1) No personal experience, but plenty of DPs on here of successfuly getting back in with Amex upon paying in full. (Note: they allow you back in either via the Optima/Oasis card, or allowing you to apply and get approved for another Amex card, but NOT reopening the old one that was CO'd).
2) It may be old, but it is still an unpaid chargeoff, and hence still hurting your scores. So paying it off will help your scores, yes.
3) No difference as far as it falling off next year, but the difference will come in whether Amex will allow you back in, and how long that'll take. Also, if you settle, you'll be required to turn in a 1099-C when you do your tax return next year and probably have to pay taxes on it.
2) It may be old, but it is still an unpaid chargeoff, and hence still hurting your scores. So paying it off will help your scores, yes.
3) No difference as far as it falling off next year, but the difference will come in whether Amex will allow you back in, and how long that'll take. Also, if you settle, you'll be required to turn in a 1099-C when you do your tax return next year and probably have to pay taxes on it.
@Anonymous wrote:Here is an update - I ended up paying Amex, although I was not sure if they will re-instate the card or not.
1. they re-issued my Platinium card! I got it back without having to apply again.
2. I got 450k points back
3. amex removed the past due reporting on my credit history.
4. credit score jumped up from 635 to 675 (not sure if this had anything to do with amex but it seems most likely)
Wow that's unheard of! Congrats!
Did you PIF or settle?
Can I ask if they gave a name for the program... I vaguely remember reading about a program slightly different than Oasis that even Pooka didnt have much information about, other than it existed.... for getting back in with Amex.....
Congratulations...
It might have stung a bit anteing up that amount, but I expect it will be worth it in the long run. Esp if you can use the perks of Amex....
-J
@OmarGB9 wrote:
@Anonymous wrote:Here is an update - I ended up paying Amex, although I was not sure if they will re-instate the card or not.
1. they re-issued my Platinium card! I got it back without having to apply again.
2. I got 450k points back
3. amex removed the past due reporting on my credit history.
4. credit score jumped up from 635 to 675 (not sure if this had anything to do with amex but it seems most likely)
Wow that's unheard of! Congrats!
Did you PIF or settle?
They do it all the time. It's just not a common offer. Usually, they'll offer the optima program. The reason they won't guarantee it in writing is because they're going to check their credit. They won't reinstate if someone has a 400 FICO score or just filed for bankruptcy.
Congrats op
@joltdude wrote:Can I ask if they gave a name for the program... I vaguely remember reading about a program slightly different than Oasis that even Pooka didnt have much information about, other than it existed.... for getting back in with Amex.....
Congratulations...
It might have stung a bit anteing up that amount, but I expect it will be worth it in the long run. Esp if you can use the perks of Amex....
-J
Back when I defaulted for $11k, I received a letter from amex offering to refinance my house and use it to pay what I owed. They would reinstate my account in full and remove the derogatories. When's the last time you heard of amex holding a mortgage? 😂