Optima info

[Anonymous]

In 2003 I got a Amex green card.  I used it so much (and paid it off every month) that they moved me up to the gold card.  Since my daughter was in college, I had a card for her.  Unfortunately she ran up a huge bill (ours and hers together one month was about $4700 one month.  We got it off paid off.  Later that year after some home repair purchaes on the card, we ran into severe financial trouble.  I had trouble paying the $2400 bill off.  They turned it over to a collection agency who worked with me to pay the bill off.  Aferwards Amex offered me the Optima card in June, 2006.  We had went into a DMP before then  and CCCS said it was OK if I accepted their offer.  The CL is $800.  As we are still in recovery from those extremely difficult months, the balance usually hovers around the CL.  I make regular payments.  I've  asked a couple of times for CL increase, but they refused.  I still have the derog info about the gold card on my CR, but they have removed the card from my managing my cards online account (it stayed for about a year).  I've seen some info here on the forums about Optima, but I'm still not clear why Amex offered me this card (I am very grateful they gave me another chance!!!). How do you get moved up to another card, and is it possible to get Amex to remove the negative info from my CR?  My credit scores are 630 - 635.  Thanks for your help!! 

[SmartCookie]

You should call the OASIS department at AMEX.

Sounds like you dealt with NCO and actually were a part of the program.  Once you paid off the debt, they give you a CL of half your original debt... up to a 5k max.  That will be an Optima card but not the standard one.  This Optima is not convertable and cannot get CLIs.  Usually as a part of the program, all derog info is wiped once you pay the original debt off.  Tell them they did not do this for you.

Once that is done, you can consider re-applying for another AMEX card. 

[Anonymous]

The CA was United Recovery Systems, and the guy I worked was actually (very unusual for for C rep)very nice to me. 

Do you think it is possible to get Amex to remove the negative information about this account from my CR?  It lists the month (July, 05 - the month of the $4700 bill) ) as a key derogatory.  It's hurting my score bad.  Should I try a GW for that then apply for another card?  Thanks!! 

[Red1Blue]

Hi scarlu, you can call them ask them about Oasis program. I just paid off my old charged off debt with Amex and they are sending me a Oasis card with $5k CL. Call both amex and your CA and ask them to give you Oasis Card.

[Anonymous]

Thanks!  What is the OASIS program?  Does entering that program remove the negative info about the original account?  Below is what I want removed from my CR's.  Is this possible?  Thanks for your help!

EX:

Payment Status:  Paid, was a collection account, insurance claim or government claim or was terminated for default 

Comments:  Credit line closed-grantor request-reported by subscriber

EQ – lists July, 05 as key derogatory

Payment Status: At least 120 days or more than four payments past due 

Comments:  PAID COLLECTION ACCOUNT CLOSED BY CREDIT GRANTOR

TU:

Payment Status:  Payment after charge off / collection 

Comments:  Canceled by credit grantor

[Anonymous]

Question - I have the Optima - similar situation when NCO called & I paid it, they offered the $1k limit but there is no derogatory on my CC.

Am I better off to just get rid of their card?  Will they ever give me a regular AMEX?  I've had it for a little over a year, it's down to 25% util at the moment and will get down further, but I only want to use it for Credit Secure...

I've paid extra on car & both CC but they aren't all showing yet on my report so I'm hopeful the scores even though FAKO will climb...

Thanks for any advice!

FAKO 1/2/08

EX - 659

EQ - 634

TU - 635

[Red1Blue]

Hi Beach, dont get rid off the oasis card. They issue the card with date of your original card and it helps your age of accounts with fico. You can always apply for another amex card. Once you have oasis card and maintain it well for few months, you can call amex and get their regular card.

[Red1Blue]

Hi Scarlu, yes the will remove negative info from your CR and also issue the new optima card with 1/2 the amount you paid off with the original date when you opend your old card. That will give you a good boost for your credit score. search in this forum for oasis. You'll find lot of information on the card.

[haulingthescoreup]

scarlu, you have posted this on General Credit, which kicks around a lot of stuff like how to attack your credit problems and what to do with CRA's and CA's. There is actually a whole lot of chatter about Oasis over on the Credit Cards forum. Although you're getting good responses here, there are a lot of names that I would have expected to see popping up here, who are in the Oasis program and know a lot about it.

Would you like me to move your thread over to Credit Cards?

[Anonymous]

Sure, thanks for your help!