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Frequent Contributor
Posts: 438
Registered: ‎02-11-2008
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Re: Amex Oasis - Updates/Experiences

Good look-out 06..I just checked the back of my settlement letter, and it says no attempts will be made to collect the balance if you settle, but "remaining balance which would need to be paid before American Express processes any future applications that you may choose to submit for an American Express account(s).

 

InDallas (Love the Cowboys..) I have received 5 settlements letters from AMEX-all past SOL-and every time I made an offer in writing to settle for full amount if they could show I owe the debt, and if I can re-establish the trade-line. Not once did they respond. Of course, if you talk to AMEX, perhaps the human interaction will move things along, but having dated, timed, correspondence is my preferred method so as to cover myself. I suggest PIF if you can, and make sure AMEX does not report the payment as a new derog..get any agreement in writing.

FICOS 2/1/2015:Trans Union-814, Equifax: 813, Ex-812; Post- 5-apps Spree 2/25/2015;TransUnion-803; Equifax-797; Experian-787. Citi FICO-836 Barclays TU FICO; 803. CK:EQ-812; TU-804; CS-804; Mint-790; Total credit-$161,500: NASA-29,700; AMEX BCP-17,000; AMEX EDP-15,000; CSP-14,400; Barclay Ring-10,000; Discover It-9,000; U.S.Bank Sig Visa/Rutgers Alumni-9,000; United TeleTech Federal Credit Union-$9000; Citi Double Cash-8600; Citi TYP-7,200; Discover Cashback Bonus-7,200;Chase Freedom-6,500; AMEX HHilton Honors-5000; Barclay NFL Extra Points-$5000. Utility always 1-2%
Established Member
Posts: 23
Registered: ‎12-02-2008
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Re: Amex Oasis - Updates/Experiences

Thanks 06 and Scarlet-

Yes, my letter has the same thing written on back. My biggest fear is getting it listed as a new derog if I pay it. Kind of a Catch-22, huh? I'm thinking I'm probably better served just leaving things as it is knowing that AMEX will never invite me back......

Current Score: EQ 716 TU 719 EX 721 PLUS
Goal Score: 700+ by 8/2011

Frequent Contributor
Posts: 438
Registered: ‎02-11-2008
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Re: Amex Oasis - Updates/Experiences

Depends on what your goals are. If you have been receiving pre-selects from AMEX, it might be a sign that your current credit profile is worthy-with the exception of the AMEX collection-and might be worth the trade-line if you can pay it, and do as some have suggester here, just app for an AMEX card after the debt is paid. Still others say Oasis is still an option, but there seems to be confusion on whether or not it's an active program or not. It probably is a program that's available, but not promoted by AMEX. If you can arrange for AMEX not to report the line as a new derog and back date the trade-line, it's likely well worth it. I will be pursuing that very same thing as soon as I have my ducks-in-a-row. 

 

I am sure others can report their similar circumstances...how bout it forum members?

FICOS 2/1/2015:Trans Union-814, Equifax: 813, Ex-812; Post- 5-apps Spree 2/25/2015;TransUnion-803; Equifax-797; Experian-787. Citi FICO-836 Barclays TU FICO; 803. CK:EQ-812; TU-804; CS-804; Mint-790; Total credit-$161,500: NASA-29,700; AMEX BCP-17,000; AMEX EDP-15,000; CSP-14,400; Barclay Ring-10,000; Discover It-9,000; U.S.Bank Sig Visa/Rutgers Alumni-9,000; United TeleTech Federal Credit Union-$9000; Citi Double Cash-8600; Citi TYP-7,200; Discover Cashback Bonus-7,200;Chase Freedom-6,500; AMEX HHilton Honors-5000; Barclay NFL Extra Points-$5000. Utility always 1-2%
Established Contributor
Posts: 511
Registered: ‎10-18-2007
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Re: Amex Oasis - Updates/Experiences


ScarletFever wrote:

Good look-out 06..I just checked the back of my settlement letter, and it says no attempts will be made to collect the balance if you settle, but "remaining balance which would need to be paid before American Express processes any future applications that you may choose to submit for an American Express account(s).

 

InDallas (Love the Cowboys..) I have received 5 settlements letters from AMEX-all past SOL-and every time I made an offer in writing to settle for full amount if they could show I owe the debt, and if I can re-establish the trade-line. Not once did they respond. Of course, if you talk to AMEX, perhaps the human interaction will move things along, but having dated, timed, correspondence is my preferred method so as to cover myself. I suggest PIF if you can, and make sure AMEX does not report the payment as a new derog..get any agreement in writing.


Hello! I thought making an offer to settle a debt after the SOL would reset the clock? I guess this didn't happen because you didn't acknowledge the debt and they could not confirm it?

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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Established Contributor
Posts: 511
Registered: ‎10-18-2007
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Re: Amex Oasis - Updates/Experiences

[ Edited ]

InDallas wrote:

Thanks 06 and Scarlet-

Yes, my letter has the same thing written on back. My biggest fear is getting it listed as a new derog if I pay it. Kind of a Catch-22, huh? I'm thinking I'm probably better served just leaving things as it is knowing that AMEX will never invite me back......


I feel the same way. But the right offer may change my mind. :-)

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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Established Contributor
Posts: 511
Registered: ‎10-18-2007
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Re: Amex Oasis - Updates/Experiences


Doughboy1917 wrote:

I just went through the Oasis program. I had a 20-year-old debt with AMEX from my college days that I thought had been paid many years ago.  When I got a letter from them last year asking for $350ish dollars, I figured that my memory must be wrong.  I paid the debt and received an Optima card with a $500 limit.

 

Once I'd spent a year in Oasis, I called AMEX and talked to a half-dozen people about applying for a different card.  They all gave different answers about what to do and who to talk to.   Finally, I was told to call the folks at "apply by phone" and apply for a new card.  I did that and was promptly denied.  It was pretty shocking.  My FICO score is 800 and my household income is well over $100,000 a year.  I was told on the phone that I would get an email in a few minutes explaining the reason for the denial. 

 

I got the email about three days later.  It said I was denied another AMEX card because I was the owner of a "recovery product".  I called AMEX again and was told to call more people and jump through more hoops.  Even the folks in the Oasis office had no idea what to tell me.  They said they only handle collections.  Finally, I reached a person in customer service who confidently explained that I must cancel the Optima card, then wait 24-48 hours before applying again.  I thanked her for at least knowing what to tell me, then asked her to cancel the card immediately.  I also let her know that after all the hassle I'd gone through, I might not re-apply.

 

A week later, I decided that it was worth the annoyance to keep a 20-year-old line of credit.  I bit the bullet and my phone application for a Blue card was accepted with an $8,000 limit.

 

I'm not happy with AMEX.  I did what they asked to prove myself to them.  Now they need to prove themselves to me before I make any of their cards my primary card.


So you did cancel your Oasis card before you applied for the Blue Card? Did you keep your 20year history?

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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Frequent Contributor
Posts: 438
Registered: ‎02-11-2008
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Re: Amex Oasis - Updates/Experiences

BBYGRL: My guess is that Amex plays the game by the book. They would not respond to my letters knowing what my rights are, and theirs as well. I thought it was worth a try, however. The clock should not restart if you are past SOL as far as reporting, but any new information reported in regard to paying off the debt and re-establishing your tradeline and requesting backdating, etc...should help your tradeline if you work that out with them successfully...

FICOS 2/1/2015:Trans Union-814, Equifax: 813, Ex-812; Post- 5-apps Spree 2/25/2015;TransUnion-803; Equifax-797; Experian-787. Citi FICO-836 Barclays TU FICO; 803. CK:EQ-812; TU-804; CS-804; Mint-790; Total credit-$161,500: NASA-29,700; AMEX BCP-17,000; AMEX EDP-15,000; CSP-14,400; Barclay Ring-10,000; Discover It-9,000; U.S.Bank Sig Visa/Rutgers Alumni-9,000; United TeleTech Federal Credit Union-$9000; Citi Double Cash-8600; Citi TYP-7,200; Discover Cashback Bonus-7,200;Chase Freedom-6,500; AMEX HHilton Honors-5000; Barclay NFL Extra Points-$5000. Utility always 1-2%
New Member
Posts: 13
Registered: ‎05-27-2010
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Re: Amex Oasis - Updates/Experiences

 


tstein wrote:

I think I'll inevitably wait it out till 1 year.  A month ago, I decided I would apply for an additional AMEX and was deinied.  I forget the reason, but it was something to the effect of "existing account too new to rate" or whatever.  I think I'll wait till the INQ ages to 6 months which happens to be close to my 1 year Oasis anniversary. 

 

I never received a mailer inviting me to the program.  I had to talk to about 4 or 5 different CSRs (none of them were helpful) until I decided to write to the CEO.  My letter resulted in a call back from someone at their corporate offices who offered me entry into the program.

 

 


 

Just to update my experience.

 

I couldn't overcome my desire to get another AMEX product Smiley Happy  I mean, my AMEX chargeoff was is 2003 and I have a near 800 FICO (PSECU)....my situation has been so different since then and not being able to obtain AMEX has been a pain!

 

So, last month I attempted to apply for the Zync card.  Denied due to having a "recovery product".  So after discussing it with the CSR, I closed the Optima.  Yesterday I applied for the Green Card and was approved...I would prefer the lower AF Zync, but I thought it might be best to take a stab with another card.

 

If I had it to do all over again, I would have done it differently. 

1) If you don't have a great score, go the optima route...after your score is good enough for other products, DUMP the optima.

2) If you have a decent score, pay the debt in full and get a non recovery product instead.

 

From my experience, there is sure nothing magical about the 1 year mark.  Live and learn..

Contributor
Posts: 86
Registered: ‎06-14-2010
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Re: Amex Oasis - Updates/Experiences

This is great advice - thank you!

 

I have the optima recovery product as well, had it for about 2 years now.  I tried app'ing for BLUE this past spring and was declined for having an 'open active recovery product'.  After talking to multiple AMEX CSRs, I was advised that I had to close the Optima before apping for another AMEX product.  Like others have already mentioned, the Optima situation really seems to throw AMEX people for a loop.

 

He further advised me that I should probably wait a little more time before doing this.  They never pulled a bureau, but I suspect they know my EX score via account review soft inq's.  EX is my worst so this was no suprise to me. 

 

nonetheless, I was thankful for his advice to wait.  No sense in wasting an inquiry if he can pretty much tell me I won't get approved!

 

Plus, the way I understand it, once you close the Optima it can't be reopened.  So if I close it to app for a 'regular' AMEX product, and get declined, then i'm SOL!!!  And not statute of limitations, if you know what I mean...


Starting Score: 3/2010 - TU = 635 EQ = 620
Current Score: 10/2010 - TU = 699 EQ = 743 EX = 709 (LO pull)
Goal Score: 1,000,000


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New Member
Posts: 13
Registered: ‎05-27-2010
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Re: Amex Oasis - Updates/Experiences

[ Edited ]

 


cardmaster wrote:

This is great advice - thank you!

 

I have the optima recovery product as well, had it for about 2 years now.  I tried app'ing for BLUE this past spring and was declined for having an 'open active recovery product'.  After talking to multiple AMEX CSRs, I was advised that I had to close the Optima before apping for another AMEX product.  Like others have already mentioned, the Optima situation really seems to throw AMEX people for a loop.

 

He further advised me that I should probably wait a little more time before doing this.  They never pulled a bureau, but I suspect they know my EX score via account review soft inq's.  EX is my worst so this was no suprise to me. 

 

nonetheless, I was thankful for his advice to wait.  No sense in wasting an inquiry if he can pretty much tell me I won't get approved!

 

Plus, the way I understand it, once you close the Optima it can't be reopened.  So if I close it to app for a 'regular' AMEX product, and get declined, then i'm SOL!!!  And not statute of limitations, if you know what I mean...


 

Yeah, its kind of a mess of a program for sure.  I got to the point that I was willing to loose it...it's been an unused "toy limit" card for me with the only benefit being the backdated 2000 effect.  Even if they denied me, I would have still reaped the member since 2000 AAoA effects for 10 more years. 

 

So when my new Green card arrives, I will not only have the closed Optima adding 10 years of AAoA effects, but the new one as well. Very little risk with lots of potential reward for me.

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