topic AMEX Optima Oasis - Data Points in Credit Cards

AMEX Optima Oasis - Data Points

Anonymous — Mon, 04 Apr 2016 14:50:21 GMT

Hi all,

I just wanted to give some data points on this card. From what I know of it, this is basically an AMEX rebuilder card that you only qualify for if you have a previous delinquent charged off account that you pay in full. It is only available via an offer from AMEX. You can't apply for it or request it. AMEX still has to own your account. It can't have been sold to a CA. If any of that is wrong, please correct me.

1995: Got approved for the AMEX BCE (I think it was that one) with a $3,500 limit

2010: Was going to file BK and was advised by my attorney to make no further payments on anything; eventually chickened out but by then I was 90 + days late on everything; The maxed out AMEX acct was one of many accts that were charged off

2010 - 2015: AMEX sent me numerous Settlement offers during this time, all of which I ignored until September 2015. The offers were of varying percentages off the original balance. They never sold my acct.

9/2015: I finally decided to start trying to clean up my credit and got another settlement offer in the mail right around this time for 50% of my $3,500 balance. I called to accept it and was then told about the Optima Oasis card and advised that, if I paid my balance in full, I would be pre-approved for this card and my credit would be updated to show the account as current. I jumped at this offer and the opportunity to get back in the door with AMEX. I was set up a 24 month payment plan at $100 / month with $800 due at the time of acceptance. I knew I would actually pay the balance in full in Feb with my tax refund.

10/2015 - 2/2016: Made $100 monthly payments via auto draft

2/26/2016: Paid the remaining $2k balance in full. Was told that it would take 45 days for my credit to update and 90 days to receive the Optima application.

3/25/2016: Received Optima Application. It stated "Pre-Approved" for a $900 limit, eligible for CLI and / or a new product in 12 months

3/26/2016: Mailed Optima application

3/30/2016: Received MyFico alert that I had a new inquiry. I checked and AMEX had pulled my Experian report.

3/31/2016: Received a MyFico alert that an account status had changed; My AMEX account now shows a closed with a zero balance and "Current" status on my reports. It does say it was previously a charge off. All of my scores went up this week: TU: 6 pts, EXP: 5 pts and EQ: 21 pts. This was the only change other than a few balance updates. It was still being factored into my EQ UTIL % which is why that score went up so much more than the others. Given that that score basically has not moved since October, I was thrilled!!!

4/1/2016: Called the application status line and was notified of my approval for $900 and told I would receive my card my April 14, 2016.

I guess we'll see in a year about the CLI and if I am approved for other products with AMEX. My reports will be clean by this time next year. I am back in with AMEX and Discover now (secured card but still) so I'm 50% there with getting back in with the big banks I burned. I think getting back in with Citi and Chase will be a much harder task. Anyway, at this point I am very happy that AMEX gave me another chance.

Re: AMEX Optima Oasis - Data Points

Anonymous — Mon, 04 Apr 2016 21:56:51 GMT

that is great congrats!

Re: AMEX Optima Oasis - Data Points

darwin_wins — Mon, 04 Apr 2016 23:21:50 GMT

It went exactly like it was supposed to. Make sure you use their offers to make up for the annual fee. I wish I had started at 900. I am stuck with 500 limit card for another 6 months and hopefully by then I would get more than just 3 times the current limit.

Re: AMEX Optima Oasis - Data Points

Anonymous — Tue, 05 Apr 2016 04:19:10 GMT

Congrats on getting back in with Amex! Nice job!

I will be starting the battle with them next month. I was promised I would be allowed back in but I cant find anythibng in writing, so I might be out of luck.

Congrats to you though.

Re: AMEX Optima Oasis - Data Points

jbsea — Tue, 05 Apr 2016 04:57:23 GMT

Great job Cam... Glad your able to stay with Amex, your doing it right.

Re: AMEX Optima Oasis - Data Points

theoldnocreditmaster — Tue, 05 Apr 2016 13:29:55 GMT

Stay with it.... I was never in the Optima Oasis plan but in a worse situation than you years ago. I have the Optima Platnium Card ( which was dicontiued, but they still issue it for me) This is what can happen over time with AMEX.

Re: AMEX Optima Oasis - Data Points

Anonymous — Tue, 05 Apr 2016 14:58:19 GMT

Awesome job on getting back in. I had a similar situation to yours with the chargeoffs in 2010-2011. I paid American Express back last year but unfortunately have not gotten any offers for the optima card. I remember getting them a few years ago, but not since.

Tried every number I could find online to no avail. They just will not let me back in that way. Said if I wasn't solicited for it, they couldn't offer it to me. I'll have to try the old fashioned way. Scores are hovering right at 700 ( should be there after my util drops from 5 % to 1%). But I'm too chicken to pull the trigger and try.

Oh well, someday I'll get back in. Congrats again.

Re: AMEX Optima Oasis - Data Points

darwin_wins — Tue, 05 Apr 2016 15:11:06 GMT

What was worse that being in Optima Oasis? I wish they would let PC Oasis card to Optima Platinum.

Re: AMEX Optima Oasis - Data Points

KayMD — Tue, 05 Apr 2016 15:13:54 GMT

I love the fact that AMEX is such a forgiving company that as long as you pay them back they will find a way to let you back in.

I'm under their new payment plan where they gave me a year to pay them back and my card will be re- activated.

I 've made great progress so far. Started on the payment plan with a balance of $3,400 now at $2,05. Wife started a new job so I predict it will be paid off soon currently @ 5/12 payments on their payment plan.

Re: AMEX Optima Oasis - Data Points

sjt — Tue, 05 Apr 2016 17:26:30 GMT

@Anonymous wrote:
Congrats on getting back in with Amex! Nice job!

I will be starting the battle with them next month. I was promised I would be allowed back in but I cant find anythibng in writing, so I might be out of luck.

Congrats to you though.

Call their Global Collections Department. They should be able to help.

Re: AMEX Optima Oasis - Data Points

darwin_wins — Tue, 05 Apr 2016 22:34:04 GMT

Yup call them and see if they still have the offer, if not ask if there is a way to get it.