@capitan_alatriste wrote:<span;>Hello and welcome to my first post here!
Ive made some mistakes in the past two years, but now I'm ready to get back on my feet. My American Express account was charged off eight months ago, and I haven't been able to make a payment on the $3,200 balance until recently.
Im interested in rebuilding my credit and repairing my relationship with American Express. After doing some research, I came across the Optima/Oasis plan, which helps rebuild credit after paying off a charge off. So, I called American Express to see if they could offer me a repayment plan for my charge off.
The response I received was a bit confusing. The representative told me that they do not offer repayment plans but instead suggested that I pay off the balance whenever I could in single payments over time. When I asked about the possibility of getting reinstated, the representative said that I could reapply once I finished paying off the charge off.
I'm curious if anyone has experience dealing with a similar situation. Why doesn't American Express offer a repayment plan, and is it still possible to enroll in the Optima/Oasis plan later?
I would appreciate any insights or advice on this matter. Thank you
Hi there and welcome! This place is amazing for information and assistance from others. Glad you're here.
I had the Optima/Oasis back in '16. I had fallen behind and the account went into CO. I phoned then and was unfortunately not offered a repayment plan. What I did was continue to use the online login where I made regular payments until the debt was settled - ~3000 if I remember correctly. Once paid I figured that was it but about a month after I PIF I received a letter inviting me to apply for the Optima card and indicated it was for those who had fallen behind but caught up after their card had been cancelled. Applied and was approved with a 1300 CL. The limit was hard-coded and would never increase or would be eligible for a PC (product change), I was told. The cool thing is they also backdated the new TL to the original card TL and MSD ("Member Since" date). Nice.
I would suggest just using the website and submitting payments on a regular basis until PIF. I've heard of many here who were never offered the Optima (or payment plan) so there must be some sort of internal metrics they use to make that decision. I used the original card heavily for years paying for almost everything with the card and PIF (almost but usually) each month so perhaps that is one reason? Worst case scenario: you PIF and then once your reports and scores are to their liking they'll let you back in after a few years. Best case: you PIF and are offered the Optima card (Oasis). After a few years you then apply for a standard product, get approved, and move on. I was also told at the time by Amex that once your scores / reports are up to snuff to call. They'll do a soft pull to make sure you qualify. You then cancel the Optima and immediately apply for a standard card.
Amex seems to be pretty good about letting people back in once you PIF. If you never PIF they have an **extremely** long memory and hold their blacklist close to their heart.
