Credit Cards

[R92BLAMEX]

Hello All:

I was wondering if anyone in this forum could shed some light on the fact that back in 1995 I opened an AMEX account.  I had the account for 2 years and then it went R-9, hence the account was then paid off by me and then closed by AMEX in 1997 becuase of the R-9 status.  I have not had any interaction with AMEX since then.  Now that I am no longer in college, much older and more responsible with my finances, I have since been able to establish a long standing credit history multiple credit card accounts, mortgage companies, banks, etc.  Therefore, I am wondering if i  were to go and apply for an AMEX card today if they would consider me for approval?  Would the closed account from 10 yrs ago that went R-9 that they were fully paid on be an issue now?  I Own real estate, have a mortgage that has never been late, i have a 710 FICO and no balancees on my 13 revolving credit accounts.  Any thoughts?

I would hate to make the request and not be approved.

[haulingthescoreup]

For those of us who don't have the derogatory code list handy, what's an R-9?

[Timothy]

R- Revolving (usually a credit card)
I - installment (like home or auto loan)

R1 or I1 = pays as agreed never late
R2 or I2 = 30 days late
R3 or I3 = 60 days late
R4 or I4 = 90 days late
R5 or I5 = 120 days late
R7 or I7 = making regular payments under wage earner plan
R8 or I8 = repossession
R9 or I9 = charge off

[FretlessMayhem]

Assuming you are talking about a charge off (I have no idea), you could call them and ask to be invited to the Oasis program. They will give you a card with history back to 95 (free 13 year history), and a CL of half of the charged off amount. I believe a member had posted about being able to get different Amex cards after a year with the Oasis Optima card, but could be mistaken.

I personally think that the Oasis program is brilliant. Amex gets their old debt back, and the consumer gets a new card with a lot of history, plus the removal of the derogatory info from CRs, so everyone wins.

[haulingthescoreup]

I think it was a paid charge-off, if I read correctly. OP, did you pay the original debt in full, or did you pay a negotiated lower amount?

So Oasis people, will AmEx offer Oasis if you don't owe them any money? in the fine commercial tradition of "what's in it for me..."

[cheddar]

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haulingthescoreup wrote:
I think it was a paid charge-off, if I read correctly. OP, did you pay the original debt in full, or did you pay a negotiated lower amount?

So Oasis people, will AmEx offer Oasis if you don't owe them any money? in the fine commercial tradition of "what's in it for me..."

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Unfortunately, no.  I specifically asked Amex about this on behalf of a friend of mine who had a paid CO, and they told me the Oasis program doesn't apply if the CO is already paid.

[FretlessMayhem]

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cheddar wrote:

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haulingthescoreup wrote:
I think it was a paid charge-off, if I read correctly. OP, did you pay the original debt in full, or did you pay a negotiated lower amount?

So Oasis people, will AmEx offer Oasis if you don't owe them any money? in the fine commercial tradition of "what's in it for me..."

---

Unfortunately, no. I specifically asked Amex about this on behalf of a friend of mine who had a paid CO, and they told me the Oasis program doesn't apply if the CO is already paid.

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Just curious...If the CO is paid, does that preclude someone from getting another Amex?

[cheddar]

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FretlessMayhem wrote:

Just curious...If the CO is paid, does that preclude someone from getting another Amex?

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Great question.  I'd be interested in knowing the answer to this, too.

[concorduser]

I would say OP should apply for Delta and see what happens. Worst case one hard inq. But I think chances are good. I got Platinum when I paid off my old account in full. Again that is a different story.