This is the one way AMEX lets delinquent people back in - I would take it if you ever think you want another account with them.
Two choices. Not everyone gets an invitation to the Optima program. If you PIF. Your still in like a second chance. If no payment and falls off with no courts invovled to collect. Ten plus yrs to get back in and then some maybe. Choice is yours. Welcome to the forums!
Once it falls off. Then you may join the 700 club. The util is counted against you open or closed. So there might be the reason its holding you back.
I got a settlement letter from Amex this wk. If I'm not concerned about getting another card with them, and I take the offer...would that give me some kind of jump in my credit score?
You may not jump, but if it's been reporting regularly, then over time you'll recover points since after the update to 0 balance owed, it will no longer update and begin to age, which stops it from suppressing your score and allows your score to recover over time.