Amex Optima and or reinstatement

[sjt]

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@Gear1 wrote:
Got issued optima in April after pif in February, sent gw letter to exec offices about same time to explain why I defaulted and if they might remove the co from my report, not expecting that really. Fast forward to 30 minutes ago get a 1-800 call and it was Amex rep that said they would like to reinstate my green card and if I did this they would have to cancel my optima, I said I did not understand, he only said to me that he was calling to see if I would like the account reinstated and he didn’t know any of my questions regarding having the charge off removed, he also said my limit would be $2,000.00 for now, which was fine by me.
Hopefully this is actually a whole account reinstatement and they will remove the negatives And as I explained to the rep I would like it if they would take the oasis account off of my credit report, he said when I get my card I could call their credit bureau about that, probably wishful thinking, they said my card would be here within 3 to 5 days. I will come back and update whether my account gets updated or not.

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Congrats!

It will be interesting to see how Amex handles/reports, as most banks don't re-open accounts that are charged off. I'm seeing they will either 1) reinstate the account and possibly and reverse some of the lates/charge off status, 2) convert the Optima Card to the charge card, or 3) open up a new account.

[Gear1]

Update
Got new card only last 4 number changed and they put statements under my account since October 2018 all show 0 balance except when I paid the CO balance, still not reported to credit bureaus yet.
Regardless of what they do next I don’t think anyone could ask for any more than what they have done.

[Aspireto850]

@Gear1

Congrats!! Once it reports on your credit file let us know if they remvoed the CO or just updated that tradeline with the new information.

[Gear1]

I absolutely will!

[Gear1]

OK update

   ex showing no lates since card opened, 1 month good payment, last month, CO removed no lates showing, pays as agreed. score jump 30+ points,

eq shows pays as agreed and still has 30, 60, 90, and CO? Don't understand eq at all, tu nothing yet.

   As I said before I am so humbled that any company would let anyone back in with them but to go to this extent I can't say enough good things about amex.

[sjt]

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@Gear1 wrote:

OK update

   ex showing no lates since card opened, 1 month good payment, last month, CO removed no lates showing, pays as agreed. score jump 30+ points,

eq shows pays as agreed and still has 30, 60, 90, and CO? Don't understand eq at all, tu nothing yet.

   As I said before I am so humbled that any company would let anyone back in with them but to go to this extent I can't say enough good things about amex.

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Congrats! It looks like Amex did a positive re-aging of your account.

If the changes were made on your Experian and TU CR, then Equifax will follow just give a few more days.

[Gear1]

Looks like no update for eq, they still have all late payments and CO listed although it says pays as agreed and no 1st delinquency, I called Amex CB and the lady told me they don’t re-age accounts? I did not go into the fact that the other 2 bureaus were, kind of afraid to rock the boat so I just said thanks and hung up, don’t think I have any more options with EQ, probably just let it be and be thankful for what I did get from the other two.

[MrDisco99]

Congrats!  Nice to see a story of a cardholder being treated better than expected.  Good luck restoring your credit.

[Anonymous]

I would just start using the card and it will fix the reporting issue on the CRA side when Amex sends an activity update.

[Gear1]

Used it after I got it and it posted June 10th, when you said that I went back and checked and TU and EX both posted under payments for June but EQ even though they show account posted in June doesn’t have the payment posted for June, maybe when they post a payment that will update, interesting.
As a side note I went online and was looking at my offers in Amex and the gold card offer came up somewhere in there, anyway assuming I would have to wait a certain period of time before an upgrade I didn’t want to push it bu being me I tried the apply and got the upgrade, card on the way got welcome letter today card arrival in 3 to 5 days and already showing in my account! WOW!!!