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buyahome

ATT: AMERICAN EXPRESS EXPERTS

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Greetings,

 

I haven't been around in a while...have been trying to keep my head above water and so here's my story.

 

Had some trouble for about 5 months in 2009 which resulted in a few late payments and the closing of an AMEX Blue. High Balance was $11K and they cut it in half when I gave them $5K. Then they subsequently called in the line 30 days later...and I fought it which turned into a dispute that resulted in the account going to collections so I could no longer even deal directly with AMEX.

 

I played hardball even though it was affecting my score and let the collection agency chase me with offers for the balance which was $5K at the time. They made offers every couple of months until they were down to about $1500. When the time had elapsed where they could no longer collect....the calls and letters stopped.

 

My wife accepted an American Express Plat and added me as an AU to see if it would pass but it was declined. When I called AMEX to see how I could re-instate my membership..the agent told me I could either pay the $5K in full 'or' settle for $3250. I then asked if I would automatically be re-instated and move forward and she said that because she was in the recovery department, she could not confirm that I would be automatically re-instated....whether I settle or pay in full which was what started this whole thing in 2009.

 

What would you as experts suggest...should I settle or pay in full in order to re-instate? My credit is now in the mid 700's and I have a car with BMW Financial as well as about $15K worth of credit cards which are all at $0 balance.

 

Any suggestions, advice or experience would be greatly appreciated and I thank you in advance.

 

best. :)

Edited by buyahome

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If you pay in full and your Experian score is over 700 my guess is you will be able to get a card once all their systems get updated that the old account has been paid. You probably want to wait 30 days before applying for a new card. They have a recovery product but as long as your current credit would normally qualify for their cards I would not take any recovery product but apply for the regular cards. I think the smart thing would be to test it after 30 days by having your wife try to make you an AU again. The best thing is that any new cards you get should have your original membership date for the opening date. That can help your credit scores to add a few "old" cards.

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No creditor is worth a 5K buy in...

 

There are MULTIPLE cards you can go after with your scores that are better.

 

Amex will forget about your CO is 2019... hang tight till then.

 

 

Also with your 750's... you could get much more then 15K in revolving credit...

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Thank you for the advice...I have not really been into trying to get more revolving credit....is it something I should be doing? My FICO always gives me an 'F' for not having more lines open.

 

If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

What card do you suggest?

 

Thanks again...

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Thank you for the advice...I have not really been into trying to get more revolving credit....is it something I should be doing? My FICO always gives me an 'F' for not having more lines open.

 

If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

 

What card do you suggest?

 

Thanks again...

 

The magic number of revolving accounts for FICO is 5 Open revolving accounts (installments dont really count past 1, and even that is negligible). Most people on here have Many moons past that... We do this to limit our utilization when we do

 

use our cards. 5,000 in CC debt on 15k worth of credit is 33% and will ding your FICO, but 5000 in cc debt on 100K worth of revolving is 5% and wont move the needle much if at all.

 

 

As for Amex, It seems their blacklist last 10 years, They wont automatically re-instate, and asking for D* might bring up the past...

Edited by nysbadmk8

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$15K worth of credit cards which are all at $0 balance.

you want to let 1 card report a small balance of a few dollars every cycle.

 

$0 balance across the board hurts you.

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If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

yes.

 

but you may not have to wait 10 years. 10 years is for BK.

 

I settled with them and waited 6-7 years and got back in.

 

and they gave me my 2005 membership date without issue.

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$15K worth of credit cards which are all at $0 balance.

you want to let 1 card report a small balance of a few dollars every cycle.

 

$0 balance across the board hurts you.

 

 

+1 I missed this. 0 Balance Hurts your score, Keep a few bucks on One card Like shifter said for maximum FICO scoring potential

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If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

yes.

 

but you may not have to wait 10 years. 10 years is for BK.

 

I settled with them and waited 6-7 years and got back in.

 

and they gave me my 2005 membership date without issue.

 

So....the account was cancelled in 2009.....and the collection stopped in Sept 2013 so is it ten years from 2009 0r 2013?

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If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

 

Thanks again...

 

AMEX has a very long memory, and 2019 is hopeful, at best. It took me over 20 years for AMEX to forgive my prior CO, however YMMV.

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If Amex forgets my CO in 2019...will they re-instate me? Will I get my original membership date from 06?

 

Thanks again...

 

AMEX has a very long memory, and 2019 is hopeful, at best. It took me over 20 years for AMEX to forgive my prior CO, however YMMV.

Yeah, you used to be banned for life if you had an unpaid charge off with them. Then a couple years ago they started approving people with unpaid charge offs that were pretty old. I think they are more forgiving now but who knows what they will do tomorrow. AMEX seems to like experimenting with their policies. There have been quite a few posters with unpaid AMEX charge offs who have obtained cards in the last couple years..

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