topic Re: AMEX Reinstatement in Credit Cards

AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 17:02:21 GMT

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?

Re: AMEX Reinstatement

dragontears — Mon, 23 Apr 2018 17:46:37 GMT

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

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 17:58:09 GMT

I would pay it either way.

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 18:07:51 GMT

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?

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 19:05:35 GMT

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

Re: AMEX Reinstatement

FinStar — Mon, 23 Apr 2018 19:33:54 GMT

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

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 19:50:38 GMT

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?

Re: AMEX Reinstatement

FinStar — Mon, 23 Apr 2018 21:03:00 GMT

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.

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 21:12:49 GMT

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?

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 22:07:09 GMT

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?

Re: AMEX Reinstatement

FinStar — Mon, 23 Apr 2018 22:10:42 GMT

Just out of curiosity OP, which number did you contact? I have heard about the Apollo program, but I was under the impression that it was discontinued long ago since it hasn't been mentioned here to my knowledge.

Most folks have had some success, provided they qualify, under the Oasis program.

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 22:25:37 GMT

@FinStar wrote:
Just out of curiosity OP, which number did you contact? I have heard about the Apollo program, but I was under the impression that it was discontinued long ago since it hasn't been mentioned here to my knowledge.

Most folks have had some success, provided they qualify, under the Oasis program.

What did you understand to be the nature/details of the Apollo Program (when it existed)?

Was bounced around to several departments until I landed in the one where I spoke to the rep. who referred to the Apollo Program (he said it wasn't credit score based/no pull, just based on the history of the closed account).

The number he provided to recontact regarding the mater was 1-800-700-7619.

Re: AMEX Reinstatement

FinStar — Mon, 23 Apr 2018 23:12:46 GMT

My memory is pretty foggy on the Apollo program since it wasn't really discussed that much, but it dated back to the period where AMEX accounts could be backdated to the original history of the cardmember.

All I recall is that it was an alternative program to the Oasis one. Not sure if it involved on being able to "recover" the previous account depending on the age of the charge-off or the actual amount of the loss. Again, not a widely-discussed topic since it's been eons ago and I'm not sure if that's how it worked back then.

Re: AMEX Reinstatement

Anonymous — Mon, 23 Apr 2018 23:23:20 GMT

Interesting. When I called I had heard of, and mentioned, the Oasis Program; the rep. was the one that stated there is an Oasis (new account) and an Apollo (old account) program.

Wonder if he was mistaken, or if it possibly has to do with the account age/history and relatively small charge-off balance.

Re: AMEX Reinstatement

FinStar — Mon, 23 Apr 2018 23:28:26 GMT

That's a very good question OP.

You'd likely be the first with some fresh data points surrounding the Apollo program. It's possible it's been in existence for some time, but they'd be the ones that use discretion on which one you'd qualify.

I'd definitely call back to get more insight on what would work best in your situation. But, it sounds like you'd have a fresh start with AMEX either way by paying it off.

Now, if they're able to report your entire history after you complete the program then that'd be a first and a win-win for sure.

Re: AMEX Reinstatement

joltdude — Tue, 24 Apr 2018 00:59:23 GMT

Fin.. Pooka might know something....

Might want to ask ....

Re: AMEX Reinstatement

FinStar — Tue, 24 Apr 2018 01:19:56 GMT

@joltdude wrote:
Fin.. Pooka might know something....
Might want to ask ....

Ah yes, @Anonymous might have some insight on this. Paging Pooka89 ...

Re: AMEX Reinstatement

K-in-Boston — Tue, 24 Apr 2018 01:22:55 GMT

I’m worried. It’s been 3 minutes with no reply. Seriously, though, Pooka’s the best.

Re: AMEX Reinstatement

Anonymous — Tue, 24 Apr 2018 01:26:27 GMT

I PMd pooka89 before posting, no respnse.

Re: AMEX Reinstatement

Anonymous — Tue, 24 Apr 2018 01:31:23 GMT

I am not familiar with the Apollo program, but simply due to system and regulatory limitations, I would not expect your old account to be reopened under any circumstances. Your account, at that age, is probably under the old legacy system which now only manages corporate accounts.