Hi all,
I just wanted to give some data points on this card. From what I know of it, this is basically an AMEX rebuilder card that you only qualify for if you have a previous delinquent charged off account that you pay in full. It is only available via an offer from AMEX. You can't apply for it or request it. AMEX still has to own your account. It can't have been sold to a CA. If any of that is wrong, please correct me.
1995: Got approved for the AMEX BCE (I think it was that one) with a $3,500 limit
2010: Was going to file BK and was advised by my attorney to make no further payments on anything; eventually chickened out but by then I was 90 + days late on everything; The maxed out AMEX acct was one of many accts that were charged off
2010 - 2015: AMEX sent me numerous Settlement offers during this time, all of which I ignored until September 2015. The offers were of varying percentages off the original balance. They never sold my acct.
9/2015: I finally decided to start trying to clean up my credit and got another settlement offer in the mail right around this time for 50% of my $3,500 balance. I called to accept it and was then told about the Optima Oasis card and advised that, if I paid my balance in full, I would be pre-approved for this card and my credit would be updated to show the account as current. I jumped at this offer and the opportunity to get back in the door with AMEX. I was set up a 24 month payment plan at $100 / month with $800 due at the time of acceptance. I knew I would actually pay the balance in full in Feb with my tax refund.
10/2015 - 2/2016: Made $100 monthly payments via auto draft
2/26/2016: Paid the remaining $2k balance in full. Was told that it would take 45 days for my credit to update and 90 days to receive the Optima application.
3/25/2016: Received Optima Application. It stated "Pre-Approved" for a $900 limit, eligible for CLI and / or a new product in 12 months
3/26/2016: Mailed Optima application
3/30/2016: Received MyFico alert that I had a new inquiry. I checked and AMEX had pulled my Experian report.
3/31/2016: Received a MyFico alert that an account status had changed; My AMEX account now shows a closed with a zero balance and "Current" status on my reports. It does say it was previously a charge off. All of my scores went up this week: TU: 6 pts, EXP: 5 pts and EQ: 21 pts. This was the only change other than a few balance updates. It was still being factored into my EQ UTIL % which is why that score went up so much more than the others. Given that that score basically has not moved since October, I was thrilled!!!
4/1/2016: Called the application status line and was notified of my approval for $900 and told I would receive my card my April 14, 2016.
I guess we'll see in a year about the CLI and if I am approved for other products with AMEX. My reports will be clean by this time next year. I am back in with AMEX and Discover now (secured card but still) so I'm 50% there with getting back in with the big banks I burned. I think getting back in with Citi and Chase will be a much harder task. Anyway, at this point I am very happy that AMEX gave me another chance.
