Amex for bad credit?

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gimmecredit
 
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Amex for bad credit?

Postby gimmecredit » Tue Jan 04, 2011 9:10 am

(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?


magyar1045
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Postby magyar1045 » Tue Jan 04, 2011 1:10 pm

Don't think Amex will ever issue you a card because of your past bankruptcy. Or at least not until the bankruptcy is completely removed from your credit report. Individual creditors' comments regarding bankruptcy fall off after 7 years, as they are negative items, but the public information entry only after 10 years. I'm actually surprised that Discover even gave you one. They are also known as being real bankruptcy unfriendly.

MEHLANI
 
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Postby MEHLANI » Wed Jun 15, 2011 8:05 am

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.


Arod3024
 
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Postby Arod3024 » Thu Jun 30, 2011 3:08 am

I got an Amex Plat card with a pretty bad credit score. But I had at the time won my state lottery. After waiting till the money was deposited, I called Amex CS and spoke to a Michelle. Very nice....

Amex did a very through background and banking check on me. Once they confirmed I had the funds I had claimed, they approved me for a Zync card for 6 months (Probationary period) I opened a small saving account with them as well and 8 months later I received my Platinum card in the mail. Its 450 per yr which may be a little high for some but I love the exclusivity of having it and the small perks (ie Airport lounge accesses).

My plan is to use this card a lot and pay it off every month to be in good standing and I will see an invite to the Centurion card soon.. I am sure with the money I now have they would welcome me with open arms. Trust me when I say, credit isn't the only criteria...You must speak to a live person. My score was lower than a 670 and here I am with a Plat card now.... Hope this helps and inspires you. Go get that card.....good luck....

lowphat
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Postby lowphat » Fri Jul 01, 2011 9:16 am

I had really bad credit right after college. I had racked up about 3k in credit card bills, including some of that on my amex, and couldn't pay anything for several months. All of the cards were eventually cancelled by the cc companies, including the Amex, even though I paid everything back. It took me about 2 or 3 years before I could get a new credit card. The first card I was able to get was a CapitalOne with a $300 limit. I slowly built up to a Discovercard after another 2 or 3 years.. and then a few years after that I was able to get the Amex back.

Don't believe all of the "I don't think you can get the X card" with bad credit, because you can. It just takes time building your credit back up. As for bankrupcy, I'm not sure, but if it's just from a bad payment history, I have first hand experience that you can build it back up.

andrewfashion
 
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Getting amex with horrible credit, possible?

Postby andrewfashion » Wed Feb 08, 2012 8:39 am

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.

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)


br2012
 
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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.

westcoastd
 
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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??

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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!
Capital One Platinum [color=green"]$500[/color]
Barclaycard Rewards [color=green"]$500[/color]
Wells Fargo Secured Platinum [color=green"]$1,000[/color]
Elan Financial Platinum [color=green"]$1,000[/color]


[color=blue"]Experian [color=red"]641[/color][/color] 3/10/14
[color=blue"]Equifax [color=red"]663[/color][/color] 3/10/14
[color=blue"]TransUnion [color=red"]631[/color][/color] 3/10/14
[color=blue"]Barclay [color=red"]620[/color][/color] 8/24/14
[color=blue"]Capital One [color=red"]632[/color][/color] 8/24/14
[color=blue"]Credit Karma [color=red"]632[/color][/color] 8/24/14

Bankruptcy till 4/18



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