AMEX Credit Card Settlement

[Anonymous]

I am having the strangest negotiation with AMEX. I owed about $9800 on their card. I was in financial distress and couldn't pay it. They cancelled the card and ended up offering a 50% settlement. I couldn't do it, plus also heard that the settlement actually reduces the FICO score by making a more current issue. AMEX made this a charge off (R9). I received another 50% settlement offer. At the same time, I came into some money and decided I'd like to pay the debt off in full and ask for paid for deletion (ask AMEX to wipe out the negatives on my credit reports by paying in full.) I call them with this offer and I get someone supposedly in their legal dept. who will not listen to me and only wants me to do the 50% settlement. I asked, "So you'd rather take 50% of the payment, rather than having me pay in full and you (AMEX) issue a paid for deletion letter?". He basically said yes. Said it was about a 5% chance that someone would approve that. Is this totally illogical or is it just me? Here I want to pay in full and they don't want me to. Anyone ever heard of something like this? Can anyone offer any advice? Dave (very confused)

[Anonymous]

Oasis candidte if I ever saw one --- get on the phone with them  and ask about OASIS.

[Anonymous]

Can you explain your remarks further? They did say something about giving us an Oasis card if we paid in full, but I don't see how that will help our credit score if we can't get this deleted. I want to push for paid for delete. and god knows I don't want to charge anything on an AMEX card at 25% interest anytime soon.

[Creditaddict]

many people have posted once getting the oasis card, you write amex a letter about the old accounts nad they delete them

[Anonymous]

Can anyone verify that if you pay in full and go for their Oasis offer, they will indeed remove the defaulted account information? If so, how long does it take for them to remove this?

[Anonymous]

I have no first hand knowledge-

I have heard nothing other than this being a fact-

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DaveB59 wrote:
Can anyone verify that if you pay in full and go for their Oasis offer, they will indeed remove the defaulted account information? If so, how long does it take for them to remove this?

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[Takunda1]

When I joined the OASIS program and got my new card I worte Amex for a deletion of past derogs. They gladly obliged and to add to that the new card they issued me was dated from the first time I had opened an account with AMEX. So basically on my CR its as if I have never defaulted with them.

Oasis is definitely a good way to go. If you are successful in getting in, your first cards CL will be half the CL you had on the card you defaulted on.  The only bad thing is, the card has no rewards, cannot be upgraded/converted & its been almost a year for me & I have not been granted a CLI yet. However I applied and got the Blue Cash after 6 months of joining the Oasis program. Hope that helps.

Message Edited by Takunda1 on 03-17-2008 11:02 PM

[Anonymous]

If i have an old CO with AMEX that is no longer on my CBR, would I be better off going OASIS or just paying it off and then applying for a different AMEX later?

[opsrex]

When I went on the oasis program, amex would not delete past derogs. They also would not back date my members since info. They did knock 6 months off the drop off date. After a year on the program, they bent over backwards for me (pre approved business gold, clear card with 17k cl, plat card). Definitely consider oasis.

[Anonymous]

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Takunda1 wrote:

Oasis is definitely a good way to go. If you are successful in getting in, your first cards CL will be half the CL you had on the card you defaulted on. 

Message Edited by Takunda1 on 03-17-2008 11:02 PM

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Just to clarify...The limit you are assigned upon receiving approval for the Oasis is half the amount of the balance you paid off on the card you defaulted on.  For example, if you had a 25,000 line and your balance was 10,000 as the default balance...and you paid it off.  You would get $5,000 on the Oasis.  $5,000 is actually the maximum line you can get with the Oasis product.  Amex does not offer greater than that.  Doesn't matter the original LOC.  Just the balance.