AMEX Reinstatement

Anonymous · ‎04-23-2018

Had an open AMEX Green with almost 40 years of account age. $1100 charged off around 2014. Contacted AMEX in an attempt to begin rehabilitating the relationship, they informed me of the likelihood (not guaranteed) of the same account being reinstated (not a new Optima card) after the balance was paid. Does this sound accurate/probable?

dragontears · ‎04-23-2018

The card was closed 4 years ago? If so the odds of it being reopened is close to 0.

Anonymous · ‎04-23-2018

I would pay it either way.

Anonymous · ‎04-23-2018

Amex will reissue a credit card if you pay the amount of the charge-off. The card will show your original "Member since date" but the card number will not be the same and they will not restore your payment history. More importantly, they no longer back date credit history so your previous history for that card with the credit bureaus is gone.

@Anonymous wrote:
Had an open AMEX Green with almost 40 years of account age. $1100 charged off around 2014. Contacted AMEX in an attempt to begin rehabilitating the relationship, they informed me of the likelihood (not guaranteed) of the same account being reinstated (not a new Optima card) after the balance was paid. Does this sound accurate/probable?

Anonymous · ‎04-23-2018

So I would loose the account age that I currently have reporting?

FinStar · ‎04-23-2018

So, are your reports still reflecting the $1,100 charge-off from said date?

Anonymous · ‎04-23-2018

Yes, shows $1153 CO in August, 2014.

Still being included in AAOA (from July, 1978).

@FinStar wrote:
So, are your reports still reflecting the $1,100 charge-off from said date?

FinStar · ‎04-23-2018

It's highly doubtful they'd be able to restore the same account even if you paid the charged-off amount from 2014.

What would likely happen is the account will reflect as a paid charge-off on your reports.

AMEX will not be able to re-age the charged-off account to make it whole and retain the entire history and continue where things left off like nothing happened.

Once the amount is satisfied, it's possible they can approve you for a new card, but it will not backdate (reports-wise) to when you had the former (charged-off) account.
However, for aesthetic purposes, it'll display the "Member Since" date on the front of your card (and online) dating to such period. This will reflect, if approved, as a new account on your CRs, as mentioned above.

Anonymous · ‎04-23-2018

A charge off occurs when the account is closed by the creditor. The closed account will continue to appear on your credit reports for 7 years from the date the first delinquency (late or missed payment) was reported. So even if Amex reopens an account it will be reported separately from the closed account which will fall off your credit report by 2021 at the latest.

Paying the charged off amount will reinstate your membership with Amex to the original date; however it will not reinstate the original account.

@Anonymous wrote:
Yes, shows $1153 CO in August, 2014.

Still being included in AAOA (from July, 1978).
@FinStar wrote:
So, are your reports still reflecting the $1,100 charge-off from said date?

Anonymous · ‎04-23-2018

Thank you for all of the feedback guys.

The rep. I spoke with a couple of weeks ago said there are two reinstatement programs: the Oasis Program (involving a new Optima account) which I have seen many speak of, and the Apollo Program (which he explained [I though] as reopening the old account) which I haven't seen anyone else speak of.

Have any of you heard/read about an Apollo Program with AMEX?