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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mdawg
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Postby mdawg » Wed Apr 16, 2014 2:41 pm

I received another letter from AMEX inviting me to apply again, saying that they only keep applications on file for a certain amount of time. I'm certain it's a generic letter, and I don't want to waste a credit inquiry just to be denied again because my old accounts were cancelled with AMEX.

In the meantime I got a few more credit cards from the remaining big banks out there, which brings my current unsecured credit available to $150K, so obviously I have good credit and recognized income. I'm waiting on another card I applied for which should bring my total available credit around $170K. I don't think I'll apply for anything else until next year, and I don't even need the money just like having it available for large purchases that I pay off in full at end of each billing cycle. I like the credit card cash rebates and I like buyer protection policies. What I'll do over the next couple years is probably just steadily increase each credit line as I prove myself. I'm sure I'll have $500K unsecured available within a few years.

I'm not interested in any AMEX card other than the Platinum because of the benefits.

Probably what I will do with AMEX is wait until 2015, and then reapply with AMEX. I was thinking of having me added as an authorized user on family members' AMEX Platinums (many other family members and relatives have the AMEX Plat), but that might jeopardize their accounts if AMEX figures out who I am lol.


MemberSince99
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Postby MemberSince99 » Wed Apr 16, 2014 4:07 pm

They made money off me too. Then lost it when I stiffed them. The fact they made money when I paid them does not mean it hurts less or justifies me stiffing them.


I wonder if you are so cavalier about people stiffing you? If you are, would you loan me some money?


What bothers me is not what you did, I did the same though not anywhere near on the same scale but I'm every bit as guilty as you are and no better, but the fact it just really doesn't seem to bother you much. Oh they lost a cool mil on me, hey that's life right? I mean I just don't really understand how anyone can be so non-chalant about it. It bothers me that they lost far less on me and that's part of what drives me to never let that happen again.

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otter
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Postby otter » Wed Apr 16, 2014 6:13 pm

mdawg wrote: I'm certain it's a generic letter, and I don't want to waste a credit inquiry just to be denied again because my old accounts were cancelled with AMEX.


Probably wouldn't be an inquiry. Usually when you've been blacklisted... they won't even bother looking at your credit report.
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

whit
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Postby whit » Wed Apr 16, 2014 8:49 pm

mdawg wrote: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.

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.



given that the money was paid from merchants and not you, the only thing they made off of you is annual fees and APR you may have had to pay

that first line is a bit far fetched no?

you also can't promise something and expect a company to believe you'll go through, that's why the credit system is used so heavily, you can be the nicest person on the earth but when sh*t goes down you may not pay it all off again, what if the circumstances that lead you to stiff those creditors arise again? or something similar. no one can predict the future but how you've handled things in the past speaks volume about character and that's what they base it on, I mean speaks volume on ur credit

that said, ten years ago is a long time. people mess up, but it would be to your advantage if you present it a bit more..better, perception is a big deal in how people deal with you, and it would also be nice if you made attempts to settle now that your income is so great but pigs can't fly now can they

this country's 7 year forgiveness is actually more biblical then anything, if you read the bible you will see, same reason why there is in God we trust on the coins and dollars..this country started out very religious.

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otter
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Postby otter » Wed Apr 16, 2014 9:35 pm

mdawg wrote: 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.


No this country was built on personal responsibility- that's why we have people sitting in jails for the rest of their life because of mistakes they made. The United States was founded on giving people opportunities that people don't have in other countries, but if you don't make the most of your opportunities or you squander them, then you might not get a second opportunity. Yes, we all make mistakes, but they are an opportunity to learn and to get better. You have shown zero remorse for stiffing banks to the tune of six figures and show no willingness to make amends.

And what is wrong with the United States isn't that we don't forgive and forget "mistakes". It's that we coddle people who make mistakes. Everyone has a sense of entitlement.
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 » Wed Apr 16, 2014 10:15 pm

otter wrote:Probably wouldn't be an inquiry. Usually when you've been blacklisted... they won't even bother looking at your credit report.


Seems that you're right - I looked at copies I happened to have of all three credit profiles and no hard inquiries from American Express.

I believe AMEX uses Experian because I did note a few soft inquiries from AMEX which are pursuant to their pulling my credit for promotional offers. I usually just throw those in the trash anyway - just an example of the left hand not knowing what the right is doing, that AMEX's marketing department is making me offers when their underwriting has denied me the Plat Card. Proves that credit score wise I'm worthy. I've never taken them up on those credit offers though maybe I should. I haven't received an AMEX Platinum card offer anyway.

mdawg
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Postby mdawg » Wed Apr 16, 2014 10:20 pm

whit wrote:given that the money was paid from merchants and not you, the only thing they made off of you is annual fees and APR you may have had to pay


Besides annual fees and APR, all credit card banks make a percentage of the transactions. The merchant processor collects whatever percent from the merchant, and then kicks a percentage up to the credit card bank. AMEX extorts more from its merchants and merchant processors than any other credit card bank. There have been lawsuits over their exorbitant (percentage) fees.

daniel2304
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Postby daniel2304 » Wed Apr 16, 2014 10:33 pm

Why don't you count all the benefits or perks that they had to pay for your old Platinum card too? It should justify your spending as well. If you make good money now and know that you were wrong, why don't you pay them back?

Let me tell you something that most of people, even yourself, know clearly that your debt would never go away. It was handled by someone else. That loss was a cut to shareholders's profit, employee's paycheck etc. If you are confident that you make good money and they should let you in, why don't you try to fix your mistake by paying them back?

This is crazy!!!!!
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

MemberSince99
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Postby MemberSince99 » Thu Apr 17, 2014 6:52 am

otter wrote:No this country was built on personal responsibility- that's why we have people sitting in jails for the rest of their life because of mistakes they made. The United States was founded on giving people opportunities that people don't have in other countries, but if you don't make the most of your opportunities or you squander them, then you might not get a second opportunity. Yes, we all make mistakes, but they are an opportunity to learn and to get better. You have shown zero remorse for stiffing banks to the tune of six figures and show no willingness to make amends.

And what is wrong with the United States isn't that we don't forgive and forget "mistakes". It's that we coddle people who make mistakes. Everyone has a sense of entitlement.



Personal responsibility, unless you are too big to fail of course, then it's the taxpayer's responsibility.


I agree with the rest of it, 100% but just wanted to mention that while we preach personal responsibility, the fact is, if you're well enough connected and born into near royalty here, everyone else gets to pick up the tab for it when you screw up. I still resent that fact while I hear these same people preaching personal responsibility to everyone else (being the preachy hypocrites they are) but oh well.

MemberSince99
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Postby MemberSince99 » Thu Apr 17, 2014 6:54 am

mdawg wrote:Besides annual fees and APR, all credit card banks make a percentage of the transactions. The merchant processor collects whatever percent from the merchant, and then kicks a percentage up to the credit card bank. AMEX extorts more from its merchants and merchant processors than any other credit card bank. There have been lawsuits over their exorbitant (percentage) fees.



If that really bothers you, then why do you want an Amex? Or did you just mention that to soften the blow from the fact they aren't rushing to take you back after you stiffed them?



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