American Express charge off and reinstatement

[Anonymous]

I had an American Express platinum card last year And I had Financial problems. I was not able to make the payments and it went to charge off. But I have paid it off already. Yesterday I emailed the CEO of American Express With a goodwill letter. Phone call from them today stating that they won't be able to remove the charge off did not mention anything about reinstating in Account. Need help with this .. 

[gdale6]

---

@Anonymous wrote:

I had an American Express platinum card last year And I had Financial problems. I was not able to make the payments and it went to charge off. But I have paid it off already. Yesterday I emailed the CEO of American Express With a goodwill letter. Phone call from them today stating that they won't be able to remove the charge off did not mention anything about reinstating in Account. Need help with this .. 

---

They are not going to remove the CO, OCs rarely do, a PFD is geared towards collection agencies and JDBs. You may be eligible for the Optima in a few months time.

[Anonymous]

Is American express Optima still available I heard you no longer can get that card ?

[gdale6]

---

@Anonymous wrote:

Is American express Optima still available I heard you no longer can get that card ?

---

My info is it has to be offered to you by them.... Also I removed 2 other posts that you created on this subject, please refrain from creating multi threads on the same subject it can lead to confusion by the members and its not inline with our forums TOS. Thanks for your understanding on this.

[Anonymous]

Didn't want to make a new topic but I have a similar question: if you have a paid charge off and accept the Optima offer to re-establish a relationship with American Express, does the charge off still appear on your credit report or does accepting the Optima offer negate that? Thanks!

[Anonymous]

---

@Anonymous wrote:

Didn't want to make a new topic but I have a similar question: if you have a paid charge off and accept the Optima offer to re-establish a relationship with American Express, does the charge off still appear on your credit report or does accepting the Optima offer negate that? Thanks!

---

You should expect the charge off to remain on your credit file for the duration - 7 years - unless it is removed.  Accepting the Optima card and the charge off are unrelated.  Why would a company, that you burned, allow you back in and remove the negative mark that you were responsible for?  Rebuilding is process. It is not a gimmick or quick fix.  We are usually responsible for the negative items that are on our reports. There will cannot be a quid pro quo for you accepting the Optima offer, and being approved.

Good luck with everything!

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Didn't want to make a new topic but I have a similar question: if you have a paid charge off and accept the Optima offer to re-establish a relationship with American Express, does the charge off still appear on your credit report or does accepting the Optima offer negate that? Thanks!

---

You should expect the charge off to remain on your credit file for the duration - 7 years - unless it is removed.  Accepting the Optima card and the charge off are unrelated.  Why would a company, that you burned, allow you back in and remove the negative mark that you were responsible for?  Rebuilding is process. It is not a gimmick or quick fix.  We are usually responsible for the negative items that are on our reports. There will cannot be a quid pro quo for you accepting the Optima offer, and being approved.

Good luck with everything!

---

there has been one report lately that an AMEX account was actually reinstated (not an optima offer) and they were going to delete the previous negative info. The poster is waiting to see for the update on their CRs, so I suppose anything can happen, but this is a rare unicorn.

If this was not discussed with the OC, then it likely will not happen, and as mentioned abpve, the CO remains 7 years from DoFD, and OCs rarely, if ever, do PFD, it is more of an incentive for CAs/JBDs to get you to pay because then you won't be hit with the double whammy of both the CO and CA reporting, which is totally legit.

Whether or not you are offered/accept the Optima, it will still likely remain 7 years from DoFD. I believe you would have had to PIF to get the Optima offer vs settling. CO'd accounts rarely get reinstated. It is a unicorn and AMEX is the only creditor that I know of that does the Optima program. I believe way back in the day they were more flexible removing the derog if younwere offered this, but those days have long since passed.

You can pull all 3 of your CRs from annual credit report for free (no scores) and it will list when the account will be set to age off. You can pull the reports weekly for free through 4/2021, but I would go by what is listed after the account is totally updated (which sometimes requires 2 updates) and reflecting paid (and settled for less, if you did) and $0 balance.

Good luck!

[TheKid2]

My experience with AMEX for a CO was that they offered me the Optima (that is their rehab option) as an incentive to pay in full. It was a no CLI for life $500 card, but it got me back in with AMEX so I took it. They said I couldn't apply for another AMEX product for 12 months. It was a good rebuild reporting card since it has no AF. They left the bad account on my reports with a status of Paid as a CO, but they wiped out all pay history. In the end, it's still a CO.