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Regular Contributor
Posts: 183
Registered: ‎04-17-2007
0

Re: How does Amex work?

I called customer service today just to ask some questions since I'm a new card holder, and I agree that the service is quite good. 
Valued Member
Posts: 39
Registered: ‎04-29-2007
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Re: How does Amex work?

I once had an AMEX card back. I had more than 2500 on the card. Missed payments for a couple of months. they closed my accounts but I paid them all back very quickly may be a few months after defaulting.
7 years later I applied for the same card and they did approve me for it..with a 1000$ limit though
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: How does Amex work?

inzaghi,

 

Keep it paid, then call up customer service and pick their brains every couple of months. Ask 'em what they look for before making another CLI. Ask 'em which card might have a higher limit. Ask 'em around what FICO score they would consider you for another card. AMEX reps by and large are NOT automatons.

Valued Member
Posts: 34
Registered: ‎04-29-2007
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Re: How does Amex work?

Noah,
 
   Had an Amex about 16 yrs ago and defaulted... do u mean to say someone in this situation can NEVER get anothe Amex card?
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: How does Amex work?

For the most part, AMEX won't ever issue to you. I know they keep meticulous records like Cap 1. Not sure how far they go back, but odds are good they go back 16 years or more.

 

Friend of mine who works at AMEX told me, circa 2002, that AMEX had customers who in the past had defaulted on accounts, years went by, and later had been issued a card. Pattern had at times repeated over and over. Card member, originally, since 1974, but 2 BKs and 3 cards later, had an account in good standing.

 

For the most part, today, I hear two things about AMEX.

 

1) By and large, if you defaulted in the past they won't issue you a card until you settle up. Thru their Oasis program, you can settle up and get an AMEX Optima card. As I understand it, assume you defaulted on $2400, then they'll issue an Optima for $1200. Keep it paid current, and in short order they'll start offering you CLIs and better cards.

 

2) It appears that at least some, today, are getting AMEX cards issued despite having an account on which they defaulted in the past. Scores in the 700s, or at least high 600s, appear to be needed.

Regular Contributor
Posts: 183
Registered: ‎04-17-2007
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Re: How does Amex work?

I will have some news to share in a few days.
Contributor
Posts: 86
Registered: ‎05-12-2007
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Re: How does Amex work?

I got my first AMEX in 1989 through a flyer at my college. Used it for minor purchases and was upgraded to Gold after graduating. Got into big financial trouble 2 years later during the recession and I stopped paying AMEX and had a balance on it for over $1200. Was declined once in a store, so the clerk called and the AMEX person said they are never going to approve any more purchases I make, and my account would be summarily closed and I would be hearing from their collections department.
 
I BK'd in 1995, but I have been dilligently trying to rehab my score, and I am back around 620 at EQ, TU and EX. For laughs, I applied online for a green card yesterday, and I got it! I will get my card next week, and I will update you all on my spending limit and other information.
 
 
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: How does Amex work?



Phouchg wrote:
I got my first AMEX in 1989 through a flyer at my college. Used it for minor purchases and was upgraded to Gold after graduating. Got into big financial trouble 2 years later during the recession and I stopped paying AMEX and had a balance on it for over $1200. Was declined once in a store, so the clerk called and the AMEX person said they are never going to approve any more purchases I make, and my account would be summarily closed and I would be hearing from their collections department.
 
I BK'd in 1995, but I have been dilligently trying to rehab my score, and I am back around 620 at EQ, TU and EX. For laughs, I applied online for a green card yesterday, and I got it! I will get my card next week, and I will update you all on my spending limit and other information.
 
 



I assume you included Amex in your BK back in 95? Interesting you got approved if so. Amex never forgets and I thought the only option to get back in their good graces was via the Oasis program.
Contributor
Posts: 86
Registered: ‎05-12-2007
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Re: How does Amex work?

[ Edited ]
actually, it was not included in the BK since I had paid off the balance in 1993 thanks to a loan from my mother (yes I did pay her back eventually!).
 
That old account is still listed on my EX, but it shows as satisfactory, paid as agreed. So perhaps even if you get on their bad side, as long as you settle up you will eventually be forgiven. It may take a decade or so, however...
 
BTW, they only pulled EX when I applied. I am hoping that a few months of careful use (I intend to use it mostly for hotel and rental car as I will be traveling about 15 nights in the next couple of months) will really help jack up my scores. Right now my big issue is debt utilization, but I am in the midst of refinancing my CC debt and should have it all paid off by December.
 
What is this "OASIS" program???
 
 
 


Message Edited by Phouchg on 05-12-2007 08:49 AM
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: How does Amex work?

American Express Oasis Program
888-232-3261
 
The Oasis program is for previous AMEX card holders with charged off AMEX accounts. If you never had an AMEX before, you do not qualify.

It doesn't do you much good though as you paid off your old account.
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