Excellent credit today - but multiple charge offs from many credit cards 12 years ago

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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MemberSince99
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Postby MemberSince99 » Fri Apr 04, 2014 6:54 pm

Yeah good point. I'm sorry, I missed that. I assumed it was due to things beyond his control. Reading that, I can't really feel at all sorry for him.


wisebutneverwiseenuff
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Postby wisebutneverwiseenuff » Fri Apr 04, 2014 8:18 pm

props to your turnaround but you are probably blacklisted in amex 's book. you may be legally not bound to making amends monetary wise however your trust factor w/them has taken a 200k shot. I mean would you lend some1 who owed you money & got away w/it anything? since you are doing so well regaining balance w/your finances perhaps this is 1 battle you should let slide.

mdawg
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Postby mdawg » Fri Apr 04, 2014 9:25 pm

As far as getting a card from someone associated with AMEX, I would think that the card issuer is AMEX, no? What exact cards do you mean? I've had success since my credit rejuvenated with Barclay's, Wells Fargo, Discover and Chase. Of those four, I did have massive charge offs with all but Barclay's - I am a virgin with Barclay's.

I think I'd be fine with Citibank too, don't recall ever abusing them.

What AMEX network cards are there that are not actually issued by AMEX?

The real reason I want an AMEX Platinum again, besides the prestige, is because I want the SPG Gold. My travel trips seem to expire at the end of the year before I can get to SPG Gold on my own.

MemberSince99
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Postby MemberSince99 » Sat Apr 05, 2014 7:41 am

You know, I can't judge you, I've done the same thing as you. I burned plenty of lenders including Amex (though my burning them was a small fraction of yours but a burning is bad regardless). I think the difference is, I admit what I did is wrong and I am ashamed of having done it and regret it. I don't really get that impression with you, it's almost like hey it was free money so what the hell they got their bailouts so why not.


Wrong is still wrong. You were lucky and got back in with some, but if you don't change your behavior and thinking, you could do it all over again.


Not saying I'm better I did it too just telling you some things you ought to consider.


As far as you getting the Platinum, I honestly don't see them letting you back in. I didn't see them letting me back in either, so never say never, but it's a hell of a long shot. I wouldn't bet any money on it happening but after 10 years or more you can try. Anything sooner is just going to be a waste of time though when I was blacklisted and applied they did not pull my credit so it wasn't a hard pull.


Bank of America and FNBO offer Amex network cards. Wells Fargo is coming out with one.

HookEmHorns
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Postby HookEmHorns » Sat Apr 05, 2014 2:40 pm

So you run up a million in debt, hide/shelter your assets so these companies can't get what is rightfully theirs and you're wondering if it's fair for AMEX to deny you credit based upon your prior activity? Seriously??!!

What makes you feel so entitled??
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:

wisebutneverwiseenuff
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Postby wisebutneverwiseenuff » Sat Apr 05, 2014 3:21 pm

welcome to America. our system caters to both the ones who truly want to do well & even more to the ones who know how to jump thru the immoral loopholes.

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otter
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Postby otter » Sun Apr 06, 2014 1:01 am

wisebutneverwiseenuff wrote:welcome to America. our system caters to both the ones who truly want to do well & even more to the ones who know how to jump thru the immoral loopholes.


I suppose we really can't blame the OP... personal responsibility is so passe.

Back in the financial crisis days- I found myself managing a convenience store in Virginia. I suppose I could have simply collected unemployment, gotten food stamps, and applied for the numerous other "change you can believe in" hand-outs our government was passing out like candy. I was forced to bite my tongue as I saw people come in using their EBT (food stamp) cards with their $25,000 fishing boats outside(and not a commercial fisherman, but one who fished in his leisure time). And then there were those people who bought donuts and mountain dew with their EBT cards- I'm not a Mayor Bloomberg food fascist, but if we're going to give people food stamp cards, they really need to be eating food (ie. things with nutrients not just calories). My favorite though were those who bought something with those cards and said "I'll pay for the cigarettes, beer, and lottery tickets separately." I smoke, I occasionally drink, and every so often gamble, but if I needed to take taxpayers money to feed my gut, I'd quit all three in a heartbeat; because that's what having your priorities straight is all about.

Anyway, got a bit off topic. I just hope Amex and the rest of the creditors OP screwed sent him a 1099 and he paid taxes on the "income" otherwise he screwed the rest of us as much as he did Amex et al...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Sun Apr 06, 2014 4:51 am

To get a 1099 the creditor has to forgive the debt (relinquish all rights to collect on it). Amex isn't very likely to do that, ever, despite it being time barred.


But as far as the whole taxes thing goes, it's not like the lenders are all pure and virtuous. The whole bailouts thing leaves a bad taste in my mouth, as did hearing how the bankers got their huge bonuses and jetted off to exclusive resorts right after the bailouts happened. Not exactly ones to give up smoking drinking and gambling I'd say based on that....


Corruption isn't just for the little guy.

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otter
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Postby otter » Sun Apr 06, 2014 8:29 am

MemberSince99 wrote:To get a 1099 the creditor has to forgive the debt (relinquish all rights to collect on it). Amex isn't very likely to do that, ever, despite it being time barred.


But as far as the whole taxes thing goes, it's not like the lenders are all pure and virtuous. The whole bailouts thing leaves a bad taste in my mouth, as did hearing how the bankers got their huge bonuses and jetted off to exclusive resorts right after the bailouts happened. Not exactly ones to give up smoking drinking and gambling I'd say based on that....


Corruption isn't just for the little guy.


I wasn't a big fan of the bailouts either... if a business is going to fail for whatever reason- let 'em fail. No one bailed out milkmen when their business model started becoming out dated(delivering milk to individual households). No one bailed out the businesses who made buggies (for horse & buggies) around 1900. The large banks? We could have let them fail and simply paid the deositors. A lot of comunity banks did well and credit unions were untouched. Some regional banks like BB&T weren't adversely affected. We would have ended up with smaller banking institutions instead of a few giants. GM? The government should have made them have a gaarage sale and sell Cadillac, Buick, Saturn, etc- a bunch of smaller car makers instead of a few huge ones. Everyone I tell that to says it would have made the recovery last longer, but guess what? We still haven't fully recovered. I bet it would have been better in the long run NOT to bail out those companies.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

mdawg
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Postby mdawg » Thu Apr 10, 2014 11:21 pm

If it's a business decision for AMEX, they made a lot off me in fees during the years I was a cardholder. Given that AMEX makes, say, 2% of whatever is floated through there they may not have made that whole $200K I never paid them, but close.

So if they let me back in today, they'll keep making money with me. And I'm a little older now so I wouldn't allow my credit to go downhill again. Was it worth having bad credit for seven years given that I got over a million in cash and prizes out of the credit card and credit line companies? Not really. The fact of the matter is, due to circumstances at that time, I was GOING to lose my good credit, because I could not pay my debts at that time, and once I did lose my credit, all of those credit card companies and banks were going to turn their backs on me until my credit was cleared again. It just ended up that I went under for over a million in unsecured credit, rather than anything less. Whether I had gone under for a little or lot, my credit still would have been bad for seven years.

Anyway, it has been over ten years so AMEX should just lighten up and let me back in. I think they will eventually it's just a matter of time. And once they do, they'll start making a lot of money off me again.

Just this week I got another credit card (not huge credit line, but $10K) from a bank that I had charged off for a lot back then (12 years ago). So obviously that bank doesn't care or doesn't keep the records of losses over seven years old. And many banks don't care that I stiffed them twelve years ago because I now have over $100K in unsecured credit available.

See that's the problem with the modern United States. A hundred years ago a person made a mistake and moved to a different city or state and started fresh. Hell, I saw that even on an episode of Bonanza where Pa Cartwright told some guy who had done his prison time that as far as he was concerned, the man's slate was clean. Of course I'm being facetitious and what I did did not leave me with any criminal record, but still - there's a reason why bad credit drops off after seven years. This country was BUILT on second chances.



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