What is so great about the oasis/optima AMEX Program?

[Anonymous]

Oasis Credit Limit= %50 of delinquent amount paid, not to exceed $5,000.

[SmartCookie]

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TheCynicalOne wrote:
Oasis Credit Limit= %50 of delinquent amount paid, not to exceed $5,000.

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I was very curious on what the cap would be, thanks for that info.  If the max CL is 5k, what happens to people that owe over 10k?  They get the max, or they are not going to be in the 'program'? 

[BBYGRL]

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SmartCookie wrote:

It's a great opportunity for many people who will get something out of it... whatever it may be.  Although I think it's a brilliant way to collect money that typically is beyond collecting SOL, I also think it rides a grey area of being illegal.  Afterall, it is an attempt to collect a debt.

I did it however.  I was fairly certain that the debt was correct, and to get to pay it off without it causing a problem on my CBRs makes me sleep better at night.

My debt was small, under $500, and I could easily afford it at this time.

I have very much missed the perks that I had with my Gold card and am on the road to having it back.

I'm going to benefit immensely from the 15+ years of regained account age.

Had it been a 30k debt, I would have retained counsel and sued them for offering this to me. 

So in a nutshell, for anyone who is 'invited' (doesn't that sound so exclusive!) into the OASIS program, they have to weigh their own pros and cons.

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Hi SC!

I'm curious to know if Amex contacted you about the old debt when you were offered the Oasis card or did you contact them? I have two COs with them (they fell off CRs last year) that I would like to pay off without hurting my credit again. How did the 50% utilization affect your score?