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New Contributor
Posts: 58
Registered: ‎09-26-2011
0

Amex settlement oasis question

http://www.consumerismcommentary.com/american-express-capital-one-and-discover-refunds-total-435-mil...
How does this affect us that are in oasis? Do we get pre approvals for new cards or refunds? I would like a higher limit nothing more.
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Amex settlement oasis question

Wow this is big news....I paid them $3000 to clear the debt and get the card but as soon as I paid the account off the updated my CRA with CO for the previous 8 months didn't help my score as much as I hoped for.
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New Contributor
Posts: 58
Registered: ‎09-26-2011
0

Re: Amex settlement oasis question

Do you still have your optima card? In January it will be 12 months with mine. Never over limit and never late. I really don't want a refund as I did owe them the money I would like either a higher limit or PC to a different card. I guess we will just have to wait and see.
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Amex settlement oasis question

I got mine in march or February I can't remember but I agree a cli or pc would be great
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New Contributor
Posts: 58
Registered: ‎09-26-2011
0

Re: Amex settlement oasis question

I am a bit concerned if I contact Amex they may issue a refund and then close the account. I think ill send a generic email and ask what options they have. My account was backed to 2000 and I only have 2 credit cards along with a auto loan. I am still in the rebuilding stage.
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Amex settlement oasis question

Yeah that sounds like a good idea keep us updated as im curious as to where this goes
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New Contributor
Posts: 58
Registered: ‎09-26-2011
0

Re: Amex settlement oasis question

After calling the exective line it turns out a seperate department is handling this matter. They will notify people by mail in the upcoming weeks. He did say that right now it is not possible to increase the limit on oasis cards as they are "hard coded" in their system. I am hope full if I write a letter maybe I can get a higher limit or PC instead of a refund.
Established Contributor
Posts: 826
Registered: ‎05-05-2010
0

Re: Amex settlement oasis question

Amex is being fined becasue they were not clear in their collection practices by not declosing the repercustions of settled balance with them and how it will effect their future credit decisisions. They were also fined by stating that paying a balance will have positive reflection on their credit report, even though it fell off their report due to age.

 

From my understanding the Amex settlement will affect people under the following circumstances:

 

1) If someone applied and was denied a card because they settled a debt for less then what was owed.

 

2) If someone applied and was denied a card because they settled a debt for less then what was owed and they paid the remaining balance.

 

3) If someone paid their Amex Card based on what was told to them regarding their credit report.

New Member
Posts: 6
Registered: ‎03-14-2013
0

Re: Amex settlement oasis question

I received a $100 check from Amex because of the CFPB enforcement the other day and then yesterday, I received an application to apply for the Amex Optima.  The app states that credit line increase is not possible for 36months and the limit would be from $500 to $1000. 

I had a charge off in 2007 of $7k and received a 1099c because of it. 

Should I apply for the Optima even though theres no guarantee I will get approved? 

Established Contributor
Posts: 826
Registered: ‎05-05-2010
0

Re: Amex settlement oasis question

From my understanding the application you received was a pre approved application.
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