topic Re: Amex Optima Offer while having Multiple Amex Charge offs question in Credit Cards

Amex Optima Offer while having Multiple Amex Charge offs question

Rebelatheart — Sun, 12 Jul 2020 00:42:12 GMT

Hi. I'll try to keep this as short and concise as possible.

Background: I have 3 Amex cards that eventually became charged off. The 3 were cancelled b/c of lates on 1 of the 3 cards. Then life things happened and I had to let them get charged off.

Current: Within days of each other, I recieved two emails from Amex for the Optima card last month, for 2 of the 3 Amex accounts I had. Each offer gave me the option to pay in full and recieve the Optima card, or if I did not want to reestablishment a relationship with Amex, a settlement offer to pay less than what I owe.

I had a question on what happens if I pay in full for one of the accounts, but did not on the other...would I still get the Optima card even if I still owed Amex on other accounts?

I called the number on the offer, which appeared to be an offshore call center...and the first guy I spoke with said that If I PIF one of the cards, I for sure would get an application for the Optima on that one, but I "may" run into issues when its processed b/c I owe on the other Amex account. He transferred me to his manager so he could confirm what would happen since he was unsure.

The manager said that I would still get the Optima card on the account I PIF on, even if I did not PIF or even take the settlement offer on the other card. He then read the terms for the Optima card, which were on the offer. They said what would disqualify you from obtatining the Optima card, and owing on another account was not one of the reasons, therefore he said b/c of that reason I would get the card.

Now, im not sure if that is accurate, so I wanted to see if anyone had any first had experience.

To summarize:

1. Would I actually get the Optima card if PIF on one card, but still owe on other Amex accounts?

2. Would there be a point in even getting the Optima card if I dont/cant PIF the other accounts?

I ask b/c I read on these forums that you are basically blacklisted from getting another card w/ Amex if you do not PIF Amex what you owe (settlement offers do not count as paying them in full). Since the point of the Optima is to reestablishe a relationship, and after 12 months apply for a "regular" Amex if your credit profile is up to par by then, if you are indeed blacklisted if do not PIF everything you owe, then it would seem like I would never be able to get anything except the Optima unless I at some point PIF the other balances. Is that accurate?

The manager offered a pretty good discount on the already discounted settlement offer on the much larger of the two accounts, but I would not want to settle if that would that would still have me blacklisted from getting a non Optima card in the future.

Thank you

Re: Amex Optima Offer while having Multiple Amex Charge offs question

dacv01 — Sun, 12 Jul 2020 13:05:37 GMT

Congrats on your offer and progress to get back in with AMEX. As it was explained to me when I went through with my process, and according to my paperwork- you can onlay have one optima. I would PIF your highest balance card which will equal to a higher limit on the optima. If you cant PIF on all of them, pay the highest one, and settle later for the other 2. Keep in mind you have a limited amount of time to complete offer, and its via mail which takes at least a week to process.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

AverageJoesCredit — Sun, 12 Jul 2020 15:18:39 GMT

Simply put, if you dont payback anything to Amex, you will be blacklisted.

If you really want to reestablish a relationship do what you can to get the Optima card

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Rebelatheart — Sun, 12 Jul 2020 15:52:17 GMT

@AverageJoesCredit wrote:
Simply put, if you dont payback anything to Amex, you will be blacklisted.

If you really want to reestablish a relationship do what you can to get the Optima card

Hi,

So are you saying that if I don't pay all my accounts in full, I'm not blacklisted still from a regular Amex product if I got the Optima card from paying off one of my accounts? Because that's my question.

I'm already prepared by get the Optima card I was offered to re-establish the relationship by paying in full the one of the two accounts I can, and have Optima offers on.

Didn't say not paying anything back was even an option.

Question still is, if it's actually true that I could get the Optima by paying in full on one account, while still owing on another per the Amex manager....would I be eligible for a regular product if I still owed or settled (vs pif) on another account? Since the word around here has been if you want to get another regular Amex product without waiting 10-15 years, you have to pay them in full, and settling will still leave you blacklisted.

So that's what I'm trying to get clarity on.

Thanks

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Remedios — Sun, 12 Jul 2020 16:07:54 GMT

@Rebelatheart In almost all cases where Optima was issued, there was no remaining delinquent debt to Amex (accounts were either PIF or settled for specified amount).

Perhaps instead of dealing with these accounts individually, you could ask them for the total settlement amount they would consider in exchange for Optima.

I personally dont see them issuing it if only one account is paid, but that's just an opinion.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

JeffMO — Sun, 12 Jul 2020 16:24:05 GMT

Personally I would pay the card off in question, get the optima card, and jump right on making right the others, in full. Even if you have to make payments, get them cleared😁 to me thats the only way to come out shining in all that. I hope it all works out! Either way let us all know.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Rebelatheart — Sun, 12 Jul 2020 16:32:01 GMT

@JeffMO wrote:
Personally I would pay the card off in question, get the optima card, and jump right on making right the others, in full. Even if you have to make payments, get them cleared😁 to me thats the only way to come out shining in all that. I hope it all works out! Either way let us all know.

Thanks. That's kind of what I'm tempted to do.

I'd hate to settle on the other account vs waiting and paying in full...and then finding out I'm still blacklisted. Then trying to go back to Amex, to say "hey, I know we settled on this account and it's closed out, but can I pay you the difference now".

If I can't get clarity on it, I'll probably just take care of the one account I can PIF, and see if I actually get the Optima card like they said, while still owing. Then I'll take it from there on working on paying off the other two accounts in full.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

AverageJoesCredit — Sun, 12 Jul 2020 17:33:45 GMT

@Remedios wrote:
@Rebelatheart In almost all cases where Optima was issued, there was no remaining delinquent debt to Amex (accounts were either PIF or settled for specified amount).

Perhaps instead of dealing with these accounts individually, you could ask them for the total settlement amount they would consider in exchange for Optima.

I personally dont see them issuing it if only one account is paid, but that's just an opinion.

This, i would want clarity as you csn see you do not really have. Every case ive read of someone getting Optima they already settled or paid back what they owe. Why Amex would say ok, pay this one, but dont worry sbout the others is beyond me. I would try snd get a settlement on all sccounts so you can get Optima and move on. In a year you should be able to get a regular product.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

sjt — Mon, 13 Jul 2020 17:44:03 GMT

@Rebelatheart wrote:
@AverageJoesCredit wrote:
Simply put, if you dont payback anything to Amex, you will be blacklisted.

If you really want to reestablish a relationship do what you can to get the Optima card
Hi,

So are you saying that if I don't pay all my accounts in full, I'm not blacklisted still from a regular Amex product if I got the Optima card from paying off one of my accounts? Because that's my question.

I'm already prepared by get the Optima card I was offered to re-establish the relationship by paying in full the one of the two accounts I can, and have Optima offers on.

Didn't say not paying anything back was even an option.

Question still is, if it's actually true that I could get the Optima by paying in full on one account, while still owing on another per the Amex manager....would I be eligible for a regular product if I still owed or settled (vs pif) on another account? Since the word around here has been if you want to get another regular Amex product without waiting 10-15 years, you have to pay them in full, and settling will still leave you blacklisted.

So that's what I'm trying to get clarity on.

Thanks

If you pay off all your Amex cards you will not be blacklisted. You could apply for a regular Amex but you would be subject to the credit approval guidelines. An Optima is an automatic approval, providing you don't file a or have a BK.
Note that in addition to only allowing you to have one Optima Card, all outstanding balances across all Amex accounts have to be paid.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Rebelatheart — Mon, 13 Jul 2020 18:08:35 GMT

@sjt wrote:
@Rebelatheart wrote:
@AverageJoesCredit wrote:
Simply put, if you dont payback anything to Amex, you will be blacklisted.

If you really want to reestablish a relationship do what you can to get the Optima card
Hi,

So are you saying that if I don't pay all my accounts in full, I'm not blacklisted still from a regular Amex product if I got the Optima card from paying off one of my accounts? Because that's my question.

I'm already prepared by get the Optima card I was offered to re-establish the relationship by paying in full the one of the two accounts I can, and have Optima offers on.

Didn't say not paying anything back was even an option.

Question still is, if it's actually true that I could get the Optima by paying in full on one account, while still owing on another per the Amex manager....would I be eligible for a regular product if I still owed or settled (vs pif) on another account? Since the word around here has been if you want to get another regular Amex product without waiting 10-15 years, you have to pay them in full, and settling will still leave you blacklisted.

So that's what I'm trying to get clarity on.

Thanks
If you pay off all your Amex cards you will not be blacklisted. You could apply for a regular Amex but you would be subject to the credit approval guidelines. An Optima is an automatic approval, providing you don't file a or have a BK.
Note that in addition to only allowing you to have one Optima Card, all outstanding balances across all Amex accounts have to be paid.

Thanks.

So as I suspected, it sounds like what I was told which was that Id get the Optima regardless of owing on another other Amex accounts, or even having a payment agreement in place, was BS. That didnt sound right, so I wanted to get some other opinions.

That said, I wont be expecting to get the Optima card once I pay off just the 1 account in full that I can at the moment.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Anonymous — Wed, 02 Sep 2020 16:24:53 GMT

Any updates? I am currently in a similar situation but keep getting very broad responses as well.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Anonymous — Wed, 02 Sep 2020 19:43:55 GMT

I have PERSONALLY been in this EXACT situation when I received an Optima offer. I had a Platinum and SPG go into C/O status and received a paper from AmEx shortly thereafter. I called the # and spoke to a rep. I couldn't afford to PIF right then (offer was only good for 30 days) but decided to pay in 3 installments - in full, not settled - and call back later.

I requested the papers again for Oasis offer and the rep was like "yeah we send those out as soon as we get notified people's accounts go into charge-off status..." and I had to remind him that contacting us so soon is probably a bad idea since we're still in a position where we can't pay, or we would have!

After some time on hold, he confirmed the paperwork was re-sent and I accepted the offer. The card based on which I was offered the Optima was PIF by the time I received it. HOWEVER, I was still making payments (via 3rd party agent), but somehow appeared each month in my actual AmEx login. Still don't understand that one, but it happened, and it's over now. Still have my Optima, along with 3 new AmEx I was approved for this March! 26 months clean...

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Anonymous — Thu, 03 Sep 2020 15:11:00 GMT

@AverageJoesCredit wrote:
Why Amex would say ok, pay this one, but dont worry sbout the others is beyond me.

Presumably the same reason that they take settlements. Any money back is a win, and if an Optima offer is what it takes to get it, that may be fine from their view point.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

sjt — Fri, 04 Sep 2020 18:09:18 GMT

@Remedios wrote:
@Rebelatheart In almost all cases where Optima was issued, there was no remaining delinquent debt to Amex (accounts were either PIF or settled for specified amount).

Perhaps instead of dealing with these accounts individually, you could ask them for the total settlement amount they would consider in exchange for Optima.

I personally dont see them issuing it if only one account is paid, but that's just an opinion.

If these accounts are sent to separate collection agencies, you would have to deal with them individually. I don't understand why Amex doesn't send all cardholder accounts to one agency instead of spreading them out.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Red1Blue — Fri, 04 Sep 2020 17:29:37 GMT

@sjt wrote:
If these accounts are sent to separate collection agencies, you would have to deal with them individually. I don't understand why Amex would don't send all cardholder accounts to one agency instead of spreading them out.

As far as I know Amex does not sell its debt. Most the collections are handled in house. Even the letters come from different agencies all collection activity is managed by Amex internally.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

sjt — Fri, 04 Sep 2020 18:08:25 GMT

@Red1Blue wrote:
@sjt wrote:
If these accounts are sent to separate collection agencies, you would have to deal with them individually. I don't understand why Amex would don't send all cardholder accounts to one agency instead of spreading them out.
As far as I know Amex does not sell its debt. Most the collections are handled in house. Even the letters come from different agencies all collection activity is managed by Amex internally.

I know Amex doesn't sell their debts, but they do outsource their collections to various collection agencies. It also rotates to other collections agencies after a period of time.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Red1Blue — Fri, 04 Sep 2020 21:36:21 GMT

@sjt wrote:
I know Amex doesn't sell their debts, but they do outsource their collections to various collection agencies. It also rotates to other collections agencies after a period of time.

That is true. But after few days they all come back to Amex Internal Collections. In my case I did get some letters from different collectors. After year or two when I called they were with Amex Internal Collections. I have not idea how and when they shuffle things but Amex internal collections does have a say on how it works.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Remedios — Fri, 04 Sep 2020 22:44:18 GMT

I've always been really curious about the legalities behind collecting any amounts that have been included in COs.

Lenders get "compensated" for their losses, and reversing that is rather arduous process, but not an impossible one.

The part that really boggles my mind is collecting on accounts included in BK.

I don't know if that's illegal or borderline legal, but it's shady and totally defies the purpose of BK.

I'm aware they are attorney heavy, but there are very good reasons why other lenders won't touch those accounts.

Gotta love Amex and their carrot/stick method.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Anonymous — Fri, 04 Sep 2020 23:04:44 GMT

Thank you for the resposnes. So if I am understanding correctly, you PIF 1 of the cards in which you recieved the Optima offer for even though you were still making payments on the other one?

I was offered 2 seperate Optima offers for 2 seperate cards. I was thinking of PIF the lowest card amount, gaining the Optima, and work on paying off the 2nd card. My only fear is this endeavor would prove pointless if im not able to get the Optima card after paying off my 1st charge off.

Re: Amex Optima Offer while having Multiple Amex Charge offs question

Anonymous — Sat, 05 Sep 2020 01:06:15 GMT

@Anonymous wrote:
Thank you for the resposnes. So if I am understanding correctly, you PIF 1 of the cards in which you recieved the Optima offer for even though you were still making payments on the other one?

I was offered 2 seperate Optima offers for 2 seperate cards. I was thinking of PIF the lowest card amount, gaining the Optima, and work on paying off the 2nd card. My only fear is this endeavor would prove pointless if im not able to get the Optima card after paying off my 1st charge off.

They made good on their word and yes I got the Optima by paying only one in full, and while I was still paying on the other one.

The only things they won't do is combine limits or give you two Optima cards. Outside of that, you can get what you want and pick which one you'd like to pursue.