AMEX

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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

[Anonymous]

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.

[Anonymous]

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

[Anonymous]

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@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

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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.

[Anonymous]

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.  

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.