AMX offer new card if old amount is paid

[Anonymous]

I recently recieved a letter rom AMX offering a new Optima card is I paid off a very old balance. The account has matured beyond the 7 yr limit and is no longer reflected on my CB reports. Will paying this account and subsequently having it showed Paid in Full have an adverse effect on my score????

[SmartCookie]

---

Chuck wrote:

I recently recieved a letter rom AMX offering a new Optima card is I paid off a very old balance. The account has matured beyond the 7 yr limit and is no longer reflected on my CB reports. Will paying this account and subsequently having it showed Paid in Full have an adverse effect on my score????

---

Search the boards for AMEX OASIS.  It's a good program, only 1 person on this board has had any sort of issue... and it was not the issue you are concerned with.

Nope, they do not re-report the old negative information.   I was concerned too, and asked the same... and they kept their word.

But when you get your new card, it will re-establish the age of your old defaulted account.  That's a good thing.  And again no, they do not put in anything related to your settling the account or old derogs etc.

It's a great marketing program for them, OASIS.  Gets people who are past SOL to give AMEX their money back and risk nothing by the 50% credit limit they give you.  Brilliant, really.

[Anonymous]

So again, you do not believe that they will begin the derog reporting again? That sounds good. My amount was 876.00 so what kind of a CL do you think they'll give me?

[SmartCookie]

---

Chuck wrote:

So again, you do not believe that they will begin the derog reporting again? That sounds good. My amount was 876.00 so what kind of a CL do you think they'll give me?

---

So far there has not been 1 case of that happening, so yes.  I did it myself... if I was leeryt I would not have but I felt they were honest about it, especially with their name.

You get 50% of your default amount as your CL if you are in the OASIS program.   Rread the threads on it, very interesting.  Will tell you all about any fees and the type of card, how to get another card... all that.

[Anonymous]

I received a settlement offer in the mail too.  We're going to be buying a home in the next few months, and my scores should just be pushing 700 (just paid off all revolving cards, so Utilization dropping from 41% to 5%).  I wasn't even thinking of contacting AMEX on this until after we did financing for fear of:

1. Having the old debt pop back up on the credit reports
2. Having scores drop due to new credit added

But it sounds like both are covered.  If they don't dredge back up the old settlement, that takes care of issue #1, and if they associate the date with the date the original card was opened, it will increase the ageing by a good amount (I opened my AMEX about 15 years ago - current average age is 3 years).

Can anyone think of any downsides?

[Anonymous]

no real downsides-

But I would not roll the dice unless it's limited time offer.

[jackg]

Hey Smart Cookie,

Based on your experience with the AMEX Oasis program do you know if they would make an offer/accept an offer if I IIB'd my account in May 06?

[Anonymous]

Just to further clarify some of the news about the OASIS program that has been going around on the board, I just add a single fact.

Cardmembers that pay their Outside Agency account balance in full, will be offered a new Optima card with a Line of Credit of fifty percent of the payment on the delinquent account or $5,000 whichever is lower.

Just so those people with delinquent balances of over $10,000 aren't operating under the assumption you can get higher than $5,000.

[SmartCookie]

They blacklist for BK so I doubt it but give them a call and see.

There are 3 OASIS numbers and any one of them might have your account, so you might need to actually call all 3.  It's ok to give these numbers your SSN if you want them to check what they show... but it might give you a soft INQ.

888-232-3261

800-843-2273

800-700-7619