I applied for an amex card and they declined saying that they previously canceled one of my accounts back in 1991. It looks as though they hold a grudge. My current credit score is 783 with zero late payments for the last 9 years. I am able to get any credit card I want, except for Amex. Is this normal for Amex or am I a special case. I don't recall charge off being more than a few hundred dollars.
AMEX is the chief leader in the "blacklist" trend. In other words, if you have ever failed to pay them, chances are they are aware of it and thus, they will not approve you for one their products regardless of your credentials. Take that for what it's worth . . . In my opinion, AMEX is increasingly intrusive and marginally overrated. They do have great products toward the higher end of their underwriting requirements; e.g., Blue, Blue Cash, Clear, however, this is because of their Balance Transfer promotions. The standard APR is inferior in most cases to Bank of America, f/k/a MBNA. Couple this with the fact that the love to conduct "financial reviews" for no apparent reason and I'd say go with Citi. With that said, if you're intent on obtaining an AMEX product you can do so. Call them and inquire as to their "oasis" program. This program affords you the privilege to pay off your old balance (in full) so that you may receive another AMEX product. Again, if the alleged debt is time barred, I don't see the need in paying it other than in the instance one just truly wants one (AMEX still has a bit of sex appeal in the consumer credit world).
I wanted the Starwood Preferred Guest card as I stay in some of the hotels owned by Starwood. If they had a card with another bank, I would gladly go with them. But Starwood chose Amex for some reason. I had charge offs with Citi that were in 6 figures and Citi didn't have any problem giving me cards recently. Oh well........
I tend to agree with apexcrsrv on Amex, and as for Citi I think they have changed a few things. And I have heard good things about them, they offer a wide array of products.
There are some cracks in the floor of Citibank's "blacklist" which one can slip through. This is typically seen when one BK's Citibank NA and then is able to obtain a Citibank USA product. Not always the case mind you and more often than not, most still can get products which Citibank underwrites (Home Depot, Sunoco, Citgo, etc.).
Amex has been reported to approve new accounts for customers that defaulted once the defaulted amount was paid.
Do they require payment of the entire amount which includes interest accrued priro to charge-off? Can we negotiate with them on paying just the principal owed? Thanks.
AMEX closed my account in 1996 as I had an overdue balance. I was a college student at the time. I paid them in full right away. Today, Experian is reporting it as a positive account. I recently applied to be an Authorized User on my wife's AMEX Jet Blue account. (She has fantastic scores, in fact AMEX recently increased her credit limit) What are the odds that I will actually be approved?
