topic Re: Amex settlement oasis question in Credit Cards

Amex settlement oasis question

Lightdog555 — Sat, 22 Dec 2012 06:24:46 GMT

http://www.consumerismcommentary.com/american-express-capital-one-and-discover-refunds-total-435-million/
How does this affect us that are in oasis? Do we get pre approvals for new cards or refunds? I would like a higher limit nothing more.

Re: Amex settlement oasis question

beb86 — Sun, 23 Dec 2012 13:19:18 GMT

Wow this is big news....I paid them $3000 to clear the debt and get the card but as soon as I paid the account off the updated my CRA with CO for the previous 8 months didn't help my score as much as I hoped for.

Re: Amex settlement oasis question

Lightdog555 — Sun, 23 Dec 2012 20:20:35 GMT

Do you still have your optima card? In January it will be 12 months with mine. Never over limit and never late. I really don't want a refund as I did owe them the money I would like either a higher limit or PC to a different card. I guess we will just have to wait and see.

Re: Amex settlement oasis question

beb86 — Sun, 23 Dec 2012 20:28:02 GMT

I got mine in march or February I can't remember but I agree a cli or pc would be great

Re: Amex settlement oasis question

Lightdog555 — Sun, 23 Dec 2012 21:32:38 GMT

I am a bit concerned if I contact Amex they may issue a refund and then close the account. I think ill send a generic email and ask what options they have. My account was backed to 2000 and I only have 2 credit cards along with a auto loan. I am still in the rebuilding stage.

Re: Amex settlement oasis question

beb86 — Sun, 23 Dec 2012 22:26:48 GMT

Yeah that sounds like a good idea keep us updated as im curious as to where this goes

Re: Amex settlement oasis question

Lightdog555 — Wed, 26 Dec 2012 17:53:49 GMT

After calling the exective line it turns out a seperate department is handling this matter. They will notify people by mail in the upcoming weeks. He did say that right now it is not possible to increase the limit on oasis cards as they are "hard coded" in their system. I am hope full if I write a letter maybe I can get a higher limit or PC instead of a refund.

Re: Amex settlement oasis question

sjt — Thu, 27 Dec 2012 00:35:36 GMT

Amex is being fined becasue they were not clear in their collection practices by not declosing the repercustions of settled balance with them and how it will effect their future credit decisisions. They were also fined by stating that paying a balance will have positive reflection on their credit report, even though it fell off their report due to age.

From my understanding the Amex settlement will affect people under the following circumstances:

1) If someone applied and was denied a card because they settled a debt for less then what was owed.

2) If someone applied and was denied a card because they settled a debt for less then what was owed and they paid the remaining balance.

3) If someone paid their Amex Card based on what was told to them regarding their credit report.

Re: Amex settlement oasis question

Anonymous — Thu, 14 Mar 2013 12:58:00 GMT

I received a $100 check from Amex because of the CFPB enforcement the other day and then yesterday, I received an application to apply for the Amex Optima. The app states that credit line increase is not possible for 36months and the limit would be from $500 to $1000.

I had a charge off in 2007 of $7k and received a 1099c because of it.

Should I apply for the Optima even though theres no guarantee I will get approved?

Re: Amex settlement oasis question

sjt — Fri, 15 Mar 2013 05:18:58 GMT

From my understanding the application you received was a pre approved application.

Re: Amex settlement oasis question

Lightdog555 — Fri, 15 Mar 2013 06:37:45 GMT

Perhaps they have changed their policies on limit increases. I was under the impression that Amex doesn't do them for oasis. I have has my account for over a year and I finally hit the 605 mark and for me that's huge as I was at 502 for a while. I suggest you apply. I have not gotten any checks.

Re: Amex settlement oasis question

Anonymous — Fri, 15 Mar 2013 11:59:53 GMT

According to the press release from the Consumer Finance Protection Bureau, its says 'consumers who will be receiving payment will receive the payout by no later than March 15, 2013.' - which is today.

I also thought the Optima application was also pre-approved, but nowhere did it say that and the letter that came with it says something about subject to their approval. But, I guess I'll apply and see what happens.

Re: Amex settlement oasis question

Lightdog555 — Fri, 15 Mar 2013 18:45:38 GMT

You have nothing to lose. When I applied I got my card and called and I had it back dated to 2000 so it really helped my age of accounts. Good luck and enjoy your Amex!

Re: Amex settlement oasis question

sjt — Fri, 15 Mar 2013 21:56:34 GMT

@Anonymous wrote:
According to the press release from the Consumer Finance Protection Bureau, its says 'consumers who will be receiving payment will receive the payout by no later than March 15, 2013.' - which is today.
I also thought the Optima application was also pre-approved, but nowhere did it say that and the letter that came with it says something about subject to their approval. But, I guess I'll apply and see what happens.

All Amex applications state that applications are subject to approval, including the Oasis Card. Generally you are approved for the Oasis product as long is there is no BK.

I think you should go for it.

Keep us posted.

Re: Amex settlement oasis question

Anonymous — Wed, 24 Apr 2013 11:46:39 GMT

Quick update - I submitted the application for the Optima 2 weeks ago (and forgot about it) and then got an email today saying I've been Approved. Not sure what the limit will be, but I guess its a start.

Re: Amex settlement oasis question

Creditcurious74 — Wed, 24 Apr 2013 13:38:27 GMT

I received my Optima application last month and was approved for $500.00 I asked to backdated to my original member date(2006) which they did and send me replacement cards, I checked my credit report yesterday and it actially says open date March/2006 but it don't show payment history. My concern about this card when I received it I read the entire agreenment and it DOES NOT sayI can't ask for CLI. I'm going to wait when the 61 days hit and ask for an increase.

Re: Amex settlement oasis question

Anonymous — Wed, 24 Apr 2013 14:03:25 GMT

So if I get it backdated to my original member date (1993), will that have any effect on my credit score even if theres no payment history? My ultimate goal is to get a regular Amex card again.

Re: Amex settlement oasis question

Pastryprincessnails — Wed, 24 Apr 2013 15:06:00 GMT

I had a card and paid them off in 2006 I got a settlement check back from them earlier this year but never and invite to get either card what can I do would love to have another chance with them

Re: Amex settlement oasis question

sjt — Thu, 25 Apr 2013 00:46:21 GMT

@Pastryprincessnails wrote:
I had a card and paid them off in 2006 I got a settlement check back from them earlier this year but never and invite to get either card what can I do would love to have another chance with them

I would contact them about an invitation. If you dont get anywhere with the, contact the CFPB.

Re: Amex settlement oasis question

sjt — Thu, 25 Apr 2013 00:52:03 GMT

@Anonymous wrote:
So if I get it backdated to my original member date (1993), will that have any effect on my credit score even if theres no payment history? My ultimate goal is to get a regular Amex card again.

Depending on the age of your other accounts you could get a huge bump by adding a 20 year history which will increase your AAOA.