AMEX has an incredibly long memory. If you have 5 digits across 5 cards, it'll be very long closer to 20 years.
If you can pay the settlement offer, that would be the best way to get back to AMEX. Call their global collection department. AMEX never sell their outstanding accounts to outside collection agencies. They handle their collection department themselves.
I paid off my old accounts (~$22k) without settlement since it's IIB and because of that, they didn't have any settlement amount for me. Once I paid them off, I got back in within 2 weeks after everything was clear in my bank. They approved me for Charge card and revolving card.
It is now about how fast you wanted to get back into AMEX ecosystems. The choice is up to you.
@arifjk wrote:AMEX has an incredibly long memory. If you have 5 digits across 5 cards, it'll be very long closer to 20 years.
If you can pay the settlement offer, that would be the best way to get back to AMEX. Call their global collection department. AMEX never sell their outstanding accounts to outside collection agencies. They handle their collection department themselves.
I paid off my old accounts (~$22k) without settlement since it's IIB and because of that, they didn't have any settlement amount for me. Once I paid them off, I got back in within 2 weeks after everything was clear in my bank. They approved me for Charge card and revolving card.
It is now about how fast you wanted to get back into AMEX ecosystems. The choice is up to you.
If you settle for less, they won't allow you back in right away. You'll still be waiting for a long time, possibly forever. You were able to get back in because you paid them back in full (regardless of the circumstances where they wouldn't allow you to settle for less since you IIBK them).
This thread is why I paid my Amex off prior to filing Ch 13. They let me back in 5 years later with 10x the limit I had on previous account.
@7774x wrote:
@winner88 wrote:@Jnbmom Yes the charged off sum is unpaid. They stopped sending settlement emails sometime last year. It used to be that you have to pay the balance in full (which I'm not in a position to do right now) to be considered for the óptima program, if however they are amiable to paying a settlement amount, I'm open to that.
Fact amex stopped sending settlement letters..doesn't mean they forgot ..Check your you credit reports .. Amex regularly checks your CRs. ..I know several on amex list ..common thread.. owe greater than $10,000 ...out of sol... 14 yrs +...none have been approved for new amex accounts..many with fico 750+..
They definitely don't forget. When I got my gold in 2020 I tried to get them to add it to my online account early so I could start paying it as I was given a temp online card when approved. Instead of adding it, they kept adding my 20 year old charged off 11k balance gold card. It is available on my profile, but I chose to hide it as I have no plans to pay them back.
@OmarGB9 wrote:
@Anonymous wrote:@winner88 I believe your chances are quite good. Your credit scores are high. Your reports are clean. And it has been seven years. I think you've got a real good shot of getting back in with American Express. Some people say that you must repay Amex or you'll never get back in. But it's not true. I know for a fact that you can get back in with American Express without repaying the old charge offs. If I were in your exact situation, I would use their prequalification tool to check for an existing offer. And if I didn't see one, I would apply anyway.
Yes it possible to get back in without paying, but it would take decades.
@winner88, unfortunately if you didn't pay them back, as I mentioned, it would take quite a while to get back in with Amex. And it's not even guaranteed you would be able to. And while Amex would probably be willing to settle, just be aware that if you go that route, you'd probably never get back on. The quickest, easiest way to get back in their good graces would be to pay them back in full and qualify for their Optima program, even if you don't pay them back all at once. They often are willing to work out a repayment plan with you for the full amount.
THIS^ is the best advice you've been given. When AmEx closed my cards many years ago also due to a business failure and which were also a mix of personal and business cards. Even though I didn't owe them a dime when they closed them I did owe other lenders and banks money and AmEx kept me on their Blacklist for 19 years as a result. I just got back in last year, but now again have numerous cards with them. Owing them 5 figures if you don't pay it off or settle with them it will be decades as their memory is long. While @Anonymous is trying to be positive and helpful, their info is off base based on your case as you don't have a "good shot" at all while owing them 5 digits across 5 different cards.
