Credit Tips: Rebuilding Credit After Bankruptcy

Posted On: February 1, 2005

Author: jdh7802
Joined: 24 Nov 2004
Posts: 2
Posted: Wed Nov 24, 2004 12:59 pm
Post subject: AMEX - Bankruptcy

I filed for bankruptcy more than 10 yrs ago (youthful indiscretion) and as a more mature adult, I have my act together today. I own a house, cars, credit cards, etc. My problem is that I’m required to get a corp. Amex for work for travel, etc. and have been denied by Amex because they were included in the bankruptcy 10+ years ago. They can’t take restitution because they were included in the bankruptcy. So, now I’m stuck. My company is a fortune 100 company and pays the bill directly, but they still won’t budge. Any suggestions? Many thanks.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2373
Location: Illinois
Posted: Wed Nov 24, 2004 2:38 pm

Check over to artofcredit.com I think someone that way actually got a card again after bankruptcy, but can’t remember the time period they had to wait. American Express is one of them hard ones to get around on with bankruptcy. Though I think you are better off without it, a lot of people get in a heck of a mess when their employers go belly up, and then they go after the employees to pay the credit card bills, and make it personal to start reporting the bad accounts. They are the worse for this problem, so if you get it tread carefully.

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Author: jdh7802
Joined: 24 Nov 2004
Posts: 2
Posted: Sat Nov 27, 2004 5:45 pm

thanks!

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 326
Posted: Sat Nov 27, 2004 9:24 pm

Another option is the Oasis program that Amex has for people who had their debt charged off or Bk’ed.

Try this link to find out about it:

consumers.creditnet.com/straighttalk/board/

native

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Author: Peachkiwi
Joined: 27 Jun 2003
Posts: 39
Posted: Mon Nov 29, 2004 2:31 am
Post subject: Re: AMEX - Bankruptcy

jdh7802 wrote:
I filed for bankruptcy more than 10 yrs ago (youthful indiscretion) and as a more mature adult, I have my act together today. I own a house, cars, credit cards, etc. My problem is that I’m required to get a corp. Amex for work for travel, etc. and have been denied by Amex because they were included in the bankruptcy 10+ years ago. They can’t take restitution because they were included in the bankruptcy. So, now I’m stuck. My company is a fortune 100 company and pays the bill directly, but they still won’t budge. Any suggestions? Many thanks.

I don’t know if this would help, but MBNA is currently offering American Express credit cards.

mbnarewards.com

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Author: guessindigo
Joined: 19 Sep 2004
Posts: 51
Posted: Mon Nov 29, 2004 8:14 pm

If you BK’d on AMEX you will never get their card again unless you pay in full what you owe and wait 1 full year OR Simpy follow the road to MBNA and get your AMEX card there. Since you did not BK on MBNA, you can get one over there.

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Credit Tips: Rebuilding Credit After Bankruptcy

Posted On:

Author: Alexander
Joined: 23 Nov 2004
Posts: 5
Posted: Sat Dec 18, 2004 10:36 pm
Post subject: Does anyone have an example of a good reconsideration letter

Does anyone have an example of a good reconsideration letter? I have a clean file with a FICO score over 750 with Equifax. I applied for a Citi Bank Platinum cash rewards card and they pulled my Equifax and still turned me down because I filed bankruptcy ch 7 and I has an account with them that I filed on.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2419
Location: Illinois
Posted: Sat Dec 18, 2004 11:05 pm

How long has it been since you had filed bankruptcy? You should call and ask customer service is there is a given period of time they require someone to wait before re-applying after having filed bankruptcy. I have heard some places will make a consumer wait more then 10 years… where others just black list a person for good… so should call in first and ask on their underwriting requirements to see if they will reconsider.

http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=1896

Looked up here, and it shows Citi, waiting 2 years past bankruptcy, but initial denial like you said.

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Author: Alexander
Joined: 23 Nov 2004
Posts: 5
Posted: Sat Dec 18, 2004 11:19 pm

I filed about 7.5 years ago. Thanks! I had not thought of asking what their underwriting requirements were.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2419
Location: Illinois
Posted: Sun Dec 19, 2004 12:33 am

Sorry I don’t have a sample letter, and that is quite a long time, I always thought this creditor was bankruptcy friendly. But there is a difference to any creditor as to if you filed bankruptcy / and if having filed, that they had been included prior in the bankruptcy… I hear American Express is like that 10 years before you can open account with them, in fact they may require repayment of the discharged debt, but I am going by hear say… they can’t make you pay a discharged debt, but they can require it if you ever want service with them again.

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Author: Alexander
Joined: 23 Nov 2004
Posts: 5
Posted: Sun Dec 19, 2004 12:44 am

I don’t know either. As far as city goes this particular card is the 5% cash back Platinum card so the requirements for it are tough. Of course my score on the report they pulled is about 770 so I figured I would get it. As for American Express I had a gold card with them at the time I filed BK CH 7. The card was at zero balance so I did not include it with my BK. But of course, they would have been notified by the court because I had to mention them. They did not close the card. For the last year or so they have been offering me an upgrade to Platinum which costs $300 a year vs. $80 a year for the gold card. If I fly more in the future I will do the upgrade to get the customer service and they offer a second seat for free if you purchase on in first class. The thing is I really want this citi bank card because it will get citi to send me $300 a year. They give back 5% for food and gas purchases. They send out checks in $50 increments. That’s $3,000 a decade.

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