topic Re: Graduation from AMEX Optima Oasis in Credit Card Approvals

Graduation from AMEX Optima Oasis

Anonymous — Tue, 11 Aug 2020 13:13:11 GMT

Hello, I'm new to posting here, so my apologies if I'm posting in the wrong forum!

I've perused the myFICO forums for a few years now to read advice about credit cards I was interested in and have recently used it to figure out what to do with my AMEX Optima Oasis card. If you're not familiar, the Optima Oasis card is one that is offered by AMEX typically after someone has their account(s) cancelled and/or settled. The card is essentially a way to prove to AMEX that you are responsibile enough to have one of their cards again. If you'd like to skip all the fluff about my personal story with this card, please go all the way to the bottom of this post to get the condensed details.

Long story short, in 2015 I opened three credit cards. Back in 2017 I ran all three of them up the wazoo while I was unemployed in NYC for about 9 months as a result of a redundancy. These are the balances I carried toward the end of my unemployment;

Bank of America Cash Rewards Visa ~$4,000 (maxed out)
AMEX Everyday Card ~$3,000 (maxed out)
AMEX Gold Card ~$6,000

At the time, I could only pay my minimum balances to make ends meet. Thankfully, my Bank of America card is still open to this day -- I called them and they were very empathetic and understanding and gave me a reasonable repayment plan -- and it is now paid off. Both of my AMEX cards, on the other hand, were cancelled on their part because I simply wasn't paying enough for them (I don't blame them!). The AMEX cards were sent to two separate collections agencies and, after I got a job again, I was able to settle both debts over the course of about six months. Both settlements came with a reward: if I could settle my debt within the agreed settlement timeframe, AMEX would consider offering me an Optima Oasis credit card, but I could only have one card (even though I settled two separate accounts). I found a few posts about this card on this forum and ended up accepting the offer, mainly because I understood that I'd likely be on AMEX's black list for years if I didn't. I received the application in the mail about a week after I submitted my last payment. The application was relatively short and came with a letter with the cardmember agreement. The card offered a $900 credit limit (which was effectively 1/10th of my total debt owed), a $49 annual fee (charged immediately of course), a 25.99% APR, and literally no way to earn MR points or any other rewards. You can find the full cardmember agreement here. I wasn't happy about the annual fee, but I suppose that was the price of getting back into AMEX's good graces. I didn't care about the APR because I intended to pay my balance in full each month and never carry a balance, basically using it as my debit card. About a month after I mailed in my application, AMEX notified me via e-mail that my Optima Oasis card was approved and it was delivered about a week later. The card was actually very pretty and kind of old-school AMEX style in design. You can see it at the very bottom of this page.

I've had this card for 1 year and 9 months. In the verbal agreement that was read to me over the phone by a representative of the collections agency after I expressed interest in being considered for the recovery program, it was explained that I could apply for a CLI and/or a new card after 12 consecutive months of on-time payments. It also said this in the letter I received with the application. That being said, I have tried to get a CLI four times now after my one year mark. Once at exactly one year, then at 1 year and 3 months, then at 1 year and 6 months, and finally again last week (1 year and 9 months). The first two times I used the automated dial-in number on the back of the card and tried to request a CLI in the prompts and was promptly denied both times because of my credit score. The third time I tried, about 3 months ago, I called and asked to speak with a representative and had them perform a CLI request for me and was once again denied. They of course cited my credit scores, which have been consistently at:

EX 658 (this was the score they used in their snail mail letter to me saying why I didn't receive an increase)
TU 723
EQ 739

In terms of my credit profile:

$65,000/year salary
0% utilization for both my cards
99% payment history (One 30d late payment on my BofA visa)
$14,275 in one federal student loan (in forebearance now, but have been paying ~$200/m steadily for 9 years now with no missed payments)
0 derogatory marks

I was very frustrated that I was stuck with this card, so I figured maybe I could just apply for a different AMEX card and they'd let me in that way. I bit the bullet and applied for an Everyday card, which I've had before, and was immediately denied with a soft pull. Frustrated even more, I figured AMEX just hated me so I decided to take the plunge and apply for an Apple Card and, to my delight, I was approved for a $2,500 limit with a 21.99% APR (again, I don't care because I pay in full) with a hard pull, of course.

Last week I asked for a CLI on my Apple Card (3 months in) and they gave me an addition $500. Right after that, I figured I'd try again with AMEX (which happened to be my 4th time trying for a CLI, waiting 90 days in between) but this time via online chat. Sidebar: I don't know if this is a thing unique to Optima Oasis cards, but trying to access live chat on the desktop website results in a disconnection after sending your second message every single time, no matter what browser or device (on both my mac and PC). They really make you feel like you're left on Oasis island with no benefits or help at all... Thankfully, live chat via the AMEX iphone app works. In the chat I was told flat out that my "current card is ineligible for a Credit Limit increase request", which was the first I've heard of that being the case, but that certainly explained my previous CLI denials with AMEX. Now, I didn't want to be stuck on Oasis island with no rewards and an annual fee forever, but I also didn't want to close the card if that means I couldn't get another AMEX... so I did some more digging online and found this specific comment on a Reddit post which was from a user in the same situation. They explained that applying for a pre-qualified offer was successful, so I decided to give that a try. I logged on to the AMEX website and clicked "Check for Pre-Qualified Credit Cards" and saw the Gold card, the Green card, and the Blue Cash Everyday card. I ended up going with the latter as I'm not interested in an annual fee and I also didn't think they'd approve me for another Gold card. Upon clicking "apply", I was brought to a short application screen where some of my information was automatically filled in (since I was logged in) and the top of the page read "[my name], you're pre-approved!". I kind of thought it was too good to be true, but I hit apply and viola! I was at last approved for a $1,000 card with no annual fee.

The card arrived today and I've just cancelled the very useless Optima Oasis card. The card reads "Member since '15" which is also nice. I feel so happy to be back as a real AMEX member, now able to benefit from cash back rewards and no annual fee. These are now in my wallet, all at 0% utilization come statement time;

Bank of America Cash Rewards Visa $4,000 limit
Apple Card Mastercard $3,000 limit
AMEX Blue Cash Everyday card $1,000 limit

I'll try to change my Blue Cash Everyday back to a regular Everyday card in a year's time if they allow it. If not, then I'll probably change my Bank of America Cash Rewards card to a Travel Rewards card because my other two are also cash based, but I'll see how I go...

TL;DR -- Optima Oasis Facts

The Optima Oasis card is invitation only, for those who are trying to get back into AMEX's good graces after an account cancellation or settlement
The card's credit limit will be significantly lower than what you've previously had across your AMEX accounts, mine was $900 (10% of what I previously owed)
The card is ineligible for CLIs point blank period
There is a $49 annual fee and high (20+%) APR with literally no rewards
You cannot earn MR points or any other kind of rewards, but you do have access to AMEX-specific benefits
You can use the card with ApplePay and other mobile wallet apps, but it does not seem to work with Venmo or CashApp
After 12 calendar months, you can apply for another card (soft pull)
You do not have to close your Optima Oasis card to apply for another card
AMEX will most likely decline your application to a card you've previously had that was closed by them/sent to collections, so I would suggest applying for a different card altogether
Your membership will still be backdated (cosmetically, on the card, not the account on your credit profile), so my Optima Oasis card as well as my new Blue Cash Everyday card both read "Member since '15" which is when I first opened my AMEX account, even though I received these cards in 2018 and 2020, respectively.

I really hope this helps! If anyone has any questions relating to the Optima Oasis card, please feel free to comment or PM me and I'll try to answer :-)

Re: Graduation from AMEX Optima Oasis

gdale6 — Tue, 11 Aug 2020 13:29:13 GMT

Grats on getting the unsecured AMEX card and welcome to the board

Re: Graduation from AMEX Optima Oasis

ccquest — Tue, 11 Aug 2020 13:50:02 GMT

Congrats on getting back into their good graces and getting the unsecured card. And also on the Apple Card.

Is there anything unique reporting on EX that's got your score there so much lower than the others? If you're interested in playing point games prior to your next CLI attempt (61 days, go for $3k), look into AZEO but don't worry too much about it otherwise.

Re: Graduation from AMEX Optima Oasis

Anonymous — Tue, 11 Aug 2020 15:15:44 GMT

@ccquest wrote:
Congrats on getting back into their good graces and getting the unsecured card. And also on the Apple Card.

Is there anything unique reporting on EX that's got your score there so much lower than the others? If you're interested in playing point games prior to your next CLI attempt (61 days, go for $3k), look into AZEO but don't worry too much about it otherwise.

To be honest with you, I think they just hate me LOL. There appears to be an inquiry on here that I didn't ask for so I'll have to dispute that. And then there are 3 late payments as opposed to the 1 on my TU and EQ scores. I'm assuming they're from the two AMEX cards that went into collections? I'll have a look at my credit report when it's available again. Other than that, I don't see anything else that's different from my other scores.

Re: Graduation from AMEX Optima Oasis

ccquest — Tue, 11 Aug 2020 14:18:27 GMT

In case you didn't know already, you can request weekly from annualcreditreport.com through April 2021 right now. Could help you get on top of it sooner rather than later.

Re: Graduation from AMEX Optima Oasis

blindambition — Tue, 11 Aug 2020 14:18:31 GMT

Welcome to the forums OP!! That's quite a story!!

Congrats on getting another Amex card. Can whatever negative on EX be addressed? Amex uses EX for CLI, until that score is improved, my guess is no CLI. Just my opinion!

Continued success! You've come far in your rebuild.

Re: Graduation from AMEX Optima Oasis

Red1Blue — Tue, 11 Aug 2020 14:52:36 GMT

I am not sure if I read all your message. Quick questions. Did you Optima Graduate ? When did you get the card ? Did you apply for any other Amex product and got approved? I have received my Optima card last month and going to wait or 11 more months to graduate. I read your message again and you got BCE approved. Congrats.

Re: Graduation from AMEX Optima Oasis

CreditAggie — Tue, 11 Aug 2020 14:42:01 GMT

Congratulations on your Amex BCE approval!

Re: Graduation from AMEX Optima Oasis

AllZero — Tue, 11 Aug 2020 14:45:04 GMT

Congratulations on your success!

Re: Graduation from AMEX Optima Oasis

Anonymous — Tue, 11 Aug 2020 15:18:18 GMT

@ccquest wrote:
In case you didn't know already, you can request weekly from annualcreditreport.com through April 2021 right now. Could help you get on top of it sooner rather than later.

I didn't know that, thank you! I'm gonna go ahead and do that now and see what can be done. I know that scores can vary across different bureaus, but I did find it very odd that my EX was so much lower in comparison to my other 2.

@blindambition wrote:
Welcome to the forums OP!! That's quite a story!!
Congrats on getting another Amex card. Can whatever negative on EX be addressed? Amex uses EX for CLI, until that score is improved, my guess is no CLI. Just my opinion!
Continued success! You've come far in your rebuild.

Yeah, I fear that as well, but I'll be looking into my EX report today and will hopefully be able to find out what's going on with that score.

Re: Graduation from AMEX Optima Oasis

Harvey26 — Tue, 11 Aug 2020 15:23:47 GMT

@Anonymous wrote:
Hello, I'm new to posting here, so my apologies if I'm posting in the wrong forum!
I've perused the myFICO forums for a few years now to read advice about credit cards I was interested in and have recently used it to figure out what to do with my AMEX Optima Oasis card. If you're not familiar, the Optima Oasis card is one that is offered by AMEX typically after someone has their account(s) cancelled and/or settled. The card is essentially a way to prove to AMEX that you are responsibile enough to have one of their cards again. If you'd like to skip all the fluff about my personal story with this card, please go all the way to the bottom of this post to get the condensed details.

Long story short, in 2015 I opened three credit cards. Back in 2017 I ran all three of them up the wazoo while I was unemployed in NYC for about 9 months as a result of a redundancy. These are the balances I carried toward the end of my unemployment;
Bank of America Cash Rewards Visa ~$4,000 (maxed out)
AMEX Everyday Card ~$3,000 (maxed out)
AMEX Gold Card ~$6,000
At the time, I could only pay my minimum balances to make ends meet. Thankfully, my Bank of America card is still open to this day -- I called them and they were very empathetic and understanding and gave me a reasonable repayment plan -- and it is now paid off. Both of my AMEX cards, on the other hand, were cancelled on their part because I simply wasn't paying enough for them (I don't blame them!). The AMEX cards were sent to two separate collections agencies and, after I got a job again, I was able to settle both debts over the course of about six months. Both settlements came with a reward: if I could settle my debt within the agreed settlement timeframe, AMEX would consider offering me an Optima Oasis credit card, but I could only have one card (even though I settled two separate accounts). I found a few posts about this card on this forum and ended up accepting the offer, mainly because I understood that I'd likely be on AMEX's black list for years if I didn't. I received the application in the mail about a week after I submitted my last payment. The application was relatively short and came with a letter with the cardmember agreement. The card offered a $900 credit limit (which was effectively 1/10th of my total debt owed), a $49 annual fee (charged immediately of course), a 25.99% APR, and literally no way to earn MR points or any other rewards. You can find the full cardmember agreement here. I wasn't happy about the annual fee, but I suppose that was the price of getting back into AMEX's good graces. I didn't care about the APR because I intended to pay my balance in full each month and never carry a balance, basically using it as my debit card. About a month after I mailed in my application, AMEX notified me via e-mail that my Optima Oasis card was approved and it was delivered about a week later. The card was actually very pretty and kind of old-school AMEX style in design. You can see it at the very bottom of this page.

I've had this card for 1 year and 9 months. In the verbal agreement that was read to me over the phone by a representative of the collections agency after I expressed interest in being considered for the recovery program, it was explained that I could apply for a CLI and/or a new card after 12 consecutive months of on-time payments. It also said this in the letter I received with the application. That being said, I have tried to get a CLI four times now after my one year mark. Once at exactly one year, then at 1 year and 3 months, then at 1 year and 6 months, and finally again last week (1 year and 9 months). The first two times I used the automated dial-in number on the back of the card and tried to request a CLI in the prompts and was promptly denied both times because of my credit score. The third time I tried, about 3 months ago, I called and asked to speak with a representative and had them perform a CLI request for me and was once again denied. They of course cited my credit scores, which have been consistently at:
EX 658 (this was the score they used in their snail mail letter to me saying why I didn't receive an increase)
TU 723
EQ 739
In terms of my credit profile:
$65,000/year salary
0% utilization for both my cards
99% payment history (One 30d late payment on my BofA visa)
$14,275 in one federal student loan (in forebearance now, but have been paying ~$200/m steadily for 9 years now with no missed payments)
0 derogatory marks
I was very frustrated that I was stuck with this card, so I figured maybe I could just apply for a different AMEX card and they'd let me in that way. I bit the bullet and applied for an Everyday card, which I've had before, and was immediately denied with a soft pull. Frustrated even more, I figured AMEX just hated me so I decided to take the plunge and apply for an Apple Card and, to my delight, I was approved for a $2,500 limit with a 21.99% APR (again, I don't care because I pay in full) with a hard pull, of course.

Last week I asked for a CLI on my Apple Card (3 months in) and they gave me an addition $500. Right after that, I figured I'd try again with AMEX (which happened to be my 4th time trying for a CLI, waiting 90 days in between) but this time via online chat. Sidebar: I don't know if this is a thing unique to Optima Oasis cards, but trying to access live chat on the desktop website results in a disconnection after sending your second message every single time, no matter what browser or device (on both my mac and PC). They really make you feel like you're left on Oasis island with no benefits or help at all... Thankfully, live chat via the AMEX iphone app works. In the chat I was told flat out that my "current card is ineligible for a Credit Limit increase request", which was the first I've heard of that being the case, but that certainly explained my previous CLI denials with AMEX. Now, I didn't want to be stuck on Oasis island with no rewards and an annual fee forever, but I also didn't want to close the card if that means I couldn't get another AMEX... so I did some more digging online and found this specific comment on a Reddit post which was from a user in the same situation. They explained that applying for a pre-qualified offer was successful, so I decided to give that a try. I logged on to the AMEX website and clicked "Check for Pre-Qualified Credit Cards" and saw the Gold card, the Green card, and the Blue Cash Everyday card. I ended up going with the latter as I'm not interested in an annual fee and I also didn't think they'd approve me for another Gold card. Upon clicking "apply", I was brought to a short application screen where some of my information was automatically filled in (since I was logged in) and the top of the page read "[my name], you're pre-approved!". I kind of thought it was too good to be true, but I hit apply and viola! I was at last approved for a $1,000 card with no annual fee.

The card arrived today and I've just cancelled the very useless Optima Oasis card. The card reads "Member since '15" which is also nice. I feel so happy to be back as a real AMEX member, now able to benefit from cash back rewards and no annual fee. These are now in my wallet, all at 0% utilization come statement time;

Bank of America Cash Rewards Visa $4,000 limit
Apple Card Mastercard $3,000 limit
AMEX Blue Cash Everyday card $1,000 limit
I'll try to change my Blue Cash Everyday back to a regular Everyday card in a year's time if they allow it. If not, then I'll probably change my Bank of America Cash Rewards card to a Travel Rewards card because my other two are also cash based, but I'll see how I go...

TL;DR -- Optima Oasis Facts
The Optima Oasis card is invitation only, for those who are trying to get back into AMEX's good graces after an account cancellation or settlement
The card's credit limit will be significantly lower than what you've previously had across your AMEX accounts, mine was $900 (10% of what I previously owed)
The card is ineligible for CLIs point blank period
There is a $49 annual fee and high (20+%) APR with literally no rewards
You cannot earn MR points or any other kind of rewards, but you do have access to AMEX-specific benefits
You can use the card with ApplePay and other mobile wallet apps, but it does not seem to work with Venmo or CashApp
After 12 calendar months, you can apply for another card (soft pull)
You do not have to close your Optima Oasis card to apply for another card
AMEX will most likely decline your application to a card you've previously had that was closed by them/sent to collections, so I would suggest applying for a different card altogether
Your membership will still be backdated (cosmetically, on the card, not the account on your credit profile), so my Optima Oasis card as well as my new Blue Cash Everyday card both read "Member since '15" which is when I first opened my AMEX account, even though I received these cards in 2018 and 2020, respectively.

I really hope this helps! If anyone has any questions relating to the Optima Oasis card, please feel free to comment or PM me and I'll try to answer :-)

Congrats on the new Amex card! Have you tried a CLI on you BOA Card or tried for a new card with like discover or chase to get that higher SL you are looking for.

Re: Graduation from AMEX Optima Oasis

Anonymous — Tue, 11 Aug 2020 15:25:53 GMT

@Red1Blue wrote:
I am not sure if I read all your message. Quick questions. Did you Optima Graduate ?

I don't know what you mean by "graduate", but I ended up applying for a Blue Cash Everyday card and got approved. AMEX didn't let me change my card type or get a CLI, so I had to essentially get a second card and then I opted to cancel my Optima.

When did you get the card ?

I got the application in the mail about a week after I settled my collections debt. I applied and was approved about a month later (notified by e-mail) and was sent the card about a week or so later.

Did you apply for any other Amex product and got approved?

After having my Optima for 1 year and 9 months (this month), I applied for the BCE and got approved. I had previously tried to apply for the Everyday Card (which I had originally, but it went to collections), but I believe the system automatically declined my application for that very reason.

I have received my Optima card last month and going to wait or 11 more months to graduate.

I would recommend waiting until the full 12 months to be safe as it's in the cardholder agreement.

Re: Graduation from AMEX Optima Oasis

Anonymous — Tue, 11 Aug 2020 15:29:43 GMT

@Harvey26 wrote:
Congrats on the new Amex card! Have you tried a CLI on you BOA Card or tried for a new card with like discover or chase to get that higher SL you are looking for.

Thank you! Unfortunately, BofA appears to also be using EX, so no dice. I've tried twice for a CLI, but I'm pleased with my $4k limit for now. I'm honestly just grateful in a sense that I still have a card with them, and that they haven't lowered my limit or canceled it while I was unemployed... For now, I'll just work on my EX score and then try for a CLI with AMEX later this year.

Re: Graduation from AMEX Optima Oasis

mrcraft — Tue, 11 Aug 2020 15:58:54 GMT

Congratulations on your approvals!! Thanks for sharing your story.

Re: Graduation from AMEX Optima Oasis

M_Smart007 — Tue, 11 Aug 2020 16:04:59 GMT

Re: Graduation from AMEX Optima Oasis

Gatortrout — Wed, 12 Aug 2020 03:24:32 GMT

Congratulations on getting back in with Amex.

I'm assuming you settled your two previous accounts for less than what was owed?

I am a past BCP cardholder. I got the card in 2013, fell behind and it was closed in late 2015. I paid amex collections a settlement in 2018.

I'm hoping I can get back in with them. Are you saying if I do get back in with them, they will back date to 2013?

Re: Graduation from AMEX Optima Oasis

CreditobsessedinFL — Wed, 12 Aug 2020 03:32:25 GMT

Congratulations on your rebuild and your new Amex BCE! Loved your story BTW!

Re: Graduation from AMEX Optima Oasis

Irv02 — Wed, 12 Aug 2020 08:23:43 GMT

Congratulations on getting back in with the Amex family!!! Great story!

Re: Graduation from AMEX Optima Oasis

WhiteCollar — Wed, 12 Aug 2020 13:21:51 GMT

Congrats!!!!! Slow and steady wins the race!

Re: Graduation from AMEX Optima Oasis

Anonymous — Wed, 12 Aug 2020 14:39:21 GMT

@Gatortrout wrote:
Congratulations on getting back in with Amex.

I'm assuming you settled your two previous accounts for less than what was owed?

Yes and no. I paid my Everyday card in full but I settled for a little more than half on my Gold card.

I am a past BCP cardholder. I got the card in 2013, fell behind and it was closed in late 2015. I paid amex collections a settlement in 2018.

I'm hoping I can get back in with them. Are you saying if I do get back in with them, they will back date to 2013?

I'm not sure as you didn't apply for the Optima Oasis after your settlement.

If you did, your AMEX account would have been cosmetically backdated, so you will have been a "cardmember since 2013". That would have appeared on your physical card and your AMEX account. In reality, though, your credit profiles will not be backdated. The accounts that you closed will reflect as such and the new card will appear as a new line of credit with its actual start date.

But, again, I am not sure if they'll cosmetically backdate now since you haven't been a card member for 2 years.