I'm still trying to figure out how I would benefit from asking to join the Amex Oasis program other than paying off an old debt and regaining the history. It seems like I will be held prisoner by Amex for a year or so if my goal is to open another card. I will have to cancel the Oasis card (losing the history - right?) in order to get a better card.
Hummmm....
Starting Score (2/2010): TU-767, EQ-745
@BBYGRL wrote:I'm still trying to figure out how I would benefit from asking to join the Amex Oasis program other than paying off an old debt and regaining the history. It seems like I will be held prisoner by Amex for a year or so if my goal is to open another card. I will have to cancel the Oasis card (losing the history - right?) in order to get a better card.
Hummmm....
No, you will not loose history with AMEX. No matter which card you get (Optima or otherwise), AMEX always gives you the opening date of your first card you had with them.
I think you only benefit from the Oasis route if your charge-off is fairly recent, you are in a credit repair phase (still baddies on EX report) or you generally do not qualify for AMEX cards otherwise (income, score, thin file, etc).
If you aren't in that situation, I think the better choice is to pay the full chargeoff and apply for the Zync or Green in a few weeks.
@Anonymous wrote:
@BBYGRL wrote:I'm still trying to figure out how I would benefit from asking to join the Amex Oasis program other than paying off an old debt and regaining the history. It seems like I will be held prisoner by Amex for a year or so if my goal is to open another card. I will have to cancel the Oasis card (losing the history - right?) in order to get a better card.
Hummmm....
No, you will not loose history with AMEX. No matter which card you get (Optima or otherwise), AMEX always gives you the opening date of your first card you had with them.
I think you only benefit from the Oasis route if your charge-off is fairly recent, you are in a credit repair phase (still baddies on EX report) or you generally do not qualify for AMEX cards otherwise (income, score, thin file, etc).
If you aren't in that situation, I think the better choice is to pay the full chargeoff and apply for the Zync or Green in a few weeks.
Totally agree. At the time I did oasis, my credit was bunk and I knew the optima was the best I could do, without even having to know my score. Now my score is probably borderline, EX happens to be my worst CR so I'm going to let that card sit for another year or so. I just looked it up, I paid off AmEx and received the Optima in 2/2009. Hopefully in another year the remaining baddies will age off (EX has 4 bads on it, 20+ goods) and I will be able to do the close/reapply with a little more confidence than if I were to do it today.
Didn't think about the 'double' affect of closing the optima and opening a new account - 2 old trades! I guess that's just a fringe benefit for suffering thru oasis.
@Anonymous wrote:
Didn't think about the 'double' affect of closing the optima and opening a new account - 2 old trades! I guess that's just a fringe benefit for suffering thru oasis.
LOL, true. Something to look forward to!
Yes. This great advice. I have one more question for clarity. For those of you who have applied for more than one card post Oasis, do all of the tradelines retain the old history or just the first card?
OK, the benefits are definetly worth it! Thanks 
