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I paid off a charged off account balance last month for an old AMEX account, and as they promised, I received an offer to regain card membership two days ago in the mail. The offer was for $5,000, which is strange since my old account only had a $3,500 account limit. I am definitely not complaining about that, and I am not too dissatisfied with the $49 annual fee (deserve it after getting the account charged off).
My questions are as follows:
1. How do I get this account backdated from the beginning to show that the account has been opened since 2007 (when I was a member). I have read about people backdating, but I have no idea how to do this for this account before it is opened.
2. How were people's FICO score changed by the opening of this account? I know it varies from person to person, but just interested.
Thank you.
You can't get the card backdated. Amex does not backdate to cards that were charged off. There are some people that have had their cards backdated when their original account was charged off, but they are by far the exception rather than the rule. I would not count on any backdating. It was my understanding that backdating for charged off accounts only happened in rare circumstances where a person's account slipped through the cracks. According to the post below, you can ask and they will sometimes accomodate the request, so I have edited this response.
Your FICO is going to be affected by a new credit inquiry and a new account which will lower your AAoA. Both of these will lower your scores. By how much depends on a lot of factors, it's too difficult to say. You will now apparently have a new account with a $5K limit, which could improve your utilization % depending on what you let report. That will be a positive factor. I don't think anyone can say anything else with the information you've given.
That is a bummer that you cannot backdate an Oasis card, but I cannot complain. I brought it upon myself with the overextension of debt and then a loss of my job. I have lived and learned, and will come out a better person.
I had oasis card and it will have your orginal membership date when you first became a member. After 12 months you'll be eligbile to apply for regular card. As far as I know they would not credit inquiry as it is preapproved. I would say go for it.
Howdy!@
I'm curious to know, is there a number to call for the Oasis program to perhaps talk to someone and get into the program without the invitation? I've been wanting to get my foot back in the door with them!
Thanks in advance!
Call the in house collections ppl in Omaha Nebraska, they do it. Those are the people who offered it to me. I didn't ask for it though. That said, they know about it there. Search the forums for the number.
Yes they do back date cards for Oasis memebers. If it is not done automatically, you can call and ask. Also, once the member date is backdated, so will your credit report. Two things suck about this program: you do not earn any membership points and you have to close the Oasis product and apply for a new product. They do not allow product changes for the Oasis card nor will you be approved for a new card with an active recovery card.
Thanks for the information. I just want to clarify - the Oasis card will show 4 years of perfect payments after it opens and reports (my charged off account was opened in 2007).
That is great news, and it almost seems too good to be true.
@John060675 wrote:Thanks for the information. I just want to clarify - the Oasis card will show 4 years of perfect payments after it opens and reports (my charged off account was opened in 2007).
That is great news, and it almost seems too good to be true.
It is great news. That by itself is almost reason enough to get back in the good graces of AmEx.