Closed Amex card and reopening one

[RykcmanNpoints]

Hi everyone. I'm a points nerd by heart, but during covid things took a turn for the worse for me and my business.

I unfortunately missed 2 payments due to business being horrid and Amex cancelled my American Express Gold card and sent my card balance to a receiver... paid it in full, yet it was still put down as a default...

Looking to get another Amex, but I'm hearing people say it is next to impossible to get back with American Express once this has happened?

I really would appreciate any guidance.

 

[Human]

Welcome to AFF @RykcmanNpoints ! Very glad to year that your COVID difficulties are now behind you.

I don't have any specific advice or experience, other than to say that as a general rule with all credit cards, the lower the credit limit you apply for, the greater your chances of an application being approved.

The AmEx Essential and Low Rate cards, for example, have minimum credit limits of $2000. You could choose to spend a year or so building up your credit history, and then (if you choose) apply for a more lucrative card in the future.

 

[albyd]

I’d be interested in hearing how this goes. A friend sorted out a debt deal with Amex some years ago when he was a student. He’s now got his own business and is making much more money but Amex have barred him.

Might there be a path to help him remediate his position. With Amex?

 

[Viridis]

I’d be interested in hearing how this goes. A friend sorted out a debt deal with Amex some years ago when he was a student. He’s now got his own business and is making much more money but Amex have barred him.

Might there be a path to help him remediate his position. With Amex?

I wouldn’t hold your breath, sadly. Same for the OP

My son had a similar experience but I can’t even get him a supp card on my Plat for the travel benefits etc …. payment for which I am legally responsible, according to their own T&Cs. They are intransigent.

 

[RykcmanNpoints]

Welcome to AFF @RykcmanNpoints ! Very glad to year that your COVID difficulties are now behind you.

I don't have any specific advice or experience, other than to say that as a general rule with all credit cards, the lower the credit limit you apply for, the greater your chances of an application being approved.

The AmEx Essential and Low Rate cards, for example, have minimum credit limits of $2000. You could choose to spend a year or so building up your credit history, and then (if you choose) apply for a more lucrative card in the future.

Hi Human,

Horrible time throughout covid, appreciate the comment!

My credit score is back to a "good" level after paying down a lot of debt and been keeping any other credit card debt at a low amount each month.

Considering opting for this card I seen on a comparison site, is the one you recommend?

I was looking on Best Credit Cards For First Timers In Australia | Compare & Apply and there is an American Express Explorer, would that be a better one to trial over the low rate?

Appreciate any help!

 

[RykcmanNpoints]

I’d be interested in hearing how this goes. A friend sorted out a debt deal with Amex some years ago when he was a student. He’s now got his own business and is making much more money but Amex have barred him.

Might there be a path to help him remediate his position. With Amex?

I will let you know soon. Been working hard on getting my credit score back up again and keep all other credit cards at a low monthly limit and paying them all off each month.

I thought like any other credit supplier they treat new applications like a fresh account?

Post automatically merged: Sep 9, 2024

I wouldn’t hold your breath, sadly. Same for the OP

My son had a similar experience but I can’t even get him a supp card on my Plat for the travel benefits etc …. payment for which I am legally responsible, according to their own T&Cs. They are intransigent.

Thanks for the input Viridis.

Hopefully with my credit score being a lot better and applying in the next few weeks.... fingers crossed and will let you all know./

 

[Human]

Considering opting for this card I seen on a comparison site, is the one you recommend?

No-one on this site is allowed to give financial advice, so I can't "recommend" a card, but can only speak generally.

Speaking generally, things to consider:

• The Low Rate card does not earn Membership Rewards points, but the Essential card does earn points.
• The Explorer is a great card (I used to have it myself), but its minimum credit limit is higher ($3000, from memory), so applying for it might be more of a risk.

 

[PDog]

I will let you know soon. Been working hard on getting my credit score back up again and keep all other credit cards at a low monthly limit and paying them all off each month.

I thought like any other credit supplier they treat new applications like a fresh account?

I don't think I understand the point about new applications being like a fresh account? They'll consider all credit info they have available - and the best info they have is their own records.
Not the same, but I've just got a second ANZ card and they absolutely wanted to know why I needed two *from them* (one velocity earning, one qantas earning was an acceptable answer!)

I also know of someone (very wealthy) barred from AMEX for seemingly life... good luck!