topic Re: AMEX in Credit Cards

AMEX

Anonymous — Thu, 09 Oct 2008 01:17:04 GMT

Hey everyone, I am looking for a few answers. I had a AMEX card, that is now marked as a charge off. I am looking to pay it in full, and have talked to AMEX about paying it in full. I was offered the oasis program, and am looking for some more info on it. Has anyone here been through this, and what does it entail. Also, do they mark the old account as closed, or do they delete the charge off?

Re: AMEX

Anonymous — Thu, 09 Oct 2008 01:20:35 GMT

jump on it! one of the few things amex does right these days, the history will be updated to good upon sucesfull completion of the program.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 01:43:17 GMT

What exactly do you mean by completion of the program. Do you mean once I pay the card off in full, and recieve my new one it will be updated? And what exactly do they do, do they delete the charge off? Or do they mark the account as paid with a 0 balance?

Message Edited by russw88 on 10-08-2008 06:43 PM

Re: AMEX

Anonymous — Thu, 09 Oct 2008 01:53:17 GMT

not clear on the specifics, sorry.

you pay the old amount in full, and they give you a new account with a credit line of half the amount that you paid. after a specified amount of time you graduate (don't know the specifics, sorry), the history is wiped of the bad info, and you become eligible to app other amex products.

one of the other perks is that amex will use the month you get aproved and the year of the first relationship for the opening date. example first card opened in 1988, get approved today and you get instant history of 20 years.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:00:03 GMT

Yeah, I remember the guy saying something about the first part. Where you get 1/2 the balance that you paid off, as your new credit limit. So they wont clear the bad info on the old card until a specified amount of time? What about marking the card as paid off and a $0 balance, they have to report that correct?

Message Edited by russw88 on 10-08-2008 07:00 PM

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:05:53 GMT

@Anonymous wrote:
Yeah, I remember the guy saying something about the first part. Where you get 1/2 the balance that you paid off, as your new credit limit. So they wont clear the bad info on the old card until a specified amount of time? What about marking the card as paid off and a $0 balance, they have to report that correct?
Message Edited by russw88 on 10-08-2008 07:00 PM

i suggest you get the specifics straight from them, but the program is authentic and worth the effort. sorry i can't be exacting in my response.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:11:08 GMT

In a nutshell, the Oasis program from Amex is probably the best program out there for rehabbing a TL, IMO. I would definitely go for it if I were you.

At one point I was so frustrated I couldn't have an Amex card I thought to myself that I would have a better chance had I gotten an Amex in the past and charged it off than I had as a new applicant.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:11:25 GMT

No problem, I appreciate the help so far. Maybe someone else will chime in that has been through the oasis program, if not I can always call them tommorow.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:24:43 GMT

Thanks Mayhem, I do plan on going with the Oasis program. I justw anted to hear from people with more experiece with it then me, so I was sure it was what I wanted to do. I have heard nothing but good things about the program, so I hope it all will turn out well.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:25:21 GMT

TheCynicalOne posted this in another thread about this program:

Just for further clarification on OASIS products also known internally as "Recovery" products...any returned payment, past due, drop in cbr, overlimit, basically...anything negative can get this card cancelled. At least for a year. If you can keep the card in good standing for a year, you are eligible for an upgrade.

Re: AMEX

Anonymous — Thu, 09 Oct 2008 02:37:03 GMT

I seem to be fairly certain that they remove the negative info upon receipt of payment of the previous balance. However, I might be wrong. Wouldn't be the first time. Ha.

Re: AMEX

score_building — Thu, 09 Oct 2008 08:55:54 GMT

i seem to recall many threads on this relatively highly touted program, search for "oasis" and you'll get a lot of info. about the program

Re: AMEX

Anonymous — Fri, 10 Oct 2008 00:41:08 GMT

Thanks for the input everyone, its greatly appreciated. I had AMEX send me out a acceptance letter, which I have to send in with my payment for the oasis program.

Re: AMEX

Anonymous — Fri, 10 Oct 2008 03:53:35 GMT

I took advantage of the Oasis program earlier this summer. They back dated my new acct to my original acct opening date. But my old acct is still showing on all 3 reports. It's marked as paid with a 0 balance, but still listed in the derogatory section of each report. My new acct is showing as a new separate TL.

It was my understanding from reading threads here that the old negative acct would be removed, to be replaced with the new one while still retaining the old acts age. For those in the program, is your old acct still showing on your reports? If not, did they remove it voluntarily or did you need to call and ask them or send a GW letter?

Good luck with the program russw88.

Re: AMEX

Anonymous — Fri, 10 Oct 2008 04:00:24 GMT

Optimistic08 wrote:
I took advantage of the Oasis program earlier this summer. They back dated my new acct to my original acct opening date. But my old acct is still showing on all 3 reports. It's marked as paid with a 0 balance, but still listed in the derogatory section of each report. My new acct is showing as a new separate TL.

It was my understanding from reading threads here that the old negative acct would be removed, to be replaced with the new one while still retaining the old acts age. For those in the program, is your old acct still showing on your reports? If not, did they remove it voluntarily or did you need to call and ask them or send a GW letter?

Good luck with the program russw88.

Just call and ask them to fix the old account-

Re: AMEX

Anonymous — Fri, 10 Oct 2008 04:03:54 GMT

I'm going to give it a shot tomorrow and will post here with the results. Keep your fingers crossed for me.

Re: AMEX

striper — Thu, 16 Oct 2008 03:58:20 GMT

I went through the Oasis program.

About 7 years ago I had a green, gold and blue card.

After losing my job suddenly, Amex allowed me to pay my large charge card (green and gold) balances in monthly payments. Somehow I fell behind and they closed all 3 accounts.

I paid the green and gold balances, and I think I was offered the Oasis program for the Blue card.

It was offered by a collector so I didnt really believe him. He said I would be approved for an Amex optima upon payment of the Blue acct.

I ended up paying it off and got some cheese photocopy of an application. Low and behold I got an Optima and have had it for 5+ years.

I would love to get a Green again, but wonder if Im on a black list. My credit is poor so Im afraid to apply.

I checked my 3 reports and they all list the old Amex accounts. They dont mention anything derogatory other than they were closed by grantor. But balances are shown as paid.

Re: AMEX

Anonymous — Thu, 16 Oct 2008 13:18:14 GMT

@striper wrote:
I went through the Oasis program.
About 7 years ago I had a green, gold and blue card.
After losing my job suddenly, Amex allowed me to pay my large charge card (green and gold) balances in monthly payments. Somehow I fell behind and they closed all 3 accounts.
I paid the green and gold balances, and I think I was offered the Oasis program for the Blue card.
It was offered by a collector so I didnt really believe him. He said I would be approved for an Amex optima upon payment of the Blue acct.
I ended up paying it off and got some cheese photocopy of an application. Low and behold I got an Optima and have had it for 5+ years.
I would love to get a Green again, but wonder if Im on a black list. My credit is poor so Im afraid to apply.
I checked my 3 reports and they all list the old Amex accounts. They dont mention anything derogatory other than they were closed by grantor. But balances are shown as paid.

Rumor has it that after a year of solid payment history you should be eligible for other Amex accounts.