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Optima Oasis limits?

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Anonymous
Not applicable

Optima Oasis limits?

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Optima Oasis limits?


@Anonymous wrote:

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!


I believe I have heard some say half of what you paid/owed is the CL? I could be way off tho, lol there are posts floating around describing how the CL was determined.

Message 2 of 11
Brian_Earl_Spilner
Credit Mentor

Re: Optima Oasis limits?

It used to be a third of your charged off limit, but lately we've seen 40 and even 50%.

    
Message 3 of 11
bicboiOD
Contributor

Re: Optima Oasis limits?


@Anonymous wrote:

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!


I'm still waiting for my Optima card, I mailed the application on 01/12/21 and still waiting to hear back, but the amount I had to pay that was originally CO'd was $3536.00 (original CL was $2500) they offered me the Optima with a CL of $1,000 so idk where they decided to go with that. 

Current Stats:

03/2021 EXTUEQ

FICO8

(01/2020)

INQ (24mo)875
INQ (12mo)775
AAoA4y 2mo4y 2mo4y 2mo
AoYA2 mo2 mo2 mo

Personal Revolvers:

 
 
Credit Limit$300$2000$1000$1000$1250
Age4y 4mo2 mo1 mo1 moN/A
Utilization0%11%N/AN/AN/A
Message 4 of 11
Anonymous
Not applicable

Re: Optima Oasis limits?

 


@bicboiOD wrote:

@Anonymous wrote:

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!


I'm still waiting for my Optima card, I mailed the application on 01/12/21 and still waiting to hear back, but the amount I had to pay that was originally CO'd was $3536.00 (original CL was $2500) they offered me the Optima with a CL of $1,000 so idk where they decided to go with that. 


Hmmm mine was a similar amount.  Is it really worth getting for such a low limit?

Message 5 of 11
angelofmusic86
Frequent Contributor

Re: Optima Oasis limits?


@Anonymous wrote:

 


@bicboiOD wrote:

@Anonymous wrote:

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!


I'm still waiting for my Optima card, I mailed the application on 01/12/21 and still waiting to hear back, but the amount I had to pay that was originally CO'd was $3536.00 (original CL was $2500) they offered me the Optima with a CL of $1,000 so idk where they decided to go with that. 


Hmmm mine was a similar I amount.  Is it really worth getting for such a low limit?


I mean, it gets you back with AMEX, so if that's an end goal, it can be worth it long term.

CH7 Filed 05.01.2020; Discharged 10.21.2020

10.22.2020 FICO8 Scores: EQ 615 TU 560 EX 581
06.28.2023 FICO8 Scores: EQ 663 TU 663 EX 661

Rebuild progress: Kohl's $3,000; CapitalOne QS $0AF $3,600; CreditOne Rewards $700; CapitalOne Walmart MC $3,000; Overdraft Line $250; PenFed PCR $10,000; Kemba Visa $3,500; CreditOne $0AF AMEX $1,500; Target RedCard $1,200; paid off reaffirmed car loan!; Wells Fargo Active Cash $1,500; Comenity Ultamate Rewards MC $4,250; CapitalOne Savor One $3,000; Amazon Store Card $3,600; CareCredit $7,400; Synchrony TJ Maxx Mastercard $3,500; Well's Fargo Reflect Visa $3,500; Levin Furniture $7,400
Gardening until December 2023.
Message 6 of 11
bicboiOD
Contributor

Re: Optima Oasis limits?


@angelofmusic86 wrote:

@Anonymous wrote:

 


@bicboiOD wrote:

@Anonymous wrote:

Hey guys?

 

I'm sorry I'm making a new thread on such a popular topic, but I can't find a straight answer.

How does Amex determine the limit on your new Optima Oasis Card? Is it based on your income? Do they look at other limits,  like Discover does? Or is it a flat amount?

 

Thank you!


I'm still waiting for my Optima card, I mailed the application on 01/12/21 and still waiting to hear back, but the amount I had to pay that was originally CO'd was $3536.00 (original CL was $2500) they offered me the Optima with a CL of $1,000 so idk where they decided to go with that. 


Hmmm mine was a similar I amount.  Is it really worth getting for such a low limit?


I mean, it gets you back with AMEX, so if that's an end goal, it can be worth it long term.


^ pretty much that exact reason for me, I'm pretty much going to making my Discover It my main card to get the maxmium return on the 1st year CB match, but definitely want to back in a big boy AMEX so I'll try to use it very conservatively and always PIF

Current Stats:

03/2021 EXTUEQ

FICO8

(01/2020)

INQ (24mo)875
INQ (12mo)775
AAoA4y 2mo4y 2mo4y 2mo
AoYA2 mo2 mo2 mo

Personal Revolvers:

 
 
Credit Limit$300$2000$1000$1000$1250
Age4y 4mo2 mo1 mo1 moN/A
Utilization0%11%N/AN/AN/A
Message 7 of 11
dacv01
Regular Contributor

Re: Optima Oasis limits?

It is typically 50% of the original CL of the card that was charged off- ex 10K CL - 5K CL on Optima. 




> 5 Inquiries, AAoC 4 years, AoOA 7 years, 11 months as of September 2021
Message 8 of 11
dacv01
Regular Contributor

Re: Optima Oasis limits?

Depends who you ask.... those that value a relationship with Amex usually will jump at the offer to get back in. Granted, the card is no thrills or frills, but 12 months will fly by. Read some posts by others that have been in Amex Jail for years- all depends on long term goals and wants in cards IMO




> 5 Inquiries, AAoC 4 years, AoOA 7 years, 11 months as of September 2021
Message 9 of 11
Red1Blue
Super Contributor

Re: Optima Oasis limits?

I beleive I paid $3400 and they gave me $900 credit limit.  I did care and took the card with $900 limit. After 12 months I would be able to apply for their regular card. It gave me a chance to pay off the charge off amount and also get back in with Amex.

Message 10 of 11
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