AMEX Optima Oasis

[gladys78]

Question for everyone:

• Final payment on my Amex plantinum charge off is this month. I paid the balance in full after 12 installments
• Collections agency has offered Optima ($5,000 limit) once the final payment is made this month
• I do have another Amex (Delta Reserve) that has been charged off and is on a payment plan directly with Amex

Am I eligible for the Optima or will Amex not approve the application because of my other outstanding account? 

[Anonymous]

Each of the “offer” applications are individually reviewed upon submission. The print often states you cannot have another active AmEx account, and/or “up to” $5000K line of credit, and/or AmEx determines financial capacity to make payment, and/or you accepted another offer from a different agency or directly from AmEx. Tough call. You have nothing to lose by submitting the new offer application.

[gladys78]

Thanks. I guess my concern/downfall would be being denied and incurring the hard credit pull with nothing to show for it. 

[sjt]

---

@gladys78 wrote:

Thanks. I guess my concern/downfall would be being denied and incurring the hard credit pull with nothing to show for it. 

---

Look at the application. There should be some specific information about the process. Also, did you get another offer of a promise of a Optima Card on the other account. If so, you can wait until the other account is paid and then take the offer. If not, I would apply now. Nothing to lose except a HP.

[gladys78]

---

@sjt wrote:

---

@gladys78 wrote:

Thanks. I guess my concern/downfall would be being denied and incurring the hard credit pull with nothing to show for it. 

---

Look at the application. There should be some specific information about the process. Also, did you get another offer of a promise of a Optima Card on the other account. If so, you can wait until the other account is paid and then take the offer. If not, I would apply now. Nothing to lose except a HP.

---

I did receive the same offer for the 2nd Amex that I have scheduled to be paid off about July. You're right, probably makes sense to just wait until both Amex accounts are paid. Appreciate the heads up 

[Anonymous]

Anyone ever had luck with this program being past balance if let’s say $15k will they settle on a less amount and still issue oasis card?? Want to get back in gold graves from 2008 but can’t afford a full $15,000 pay off.

[Anonymous]

I believe the offer only stands if you pay off the full balance. However, they may set up a payment plan with you, if you’re up to it. Who knows, give them a call. They may have options to take you off the black list by settling the balance. It may not qualify you for the oasis card, but if you currently already have good credit then you don’t need it - you just need to be off the blacklist so you can apply for a better card. Something from 2008 shouldn’t be on your report anymore.

[Anonymous]

I don’t see it in my report anymore I did win the mediation and they dismissed the case. But when I have tried to get AU I’m told “past account experience” so I’m thinking blacklist. Is it possible I may be never able to have a Amex again? Or should I try oasis and see if they even show a balance ? I don’t wanna wake the sleeping giant again you know

[Anonymous]

I’d be careful - in many states even hinting to the creditor that you may want to pay the account can be enough to reset the statute of limitations - not for credit bureau reporting, but for collection activity and lawsuits. I’m not sure what your mediation involved, but if it included paperwork from Amex that they wouldn’t sell the debt or continue to pursue collecting it, then you may be safe from that.

From what I’ve read, there is no defined time limit for the blacklist. There have been people with excellent credit be on the blacklist for 20 years or longer, and then suddenly they are eligible for approval. I’ve heard other stories that becoming an authorized user on someone else’s Amex can be enough to take you off the blacklist immediately. There seem to be no hard and fast rules. I suspect given the amount of default ($15k), you will not be one of the lucky ones where you’ll fall off the blacklist easy, or in a reasonable amount of time. If you really want an Amex, do some digging around to see what has worked for others in the past before you commit to repaying a debt you’ve already had “settled” through mediation.

Another note - there are plenty of great cards out there. Not having an Amex isn’t the end of the world.

[sjt]

---

@Anonymous wrote:
I don’t see it in my report anymore I did win the mediation and they dismissed the case. But when I have tried to get AU I’m told “past account experience” so I’m thinking blacklist. Is it possible I may be never able to have a Amex again? Or should I try oasis and see if they even show a balance ? I don’t wanna wake the sleeping giant again you know

---

How long ago did you apply for an AU card? Have you checked their pre-qual. What is your current credit profile. If its good, you might want to go ahead and apply. If you are BL then its only a SP not HP.