gator944 Posted January 23, 2008 Report Share Posted January 23, 2008 I have another post outlining my small progress so far on my repair process. I've been at for about 2 weeks now with a 130 increase in my Experian score. Don't know what the other 2 are yet. It is apparent my activities are getting some attention. I received a letter from American Express yesterday inviting me back to their family. I have a very old balance of about $1100.00 from 15 years ago. They have invited me to pay my 15 year old balance in full, and upon it's receipt, they will give me their Optima card. Flip over to the back of the "Invitation" and there it is in big bold letters "23.6% Interest".Here's the question: Do you guys think I could negotiate this down and stipulate the limit/interest rate I am given before sending them a dime. All would be in writing of course. It would also contain a stipulation that if they agree to the terms and they don't follow through on each of them I would be refunded all moneys paid plus.A few years back I had amazing credit. No idea what my scores were, and never needed to know. I even had a personal loan check hand delivered my bank's Manager to my office. At that time I had an AMEX green and gold, Carte Blanche, Diners Club, Discover and a couple of Platinum Cards with great limits. Life was good then and I am really trying to claw my way back to that. Link to comment Share on other sites More sharing options...
VeVe Posted January 23, 2008 Report Share Posted January 23, 2008 They won't reduce the interest rate, but I think you should go for it. The pros outweigh the cons. You get an old tradeline back (and for most people, it's not a new trade line, but they reopen the old, so that's a nice history to get back).There's no inquiry to get it back.They're a prime lender. They will eventually let you transfer/open up a different card with them, at a better APR. If you don't go through with it, you will never be able to have an amex again. For me, the interest rate isn't a big deal, since I don't really carry balances. If I can't afford something, I don't buy it. Link to comment Share on other sites More sharing options...
gator944 Posted January 23, 2008 Author Report Share Posted January 23, 2008 Excellent points Veve. About 6 years ago when I realized I was in a hole.....I quit digging. This established an excellent habit of buying only what I had cash for.If I keep the card clean the interest won't be a factor. Link to comment Share on other sites More sharing options...
VeVe Posted January 23, 2008 Report Share Posted January 23, 2008 Also, you don't have to pay the current balance all at once, they'll take payments. If you're going to do it though, I would call them and give them a quick payment by phone, that way you're sure they're going to keep the account in they're offices (they do tend to farm them out to CA's, and pull them back again, regardless of age). If it leaves their office, you'll have to call every once in a while to see if they've gotten it back yet. A lot of people here have done the program and are quite happy with it. Do a search for "oasis" here and you'll find a bunch of posts/threads. Link to comment Share on other sites More sharing options...
gator944 Posted January 23, 2008 Author Report Share Posted January 23, 2008 Awesome info Veve. Many, many thanks. Link to comment Share on other sites More sharing options...
gator944 Posted February 1, 2008 Author Report Share Posted February 1, 2008 How does this look? How far do you think it will get me??? One concerns is that I actually had a green and a gold card with them. I believe this is the green one. I'm fearful that if I send them $1200.00 on this 15 year old debt that instead of getting their card, I will get a letter telling me how they found my other account and therefore don't qualify. They do make mention that I will not be approve if I have another open account with them.I'm not interested in their card for the credit. I really don't need it. I'm in this for the increase to my score that a 15 year old account in good standing would give me. I address it towards the bottom of my letter asking for garauntees.I'm also worried that they will report my high balance at $1165.00 with a low credit limit. That will have the opposite affect I'm looking to achieve.February 1, 2008Gator9445555 Gator DriveMy Town, Florida 335555American ExpressPost Office Box 36000Fort Lauderdale, Florida 33336RE: 372155558465555 Account Balance: $1,165.38I am in receipt of your letter dated January 15, 2008 in reference to the above account. I am quite interested in your special offer to receive your Optima Card. I do however have a couple of questions regarding this offer. First, your letter states that “Your application for a new Optima Card will be approved unless you have filed for bankruptcy, do not make the payment required, or have an existing open American Express Credit or Charge Card relationship”. I am curious as to what the credit limit of this Optima Card would be. If I agree to the terms of this letter, and am issued a new American Express Optima Card, this will result in a negative report on my credit reports if the limit is less than my highest balance with American Express. My question is what will be the limit of this card when issued? My second question is if I am unable to pay the balance reference above in full, will you extend this offer so that I am able to pay in two or three installments.Also, I want no surprises and wish to eliminate any variables in the application process. I would like verification from your company that upon your receipt of my $1165.38, I will be approved for the American Express Optima Card. I have not filed for bankruptcy, so please review your records to guarantee my approval and to eliminate any hiccups with your offer.I am excited about this invitation and thank you for the consideration you are extending to me. I am quite certain that we can do business if my questions and concerns above are addressed. I look forward to hearing from you very soon with answers to these questions regarding your offer.Kindest regards,Gator944 Link to comment Share on other sites More sharing options...
2001Badyear Posted February 1, 2008 Report Share Posted February 1, 2008 If you can get it, I'd do it. Pay balance and hold, but don't use the card. Old TL will not hurt you and will actually be a big boost. Interest rate doesn't matter if not used.Read someone here that got same offer and did so without issues. Link to comment Share on other sites More sharing options...
hopelesscred Posted February 1, 2008 Report Share Posted February 1, 2008 OP..you are referring to the OASIS program and you will NOT qualify if you have ANY outstanding balance with AMEX. If you ever want to get back in their good graces, you must pay all outstanding balances in full. Your CL will be half of what you owed them and can never increase. I am currently in this program and all I can say so far so good. It has been reported that AMEX has been tigthening their approval process (they used to allow u to get a new card after 6-8 months) now I hear that it might take 12-18 mos minimum .. Link to comment Share on other sites More sharing options...
gator944 Posted February 1, 2008 Author Report Share Posted February 1, 2008 I don't think the 12-18 months would fit here since this is 15 years old. They have tried to collect over the years on the green card, but have never, at any time, mentioned the gold card. I may have paid that one. I'm not sure. That is why I asked for assurances in my letter.Hopelesscred: If they give me a $600 limit, will they also report my high credit balance as $1200? If so, won't that hurt my score since it will appear I went over my limit? With my request in the letter, will they dig a little to verify I will qualify with this payment?2001Badyear: That is exactly my plan. I've become, with several years of success, a cash only guy. Got quite a bit of it stashed away, so I could pay this in full now, but the wife likes to see the zeros on our bank balance. By breaking up the payments we can still stick to our routine deposit into savings each payday.Thanks so very much for your input with this!!! Link to comment Share on other sites More sharing options...
2001Badyear Posted February 1, 2008 Report Share Posted February 1, 2008 Gator,Good luck, and let us know how it goes. Link to comment Share on other sites More sharing options...
hopelesscred Posted February 1, 2008 Report Share Posted February 1, 2008 YMMV of course, but depending on what your credit looks like, it may take 12-18 months before you can graduate to another AMEX card. Know this: No matter what you are told, if you owe AMEX you will not be approved for OASIS or any AMEX card for that matter. IF they give you a 600 CL, they will report it as such. Your CL will be half of what you owed. OASIS is pretty straightforward there is no need to mail letters, just be sure that you dont have a BAL on that gold card as well, if so, u will need to pay it. Link to comment Share on other sites More sharing options...
gator944 Posted February 2, 2008 Author Report Share Posted February 2, 2008 Now it's a nail biter. I cut the check for $1200.00 banking on the new card coming, and instead receive a "we're sorry but" letter. As far as my credit goes, that would be $1200.00 flushed away. That's why the letter. I'm asking them to look at the account and let me know up front......yes or no.I'll keep you posted Badyear. Dude, I've read alot of your posts and am amazed how right on you are with this stuff. You help a lot of people. Link to comment Share on other sites More sharing options...
2001Badyear Posted February 2, 2008 Report Share Posted February 2, 2008 Now it's a nail biter. I cut the check for $1200.00 banking on the new card coming, and instead receive a "we're sorry but" letter. As far as my credit goes, that would be $1200.00 flushed away. That's why the letter. I'm asking them to look at the account and let me know up front......yes or no.I'll keep you posted Badyear. Dude, I've read alot of your posts and am amazed how right on you are with this stuff. You help a lot of people.Gator, although I appreciate the post, I caution you, and everyone here to please read and read some more, and make the best possible decisions for yourself. I've read people's posts with vast experience that are sometimes wrong, and conversly the exact opposite is sometime true. I suspect I'm no different on this front.There are also sometimes genuine differences in methods to an end and neither party is neccesarily right or wrong. Don't count on any one persons posts to influence your decisions and rather use a culmination of all you have read to make your decision. There is a lot of very good information available here and I'm a student, like everyone else here and do try to post what I feel is correct, but that's only my opinion. Best of luck, once again, but a 15 year old good TL is a very good anchor for your CR, and given a chance, I'd carefully consider it as well. Incidently, I've had a long history with AMEX and never late, the one thing that I know helps keep my scores higher, despite the negatives I've had. Link to comment Share on other sites More sharing options...
gator944 Posted February 3, 2008 Author Report Share Posted February 3, 2008 Badyear,Trust me when I say that I........well.........consider the source, for lack of a better term. I use this forum to gather information, and more importantly.....insight. Please know that the decisions I make are ultimately my own, with their successes and failures resting where they should.....in my own lap.Don't worry, I base no decision or avenue on the fact that Badyear said so. So that being said, again, don't worry bro. Just know that I thank you immensly for the time you take to offer your insight for me and the many others here who often need just another opinion they haven't thought of. Link to comment Share on other sites More sharing options...
hopelesscred Posted February 3, 2008 Report Share Posted February 3, 2008 Do u want another amex card? ever?are your scores really bad with major derogs?Can you afford to PIF the past due AMEX balances?on the other hand...are your scores good enough that u can get another card after u pay off the Amex balance? if so, there is no need for Oasis--pay what u owe and applyPersonally for me it was just what the credit doctor ordered..A new TL with NO INQschance to get back in with a prime lenderAMex added my 15+ year old tl to my EQ and bumped my fico.Upon graduation from the OASIS program, others have reported that AMex positively reaged their act..but YMMV Link to comment Share on other sites More sharing options...
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