03-31-2009 07:53 AM
Does anyone have a # for them and is it worth calling them?
My situation briefly;
In the fall of last year an old Amex account (19860 suddenly showed up on my credit reports with an 'Overlimit' alert. At that time many users here also had their old accounts suddenly show up.
I called Amex and asked about it and was told it was an old closed account in recovery, that they would remove it immediatly.
I asked what the balance was so that I could pay it there and then (even though no one was collecting it, out of SOL, and could not be reported). They said don't worry, there is no information on it, it is an old account. I repeated I'd like to pay it off to get it out of recovery, and was told again not to worry, it was old, once it was removed from credit reports it would no longre be an issue.
I asked if it would affect application for new card, was told again, no, once it is off reports go ahead and apply.
So I did. Approved for Green and Gold.
Been paying religiously ontime for several months via auto-pay.
Two weeks ago I get a letter 'We are cancelling your cards because of previous unpaid account this may affect your credit rating' !!!???
I called and asked if I pay the old balance which they somehow now have down to the $ (as I offered to do BEFORE applying) they would reinstate. They said htere is a 90-day window to reinstate but they can make no promises.
I'm not really keen on paying an alleged $6,000 debt from 25 years ago that is uncollectable anyway if the result ends up in my credit being destroyed because of the cancelled cards when I in fact a) could have paid prior to applying as I asked to do or b) would not have applied if that old account was an issue as I was told it was not.
Would calling 'Oasis' if they exist get me anywhere? I don't mind paying the arrears if it is correct, however I will only do so if I am assured of reinstatement or barring that a new card with the closed cards simply reported closed paid in full no lates (as they are)
03-31-2009 08:39 AM
03-31-2009 09:03 AM
My suggestion, once you clear your old debt ask them to re-activate your new accounts. In your case there is no need for oasis card. Oasis card is for some one who does not have other amex cards. Once you get Oasis card they would not let you get any other card for 12 months. But if you decide to get the oasis card it will be 1/2 the originial amount you paid or $5K max. My suggeston, check with amex and make the right decision.
Oh ok, understood. My problem basically is getting any kind of commtiment from Amex. I have many other expenses/needs as I have just launched my business which was the whole purpose of making my personal credit great. Ruined credit will... ruin me. Paying Amex $7k for a 25 year old debt when they simply close my accounts and ruin my credit serves no purpose. I can use that for pretty much anything else (pay down balancs on other cards, pay developers, etc.)
The thing that bothers me is I offered to pay this when I found out about it; I really had no reason, it was 19 years past SOL, it could not legaly be reported to affect my credit, it could not legally be collected. And I still offered and in fact insisted on paying it.
I am sending letters to Amex execs about this making this very point; that I have been perfect paying them and other creditors, and that when I found out about the debt I offered, without being asked, to pay this unenforceable debt. I simply want a committment that when I pay this down in 90 days they wont' say tough toenails and keep my accounts closed and reported as such.
I did point out in my letter that my assertions are not out of thin air, that I documented tht experience with them right here, time and date stamped. Crazy after all this work to have all my work potentially ruined.
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