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American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Vattené
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Postby Vattené » Wed Mar 19, 2014 2:04 am

I would recommend avoiding prepaid cards altogether. I can't say whether it will help you get a green card, but if you just put your time in you will get approved easily - eventually anyway. If it would help at all, my guess is the effect would be minimal.

I just think prepaid cards are a massive rip-off...basically a way for the financial system to take advantage of the most financially illiterate and irresponsible among us. They're really for people not responsible enough to have a checking account, so they come with a laundry list of fees (not necessarily a rant against the financial system - they are too risky to even entrust with checking accounts and banks do have to be paid for their services). The American Express Serve is one of the better ones I've looked into, but it still comes with a monthly $1 fee (plus a few others). That alone would be a deal breaker for me personally, if I were in your shoes.

[color="gray"][I recently became the representative payee for a relative, meaning she gets government benefits and I've been legally put in charge of handling all of her finances. She really can't grasp how to be financially responsible - if she has access to any money at all it evaporates immediately. She has taken out an ungodly amount of payday loans (a much worse example of taking advantage of people - but jokes on them because I won't be paying them back and they can't garnish social security, which is her only income). I just bring this up because I thought I would have to go the prepaid card route - banks kept telling me she wouldn't be able to have a debit card. I wanted to set up a checking account for me to pay her bills along with a separate account with a debit card she could use for groceries, etc where I could keep a low balance but be able to move money in as needed. After a lot of shopping around I finally found a bank that would let me do it, thankfully.][/color]

Point is, it's not just a waste of time for you but a wast of money in my opinion. American Express was just trying to sell you another product line that really won't benefit you. You've gotten proactive and responsible with your finances and, in time, you'll get a green card with no problem. Best of luck in continuing to get things in order after the bankruptcy. It does take a LONG time, but you will be rewarded for it.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now


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tbka
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Other Option

Postby tbka » Wed Mar 19, 2014 3:01 am

I just read a blog that CreditCardGuru wrote here called "Credit Score Needed for American Express". It talked about how the Gold Delta Sky Miles Credit Card is the easiest card to obtain from Amex because possibly in part do to the pre-recession agreement of a billion dollars. I was wonder if this still holds true, even being a year old? I wonder if I should apply for one and see if they might give me a card, even though I was declined for a Green Card recently.
Capital One Platinum $500
Barclaycard Rewards $500
Wells Fargo Secured Platinum $1,000
Elan Financial Platinum $1,000


Experian 641 3/10/14
Equifax 663 3/10/14
TransUnion 631 3/10/14
Barclay 620 8/24/14
Capital One 632 8/24/14
Credit Karma 632 8/24/14

Bankruptcy till 4/18

MemberSince99
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Location: WI

Postby MemberSince99 » Wed Mar 19, 2014 6:48 am

It may be the easiest card but if you got just got declined for a BK that hasn't changed and I would bet you would get declined for the Delta for the same reason and just waste another pull.


I'd leave Amex alone for the time being unless you just don't care how many inquiries you rack up.


But as I mentioned it's your life and your credit and it won't hurt me if you get a bunch of inquiries from Amex for no gain. That's what I see happening if you keep trying to find a shortcut because there just isn't one here. But good luck.

takeshi
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Postby takeshi » Wed Mar 19, 2014 8:52 am

tbka wrote:How long will the bankruptcy keep me from joining the kewl peoples club.

AmEx is just another creditor. Nothing "kewl". I was denied by both AmEx and Chase until my BK fell off. It takes time to rebuild -- especially from a BK -- so be prepared to be in it for the long haul.

tbka wrote:I just paid off my car with no lates.

tbka wrote:I paid a personal loan off on time and no lates.

While these are good things they really don't help your credit scores all that much.

tbka wrote:I was hoping more that my luck would have held out. I Get the Wells Fargo Visa, then the Capital One MasterCard; I just was hoping beyond hope. But, alas... I fail. But there is a next time. My Discover fail too BTW.

Again, it takes time. If you currently have secured cards then I wouldn't fixate on prime cards until you've made it into unsecured territory with higher limits.

tbka wrote:Thank you so much for your help. I really appreciate it. I will exercise patients as much as I must. I got my car loan right after the bankruptcy and after paying it off, I have had the confidence to get the cards I have now. I guess I got over zealous and tried for the green card too soon. Live and learn I guess.

Underwriting for auto loans isn't the same as it is for credit cards. There's collateral with auto and home loans.

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tbka
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Wonder...

Postby tbka » Fri Mar 21, 2014 10:03 am

MemberSince99 wrote:BK comes off after 10 years so you still have a while to go before it comes off...


I was thinking back on this, and I thought my lawyer told me seven years. I have a friend who use to work at Amex Phx and they said it would be off my report in 7 years. Is it sever or ten? And do I need to write the bureaus to have the delete the said blemish?
Capital One Platinum $500
Barclaycard Rewards $500
Wells Fargo Secured Platinum $1,000
Elan Financial Platinum $1,000


Experian 641 3/10/14
Equifax 663 3/10/14
TransUnion 631 3/10/14
Barclay 620 8/24/14
Capital One 632 8/24/14
Credit Karma 632 8/24/14

Bankruptcy till 4/18

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Vattené
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Postby Vattené » Fri Mar 21, 2014 11:22 am

My understanding is - by default - derogatory marks (such as late payments) stay on for 7 years, but there are certain negative items that stay on longer. Bankruptcies are an example and they stay on 10 years.

They should also fall off automatically. Your credit reports will say the month and year an item will fall off. Of course, if derogatory items don't fall off automatically (as it happens suspiciously often) then you should contact the bureaus to dispute it.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

linuxmachine
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Postby linuxmachine » Fri Mar 21, 2014 12:43 pm

tbka wrote:I was thinking back on this, and I thought my lawyer told me seven years. I have a friend who use to work at Amex Phx and they said it would be off my report in 7 years. Is it sever or ten? And do I need to write the bureaus to have the delete the said blemish?


Depends on the bankruptcy. Chapter 7 stays on record for 10 years. Chapter 13 stays on for 7.

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Vattené
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Location: US

Postby Vattené » Fri Mar 21, 2014 1:01 pm

linuxmachine wrote:Depends on the bankruptcy. Chapter 7 stays on record for 10 years. Chapter 13 stays on for 7.


My mistake, then. Thanks for the correction :)
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

User avatar
tbka
Platinum Member
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Posts: 67
Joined: Sat Mar 15, 2014 11:40 am
Location: Phoenix, AZ

Found It!

Postby tbka » Sat Mar 22, 2014 8:33 am

Vattené wrote:Your credit reports will say the month and year an item will fall off...


I finally received my free Experian Credit Report from my declined American Express Green Card application. And noted in it I have to wait till the Month of April, the year of our Lord 2018 for my bankruptcy to be removed from said report. So I have to wait four more years to get my hand on a American Express?
Capital One Platinum $500
Barclaycard Rewards $500
Wells Fargo Secured Platinum $1,000
Elan Financial Platinum $1,000


Experian 641 3/10/14
Equifax 663 3/10/14
TransUnion 631 3/10/14
Barclay 620 8/24/14
Capital One 632 8/24/14
Credit Karma 632 8/24/14

Bankruptcy till 4/18

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sat Mar 22, 2014 3:28 pm

You might get it sooner just app every year or even 6 months and see if they will let you in, if you're willing to burn the inquiries. If not, you gotta wait.


Anything is available for the right price, so if you can show Amex you have SUBSTANTIAL assets (and no a couple hundred dollars in your checking account just isn't going to cut it here) or that you are in a VERY lucrative position you might be able to persuade the EO to let you in sooner if you just GOTTA have it now at all costs (which appears to be the case).


Otherwise you are just gonna have to wait. I have no other short cuts for you and neither does anyone else that I'm seeing. If you aren't wealthy enough that you can buy your way into the club then yeah the doors are closed at the moment so just accept it. If you are wealthy enough, contact their EO and prove it.



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