Amex charge off. What happens if I pay the "minimum payment" quoted on the website?

[scratchpad]

I have an Amex card that was charged off 2/2023. I have been making monthly payments to it since then with my intention to PIF because I don't want to be blacklisted from Amex. I never agreed to a payment plan with them, but I have been calling them to make payments every month.

Currently I have a remaining balance of $1900. I made my last settlement payment for another card this month so next month I will have a significant more amount I can throw at Amex. I want to PIF with last payment in March 2025.

I just logged onto my account at Amex and I see "This account is cancelled and has an outstanding balance." in red.

It also says that I have a minimum payment due, which is a lot more than I've been paying monthly (monthly payment = $100, min. payment listed is $700). If I click on the info button, it says "this is the minimum amount due to keep your account current."

So what happens if I make this minimum payment next month in December? In December I was going to start paying $500/month, but I would be able to make an additional +$200 payment from savings. I am just wondering if this would reactivate my account or something.

[scratchpad]

I have also read that it is possible for Amex to reinstate the account after PIF so that it no longer shows CO in the credit reports? 

[pizzadude]

If your account is now to the point where it's a CO then I don't believe there is any way that AMEX would reinstate it, nor would they be likely to approve you for any new cards in the near future.

Not sure what the minimum payment language means other than it's probably just the rolling balances of what your previous missed payments were.

[sjt]

Call the Amex Global Collections Department. You can do a seach for "backdoor numbers" for the phone number. Ask if its possible for reinstatement after payoff or  Optima Card offer.

Good luck and keep us posted.

[JoeRockhead]

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@scratchpad wrote:

I have an Amex card that was charged off 2/2023. I have been making monthly payments to it since then with my intention to PIF because I don't want to be blacklisted from Amex. I never agreed to a payment plan with them, but I have been calling them to make payments every month.

Currently I have a remaining balance of $1900. I made my last settlement payment for another card this month so next month I will have a significant more amount I can throw at Amex. I want to PIF with last payment in March 2025.

I just logged onto my account at Amex and I see "This account is cancelled and has an outstanding balance." in red.

It also says that I have a minimum payment due, which is a lot more than I've been paying monthly (monthly payment = $100, min. payment listed is $700). If I click on the info button, it says "this is the minimum amount due to keep your account current."

So what happens if I make this minimum payment next month in December? In December I was going to start paying $500/month, but I would be able to make an additional +$200 payment from savings. I am just wondering if this would reactivate my account or something.

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What they're likely trying to convey with the elevated minimum payment due is, in addition to you relationship with them, and overall profile, time is also a factor. While a Charged Off account can be reinstated, it's not the standard practice. How quickly you get it squared away is going to be just one piece of the puzzle. 

[scratchpad]

Just to update, I did call Amex and ask about possibility of account reinstatement. They said it's not an option.

I didn't ask about Optima because I don't think I want to go for it. I don't really want to pay an AF, and I expect my income to be quite high within the coming years.