I was approved for the Amex PRG in October of 2010. When I applied, I had late payments on multiple accounts including 150 days late on my mortgage and 120 days late on HELOC and some CCs. The major lates were just over two years old, but I had some 30 day lates that hadn't aged the complete 2 years yet at the time. Based on my experience, I'd say you are not absolutely barred based on two 120 day lates in 2007.
Starting Score: ~500 (12/01/2008)
I think you are good for AMEX charge cards. You might be iffy on their credit cards though.
As for Discover, you better do a search on black listing by Discover. Not sure if they do it or not. Basically certain card issuers black list you when you have ever defaulted on your debt with them. AMEX is famous for it. Usually you need to do a recon to even have any chance.
LIMITS IN CARD DESCRIPTIONS
Ok. Thanks.
I am hopeful that in a year, my 3 perfect payment credit cards accounts and better scores will help me qualify for AMEX.
I wondered about the Discover Blacklist. I did a search on here and read that some people had success with them after CO.
I will try for AMEX first though. I NEED the sky miles 
I just got approved for Discover more with a nice CL with several lates, including one 150, 120 and a few 30 days late on my CR. They are nearly 2-years old but I still got approved. The only thing is that they pulled both TU and EQ, thus 2 hard hit.
I App for the Amex PRG card a few month ago but was denied b/c I have thier so call "Recovery product" right now. It's their Optima card, that they have to regain membership status after a person burned them and the PIF. I did pay the balance on that account in full though before getting the Optima Card offer. I am thinking I should have app directly for the PRG before accepting the Optima Card (No reward with it), since I was only denied because of having th eOptima card. I found out I have to close it first before reapplying again.
I really don't think you have anything to worry about. Keep us posted when you apply.
Where do you even see the Optima Card to apply for? But yes I have only seen it given out to people on Oasis program.
For the orginal poster, I never heard if your credit scores listed are FICOs or FAKOs. Also, what reasons did AMEX give you recently for your denial
@Crashem wrote:Where do you even see the Optima Card to apply for? But yes I have only seen it given out to people on Oasis program.
It's not something you can apply for, it's an offer from Amex to try to recoup a former charged-off account. It's a brilliant idea frankly, but unless you've burned them in the past on one of their products, you cannot qualify for it. I don't even know if you call in and specifically request it with that situation if you can get it, though I'd be surprised if they turned folks away from the program... it's basically money falling out of the sky from an accounting perspective, though it's probably taxed fully as a result.
I have to laugh at Amex's being known for blacklisting though when they come up with creative solutions such as this to get people righteous.
