know any different. You go from $60,000 a month in revenue to $0. It DOES happen. I handled a good bit of a headache from the Circuit City disaster, and saw (3) local vendors which had no clue things were dying at Circuit City until the bankruptcy court filing.

Celestine
Centurion Member
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Posts: 152
Joined: Tue Jan 10, 2012 1:02 am
Location: Los Angeles, California

Postby Celestine » Fri Apr 13, 2012 7:30 pm

JCarter wrote:Just a tidbit, I have seen businesses which crashed in 2009 because of failures elsewhere which were well hidden by upper management so these businesses did not know any different. You go from $60,000 a month in revenue to $0. It DOES happen. I handled a good bit of a headache from the Circuit City disaster, and saw (3) local vendors which had no clue things were dying at Circuit City until the bankruptcy court filing.


It does happen. But never make an excuse out of that for running away on debt.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

freshone
 
Posts: 1
Joined: Fri Oct 12, 2012 12:49 am
Location: United States

Postby freshone » Fri Oct 12, 2012 12:51 am

I am in your same position. I defaulted on my centurion card after the industry crashed. Did you ever get the card?

Jeremy1982
Green Member
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Joined: Sun Apr 01, 2012 7:45 am
Location: Washington, dc

Postby Jeremy1982 » Wed Dec 12, 2012 1:49 pm

It's me again with an update...AMEX declined our request to add me as an authorized user. We tried again a few months later after my girlfriend established more credit with them but it's still a no-go. Does anyone know how long AMEX looks at these old records? Forever maybe? I have a $30k unpaid balance from almost 4 years ago.

SparkyinCA
Gold Member
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Joined: Sat Oct 27, 2012 1:17 pm
Location: Davis, California

Postby SparkyinCA » Wed Dec 12, 2012 3:19 pm

Jeremy1982 wrote:It's me again with an update...AMEX declined our request to add me as an authorized user. We tried again a few months later after my girlfriend established more credit with them but it's still a no-go. Does anyone know how long AMEX looks at these old records? Forever maybe? I have a $30k unpaid balance from almost 4 years ago.


Amex never forgets. It might be better to figure out ways to repay them back. Just delay getting that new car you wouldn't think twice about buying over 5 year payments. Send the money to Amex instead and take advantage of their Optima program to reestablish yourself. You'll be glad you did and so will they. That's really the best way to recover from this unexpected chain of events that led to your defaulting. It's business. Don't take it personally and they will work with you. You're not the first and only person this has happened to during this Great Recession.

You know the saying, "when you fall, get up, dust yourself off..etc..".

Keep us posted. This has been a very helpful thread to many of us that have been following it.



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