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    AMEX with $0 Balance?

    I have about 10 credit cards 8 of which are charged up. The 2 with $0 ballance are both AMEX Blue Cash and have not had charges for over a year.

    Dose anyone know if I do a BK on all my other debt, will AMEX close my cards even if I had no balance? Anyone here ever keep them?

    #2
    Generally once your BK hits your credit report, most CC companies will close your accounts even if they had a 0 balance when you filed.

    Though a few people have been lucky and had a card ride through and not get closed. But those are few and far between.
    7/01/10 - filed!
    11/20/10 - discharged and closed

    Comment


      #3
      Originally posted by kjonyou View Post
      I have about 10 credit cards 8 of which are charged up. The 2 with $0 ballance are both AMEX Blue Cash and have not had charges for over a year.

      Dose anyone know if I do a BK on all my other debt, will AMEX close my cards even if I had no balance? Anyone here ever keep them?
      Amex HATES bankruptcy filers! They will close your account even if you had a perfect record with them, and have a zero balance. They will never give you credit again, not even 10 years from now! No kidding.
      <<I am NOT an attorney, my comments are anecdotal only. Contact an attorney for advice>>
      FINALLY DISCHARGED 92 DAYS AFTER THE 341! A NEW START!!!

      Comment


        #4
        I would not even worry about those cards or be wishing for survival post bk of them. You need to start with a small secured card a few months out. Try to save money to have a backup on your bank debit card. That will be just as good as a credit card for a while. Make it a real fresh start!

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          #5
          Just out of curiousity, why would they do that? If you think about it, once you go BK you cant go BK for another 7 years, and if you had a perfact histroy and 0 balance it would seem like actually a good risk. Isnt that why people get all sorts of high risk cards and buy a house a year later?

          Just a thought, I only like AMEX becuse the card looked cool and they were the only ones that never Jacked up my good credit from 9% to 30% overnight without doing anything worng....UNLIKE MBMA who did this for no reason other then me using the card.

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            #6
            Originally posted by kjonyou View Post
            Just out of curiousity, why would they do that? If you think about it, once you go BK you cant go BK for another 7 years, and if you had a perfact histroy and 0 balance it would seem like actually a good risk. Isnt that why people get all sorts of high risk cards and buy a house a year later?
            I thought the same thing. I have a JCPenney card and a Discover card with 0 balances that I had used and paid on time and I was hoping to keep them so that I could start to rebuild credit after bankruptcy. They both have small credit lines. I'll have to wait and see if they close the account so far I haven't heard anything from them.
            Filed Ch 7 pro se - 10/03/07
            341 Meeting - 11/20/07 (No Distribution)
            Discharged & Closed - 01/22/08 :yahoo::yahoo::yahoo:

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              #7
              Once you file BK, and remember you have to list ALL your creditors even if there is a $0 balance, ALL prime credit card companies will cancel your accounts and BLACKLIST you forever. Even though you had a $0 with them they are still listed as creditors under the BK.

              So if you are BK'g all the prime c.c's its harder to rebuild your credit because all of the prime credit cards will blacklist. It's not so easy in that situation but it's still doable.

              Good luck to you. I should say though for others reading this that if you BK Amex with a balance, they do have an oasis program where if you pay the balance back they will issue you another card.

              Comment


                #8
                Originally posted by Hollyhomemaker View Post
                Once you file BK, and remember you have to list ALL your creditors even if there is a $0 balance,
                Actually this is not true. You do not have to include any creditor if you owe them nothing.

                You are required to list all your debts when you file. There is no debt if you owe nothing.
                I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                06/01/06 - Filed Ch 13
                06/28/06 - 341 Meeting
                07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                10/05/06 - Hearing to resolve 2 trustee objections
                01/24/07 - Judge dismisses mortgage company objection
                09/27/07 - Confirmed at last!
                06/10/11 - Trustee confirms all payments made
                08/10/11 - DISCHARGED !

                10/02/11 - CASE CLOSED
                Countdown: 60 months paid, 0 months to go

                Comment


                  #9
                  Right, you do not have to list anyone you don't owe.
                  However, Amex will still cancel your card, just because, as I said, they hate bankrutpcies.
                  No, it makes no sense if you had a good record with them. But that's just the way they are.
                  <<I am NOT an attorney, my comments are anecdotal only. Contact an attorney for advice>>
                  FINALLY DISCHARGED 92 DAYS AFTER THE 341! A NEW START!!!

                  Comment


                    #10
                    Amex does very frequent inquiries....even when I was up to date on all of my cards they checked at least every other month.

                    Once I became past due they started checking twice a month.

                    I don't think it will take them long to find out.

                    I had a card from Providian that survived my BK and they never reduced the credit limit. Don't know about any of the prime lenders.
                    Chapter 7 Pro Se....Discharged Feb. 2006

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                      #11
                      Citibank hasn't touched my account. Yet. Though when I signed in online, it showed something about high risk activity. My credit limit is still the same, but I've not called them. I had Sears Gold that was backed by Citibank, that's gone. I have a Gordon's card, back by Citicbank, and all they did was knock my credit limit down by 5k, and it's still open.
                      Filed November 2 2007
                      341 Meeting January 4 2008
                      DISCHARGED March 11 2008

                      Comment


                        #12
                        They told me they would close mine (it had a $0 balance as well). So, instead of paying the $145 to only have them close it, I canceled it myself.
                        Petition Filed 6/4/07 :clapping:
                        341 meeting 7/31/07 :clapping: :unsure:
                        First Meeting Held and Trustee's Report of No Distribution 8/2 :yahoo::yahoo:
                        10/15/2007 - DISCHARGED!:yahoo::yahoo::yahoo:

                        Comment


                          #13
                          Originally posted by demismom View Post
                          They told me they would close mine (it had a $0 balance as well). So, instead of paying the $145 to only have them close it, I canceled it myself.
                          Who closed yours? Citibank or AMEX? Cause if there is going to be $145 with Citibank, I'm closing mine.
                          Filed November 2 2007
                          341 Meeting January 4 2008
                          DISCHARGED March 11 2008

                          Comment


                            #14
                            It was AMEX - that was my annual fee with them.
                            Petition Filed 6/4/07 :clapping:
                            341 meeting 7/31/07 :clapping: :unsure:
                            First Meeting Held and Trustee's Report of No Distribution 8/2 :yahoo::yahoo:
                            10/15/2007 - DISCHARGED!:yahoo::yahoo::yahoo:

                            Comment

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