Chance of Keeping AMEX Charge Card?

[Dan76]

I was told if I file my AMEX account would most likely be closed. It's only a charge card and I'm not including it in the BK. Is there any remote chance they would not close the account, or the odds are it will most likely be closed along with any other credit line or charge card with no balance?

It would be nice to keep it so I can build up credit again, but if it has to go I guess I'll just deal with it.

[backtoschool]

I was told if I file my AMEX account would most likely be closed. It's only a charge card and I'm not including it in the BK. Is there any remote chance they would not close the account, or the odds are it will most likely be closed along with any other credit line or charge card with no balance?

It would be nice to keep it so I can build up credit again, but if it has to go I guess I'll just deal with it.

There is little to no chance of keeping the amex card post bk. They will most likely close it. Amex does regular account reviews and will see the bankruptcy filing quickly and Amex is very bankruptcy unfriendly.

[scorpion35]

I was told if I file my AMEX account would most likely be closed. It's only a charge card and I'm not including it in the BK. Is there any remote chance they would not close the account, or the odds are it will most likely be closed along with any other credit line or charge card with no balance?

It would be nice to keep it so I can build up credit again, but if it has to go I guess I'll just deal with it.

0% chance

[eddiep]

You have to include all debt in your bk. Do you mean that you do not owe them any money? Trust me the clean slate is worth the loss. you will eventually build your credit little by little but it takes time. I have heard that AMEX will not extend credit if you have a bk on your credit report.

[platter]

Nothing but heresay, but I'd been told that at one hearing a creditor was there at the meeting and asked the person is they wanted to keep their card. Heard that one can call and explain situation and that they want to reaffirm it but it's still up to them whether they allow it or not. (Only what I've heard.)

[eddiep]

you can reaffirm non secured debt?

[Dan76]

You have to include all debt in your bk. Do you mean that you do not owe them any money? Trust me the clean slate is worth the loss. you will eventually build your credit little by little but it takes time. I have heard that AMEX will not extend credit if you have a bk on your credit report.

No I don't owe them money. It's only a charge card and the balance has to be paid off at the end of the month. The attorney I saw said it does not have to be included if their is no balance but most likely once they are notified about the BK they will close the account. It's no big deal. If I go through with this which I most likely will very soon, I'd rather operate on cash, since really there is no credit limit on an AMEX and it could get just as out of control and even worse with the heavy late fees and penalties for not paying the balance in full.

[platter]

I've heard that if they want to allow you to keep it, that they might, but I don't know what hoops you have to jump through. Someone did tell me that one of the creditors was right there in that meeting and asked them if they wanted to keep their card and it was one like Discover or something, can't remember. I'd heard that it's up to them if they wish to allow you to keep it.

I suppose it wouldn't hurt to call and discuss that it with them ahead of time.

[backtoschool]

I've heard that if they want to allow you to keep it, that they might, but I don't know what hoops you have to jump through. Someone did tell me that one of the creditors was right there in that meeting and asked them if they wanted to keep their card and it was one like Discover or something, can't remember. I'd heard that it's up to them if they wish to allow you to keep it.

I suppose it wouldn't hurt to call and discuss that it with them ahead of time.

AMEX is very bk unfriendly and will not make deals like this.

[IBroke]

you can reaffirm non secured debt?

If the trustee/judge approves it, yes. I don't recommend it but in theory, it certainly is possible.

[tcreegan]

I don't think there is a judge in the whole country who will approve a reaffirmation of unsecured debt and espcially not cc debt!

Tom in Colo

[btbeme]

Zero chance. Maybe less than that.

P.S. I had a perfect 27 year history with AMEX - always on time, always paid in full on their charge card. Never paid less than 20% of the balance due on their Optima credit card if and when I ever had a balance. Usually had a zero balance three or four times a year. One day, they called to tell me that they had cut my limit to about $30 more than what I had as a balance. No explanation given other than they had re-evaluated my account and felt the adjustment was necessary. In an instant, I went from having a balance that was 15% of my limit to having a balance of 99.5% of my limit. Credit scores dropped, other cards immediately did the same, interest rates skyrocketed, and the rest is history! And then AMEX sued me - the day AFTER I told them I was filing CH 7.

So...ask me again if you should try to keep your AMEX card, or if they deserve your business.

[scorpion35]

u have a better chance of winning the lotto

[tobee43]

u have a better chance of winning the lotto

darn it scorpion...YOU BEAT To the PUNCH!!!

OP..NEVER amex will shut you down so fast you won't know what hit you!!!

[Dan76]

darn it scorpion...YOU BEAT To the PUNCH!!!

OP..NEVER amex will shut you down so fast you won't know what hit you!!!

Nice! I can't wait. LOL....

I got 15,000 points, better spend them while I can.