Reply
Established Contributor
sjt
Posts: 629
Registered: ‎05-05-2010

Re: Amex Optima/Oasis program


Mumford1310 wrote:

**Official Update***

I called the backdoor executive office this morning, and flat out asked. "Does AMEX issue new products to current customer of the Optima card program?"  The representative replied from her understanding they do not.  She said she will call over to new accounts to verify and will provide me an update on 1. Confirmation on if current recovery product holders are ineligible for new AMEX accounts 2.  Customarily how long should a customer wait after closing their Optima card to re-apply?

 

The representative was able to view, I had two years of on-time payment history and I PIF at every statement.  I'll provide an update shortly.  I'm going to get to the bottom of this.  I at least deserve a $200 credit limit on a AMEX Zync!!


Thank you!

 

FIW- I think that you should be able to apply for other Amex products while having an active Oasis Card. It makes no sense at all if they make you close the account prior to applying for another product.

 

Regular Contributor
ApexdvToo
Posts: 232
Registered: ‎06-01-2012

Re: Amex Optima/Oasis program

[ Edited ]

tinuviel wrote:

Congratulations and welcome back into the Amex family! :smileyhappy:

 

A lot of us have experienced bumps that have blemished our credit. I'm glad to hear that you're past the roughest patch and are on your way to rebuilding. Good for you -- you should feel proud of yourself!

 

As for your question, the date that is shown on the online portal is the date that Amex reports to the CRAs, so it sounds like they did backdate your card. You can always call them and ask them to send you a new card with the correct member since date on it. If any of this is not true because it's an Optima card, the CSR should be able to let you know.

 

Once again, congrats, and best wishes for your credit future.



Thanks for your response and sorry it took so long to update (I also needed to recreate my account here but hey: I'm back!)

 

Ok ... I've rang Amex twice since receiving my card requesting info on the Member Since date as my original account was 2008 and my Oasis card displays 2012.  Both times they stated they show it as 2008 which is good for the TL - the online account also shows "Member Since 2008" and I've let the old card remain on line as "cancelled" for fear of it generating a new Member SInce date.  I've been using the card as I have in the past ensuring that the util is back to 0% by the time they report: so far so good as it seems to have provided a slight bump in scores.  As of today, 6/1/2012 the new account is finally showing on my CRs with a date opened as 2008 and Paid As Agreed yay!  However, there is still a second TL for Amex listed as closed/charged off which I am sure is dinging.  Will Amex remove the old account eventually, thus leaving only the one, in-good-standing account?  As it is I have two Amex TLs listed: one good, one bad.

 

I also asked a bit more about Oasis: No, they will not approve an app for another card until the Oasis account is closed as it is a "recovery product", per the "Oasis-Chick" as I called her.  You may close it out at any time but once closed usual/normal/customary Amex qualification will apply.  Too, they do not offer a CLI nor will they convert the card to another type - it's basically locked in.  So I plan on leaving it as is and once all baddies are gone and I am looking pretty clean for at least 18-24 mos I'll move to another product.  Meanwhile, it will definitely help to have this TL for aging and no baddies.

 

Next up: I've sent a GW to Citi/Shell to remove one 30 and one 60 from 25 mos ago.  Other than those two baddies my Citi/Shell is clean with 0% util reporting.  I also have a New Millenium Visa paid CO and have sent a GW deletion.  Fingers crossed.  Third, I've sent a PFD to Macy's.  Fingers still crossed.  Fourth, I have a ~$2k CO from a Chase CC I should be able to pay off in two mos and will hope for a PFD from the CA, Portfolio Recovery.

 

Lastly, I have a $3610 CA (NCS) for a terminated lease two years ago (unfortunate).  Only the CA is listed and not the OC (apartment complex).  I'm wondering: should I offer to PIF with the OC as it is not listed as a sold debt or DV with the CA?  Or simply PFD with the CA?  I will be able to PIF in one pmt within the next three months so I don't want to budge anything until then however after reading through the forums I'm unsure of the best approach.  Suggestions very much welcomed :smileyhappy:

 

So that's it: these 5 items then I am good to go.  Currently, I have three CC's with good pmt history: the new Amex Oasis @ $1300 CL, a secured Visa @ $200 CL, Citi/Shell @ $200 CLwith those two baddies from ~25 mos ago.  At this rate I think it is acceptable to hope for ~650 FICO by the end of the year which is ~50 points and hopefully in two-three years start looking towards a mortgage ... yay!

 

I've learned a lot from you folks - Thanks all!

 

[EDIT] Yikes: I just realized my entire post does not really apply solely to the "Credit Cards" forum.  Apologies!

 

 


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010

Re: Amex Optima/Oasis program


ApexdvToo wrote:

tinuviel wrote:

Congratulations and welcome back into the Amex family! :smileyhappy:

 

A lot of us have experienced bumps that have blemished our credit. I'm glad to hear that you're past the roughest patch and are on your way to rebuilding. Good for you -- you should feel proud of yourself!

 

As for your question, the date that is shown on the online portal is the date that Amex reports to the CRAs, so it sounds like they did backdate your card. You can always call them and ask them to send you a new card with the correct member since date on it. If any of this is not true because it's an Optima card, the CSR should be able to let you know.

 

Once again, congrats, and best wishes for your credit future.



Thanks for your response and sorry it took so long to update (I also needed to recreate my account here but hey: I'm back!)

 

Ok ... I've rang Amex twice since receiving my card requesting info on the Member Since date as my original account was 2008 and my Oasis card displays 2012.  Both times they stated they show it as 2008 which is good for the TL - the online account also shows "Member Since 2008" and I've let the old card remain on line as "cancelled" for fear of it generating a new Member SInce date.  I've been using the card as I have in the past ensuring that the util is back to 0% by the time they report: so far so good as it seems to have provided a slight bump in scores.  As of today, 6/1/2012 the new account is finally showing on my CRs with a date opened as 2008 and Paid As Agreed yay!  However, there is still a second TL for Amex listed as closed/charged off which I am sure is dinging.  Will Amex remove the old account eventually, thus leaving only the one, in-good-standing account?  As it is I have two Amex TLs listed: one good, one bad.

 

I also asked a bit more about Oasis: No, they will not approve an app for another card until the Oasis account is closed as it is a "recovery product", per the "Oasis-Chick" as I called her.  You may close it out at any time but once closed usual/normal/customary Amex qualification will apply.  Too, they do not offer a CLI nor will they convert the card to another type - it's basically locked in.  So I plan on leaving it as is and once all baddies are gone and I am looking pretty clean for at least 18-24 mos I'll move to another product.  Meanwhile, it will definitely help to have this TL for aging and no baddies.

 

Next up: I've sent a GW to Citi/Shell to remove one 30 and one 60 from 25 mos ago.  Other than those two baddies my Citi/Shell is clean with 0% util reporting.  I also have a New Millenium Visa paid CO and have sent a GW deletion.  Fingers crossed.  Third, I've sent a PFD to Macy's.  Fingers still crossed.  Fourth, I have a ~$2k CO from a Chase CC I should be able to pay off in two mos and will hope for a PFD from the CA, Portfolio Recovery.

 

Lastly, I have a $3610 CA (NCS) for a terminated lease two years ago (unfortunate).  Only the CA is listed and not the OC (apartment complex).  I'm wondering: should I offer to PIF with the OC as it is not listed as a sold debt or DV with the CA?  Or simply PFD with the CA?  I will be able to PIF in one pmt within the next three months so I don't want to budge anything until then however after reading through the forums I'm unsure of the best approach.  Suggestions very much welcomed :smileyhappy:

 

So that's it: these 5 items then I am good to go.  Currently, I have three CC's with good pmt history: the new Amex Oasis @ $1300 CL, a secured Visa @ $200 CL, Citi/Shell @ $200 CLwith those two baddies from ~25 mos ago.  At this rate I think it is acceptable to hope for ~650 FICO by the end of the year which is ~50 points and hopefully in two-three years start looking towards a mortgage ... yay!

 

I've learned a lot from you folks - Thanks all!

 

[EDIT] Yikes: I just realized my entire post does not really apply solely to the "Credit Cards" forum.  Apologies!

 

 



Yay, indeed!!! :smileyvery-happy:

 

As for the old, CO'd account, take heart; everything bad on your reports will drop off eventually. It may take time, but it will age off.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Established Contributor
sjt
Posts: 629
Registered: ‎05-05-2010

Re: Amex Optima/Oasis program

Congrats.

 

Im hoping Amex will change their policy and let you apply for another product while you have the Oasis.

Regular Contributor
ReBuildingAgn
Posts: 193
Registered: ‎08-01-2008

Re: Amex Optima/Oasis program

Well I defaulted on 2 Amex accounts. Both are paid and I've been in OASIS for some years now. One of the COs actually deleted from my report. Not sure when. Probably a glitch as the other remains. Interestingly though, the one that remains is the one I paid off and received Oasis with. Not sure if that helps :\

;Starting Score: Low 500s FICO Aug 2008
Current Score: EQ 668 EX 723 TU 723 (All FICO)
Goal Score: 720s Across the Board! Almost there!

Cap1 NHR ($1250), GE Rooms2Go ($4k), WalMart Discover ($3250), Barclay's Rewards MC ($2k), Amex BCE ($5K), Kohl's ($1K), Chase Freedom ($3K), Discover More ($1K)
Established Contributor
sjt
Posts: 629
Registered: ‎05-05-2010

Re: Amex Optima/Oasis program


ReBuildingAgn wrote:

Well I defaulted on 2 Amex accounts. Both are paid and I've been in OASIS for some years now. One of the COs actually deleted from my report. Not sure when. Probably a glitch as the other remains. Interestingly though, the one that remains is the one I paid off and received Oasis with. Not sure if that helps :\


I have been hearing that once you pay off Amex and you are on the Oasis your other Amex tradelines fall off before the seven year SOL.

 

 

New Member
Videoguy
Posts: 8
Registered: ‎06-08-2011

Re: Amex Optima/Oasis program

1. CFPB orders American Express to pay $85 million refund to consumers harmed by illegal credit card practices:

 

Full repayment of an estimated $85 million to approximately 250,000 consumers:

These American Express entities will be paying their customers full restitution, specifically:

  • Consumers who were misled into paying old debt because they thought it would be reported to the credit bureaus will be reimbursed the money they paid plus interest.
  • Consumers who were promised their debt would be forgiven and who were denied new credit cards because the debt was not really forgiven, will receive $100 and a pre-approved offer for a new card with terms the CFPB and the FDIC find acceptable. If the consumer already paid the waived or forgiven amount in order to get a new card, they will be refunded that amount plus interest.
  • Blue Sky customers who were promised $300 for signing up will get their $300.
  • Consumers who paid an illegal late fee will be reimbursed, with interest.

 

2. I just received this letter from AMEX with $100 check:

 

Dear ……………

 

 

We invite you to apply for the Optima Card from American Express. This opportunity is in connection with a settlement solicitation, which did not clearly disclose that a settlement could prevent you from being approved for a new account with us in the future. This is in response to an enforcement action by the Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau regarding this issue.

 

Your attached application will be approved unless we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account, or we receive the application after 04/25/2013.

 

As required by federal regulation, when you apply, we will evaluate your ability to make the minimum payment based on financial information you provide us, in relation to your debt obligations reflected in your credit report.

 

The credit limit on your account will be set at $500 or $1,000 based on our review of your credit worthiness. Your account will not be eligible for credit limit increase for 36 months following account opening. Any balance transfer, upgrade, or transfer to a different American Express Card will not be allowed.

 

0% lntro APR for 12 Months   No Annual Fee

 

The Optima Card has a 0% APR on purchases for the first 12 months and no annual membership fee. After 12 months, the APR for purchases will be Prime Rate+ 3.99%, currently 7.24%. The APR will be protected from exceeding the Prime Rate+ 3.99% for the first 36 months. The Optima Card allows you the flexibility to pay for your purchases over time.

 

Rewards Program with No Annual Fee                        

 

The Optima Card comes with the Membership Rewards program, included with no annual fee. So when you spend on eligible purchases, you can get points redeemable for incredible rewards. With rewards starting at just 1,000 points, you can be on your way to great rewards in no time. Or you can save up for something bigger because points have no expiration date. You can use points for gift cards, travel and more.

 

American Express Convenience and Service

 

The Optima Card is accepted everywhere American Express Cards are welcome by merchants worldwide. You will also have access to the exceptional customer service and benefits that come with Card membership.

 

Take Advantage of this Offer Now

 

Act now by completing the attached application and mailing to the address provided with the return envelope. Please note that this offer is available for a limited time only and will expire on 04/25/2013.  If your application is received after this  date, the application will not  be approved.

If you have any questions about this Card product or offer, please call 1-866-929-5168. Sincerely,

 

American Express Account Services

 

*Due toFederal action, customers who previously opted-out of solicitations were included in this mailing. We apologize for any dissatisfaction this may have caused.

Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010

Re: Amex Optima/Oasis program


Videoguy wrote:

1. CFPB orders American Express to pay $85 million refund to consumers harmed by illegal credit card practices:

 

Full repayment of an estimated $85 million to approximately 250,000 consumers:

These American Express entities will be paying their customers full restitution, specifically:

  • Consumers who were misled into paying old debt because they thought it would be reported to the credit bureaus will be reimbursed the money they paid plus interest.
  • Consumers who were promised their debt would be forgiven and who were denied new credit cards because the debt was not really forgiven, will receive $100 and a pre-approved offer for a new card with terms the CFPB and the FDIC find acceptable. If the consumer already paid the waived or forgiven amount in order to get a new card, they will be refunded that amount plus interest.
  • Blue Sky customers who were promised $300 for signing up will get their $300.
  • Consumers who paid an illegal late fee will be reimbursed, with interest.

 

2. I just received this letter from AMEX with $100 check:

 

Dear ……………

 

 

We invite you to apply for the Optima Card from American Express. This opportunity is in connection with a settlement solicitation, which did not clearly disclose that a settlement could prevent you from being approved for a new account with us in the future. This is in response to an enforcement action by the Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau regarding this issue.

 

Your attached application will be approved unless we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account, or we receive the application after 04/25/2013.

 

As required by federal regulation, when you apply, we will evaluate your ability to make the minimum payment based on financial information you provide us, in relation to your debt obligations reflected in your credit report.

 

The credit limit on your account will be set at $500 or $1,000 based on our review of your credit worthiness. Your account will not be eligible for credit limit increase for 36 months following account opening. Any balance transfer, upgrade, or transfer to a different American Express Card will not be allowed.

 

0% lntro APR for 12 Months   No Annual Fee

 

The Optima Card has a 0% APR on purchases for the first 12 months and no annual membership fee. After 12 months, the APR for purchases will be Prime Rate+ 3.99%, currently 7.24%. The APR will be protected from exceeding the Prime Rate+ 3.99% for the first 36 months. The Optima Card allows you the flexibility to pay for your purchases over time.

 

Rewards Program with No Annual Fee                        

 

The Optima Card comes with the Membership Rewards program, included with no annual fee. So when you spend on eligible purchases, you can get points redeemable for incredible rewards. With rewards starting at just 1,000 points, you can be on your way to great rewards in no time. Or you can save up for something bigger because points have no expiration date. You can use points for gift cards, travel and more.

 

American Express Convenience and Service

 

The Optima Card is accepted everywhere American Express Cards are welcome by merchants worldwide. You will also have access to the exceptional customer service and benefits that come with Card membership.

 

Take Advantage of this Offer Now

 

Act now by completing the attached application and mailing to the address provided with the return envelope. Please note that this offer is available for a limited time only and will expire on 04/25/2013.  If your application is received after this  date, the application will not  be approved.

If you have any questions about this Card product or offer, please call 1-866-929-5168. Sincerely,

 

American Express Account Services

 

*Due toFederal action, customers who previously opted-out of solicitations were included in this mailing. We apologize for any dissatisfaction this may have caused.


My wife received the same thing. She already mailed out the application. She settled her AMEX account in 2006 and filed BK in 2008. She has re-established enough credit since then. She does "have the financial capacity to make the mininum payment on this new Optima Card account."  Her highest credit card limit is 16K. Waiting to see what happens. Not holding my breath on this one....lol. 

Total CL's combine: $141,800.
Contributor
Zelaya
Posts: 106
Registered: ‎03-05-2013

Re: Amex Optima/Oasis program

Hey TATATA, do you think Amex will consider your wife application  even though she filed for BK. I'm curious as well....I also received the same letter, keep us posted.

Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010

Re: Amex Optima/Oasis program

[ Edited ]

Zelaya wrote:

Hey TATATA, do you think Amex will consider your wife application  even though she filed for BK. I'm curious as well....I also received the same letter, keep us posted.


She was approved for a whopping $500. Will use it to keep it alive for 3 years and see if she can qualify for a regular card then. 

 

Total CL's combine: $141,800.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+