OASIS Program Offered by American Express Credit Card
Guest: chriswufgator
Post subject: OASIS Program Offered by American Express Credit Card
Posted: Thu Jun 15, 2006 12:30 pm
Hello everyone! First, let me say that I have been reading this board for some time, and have found the information absolutely invaluable. Thanks to all of you for your continued efforts!
Due to the failure of my business I recently went through a ch. 7 bankruptcy, discharged in May of 2005, and the wealth of information contained in this site was my roadmap to re-establishing decent credit ratings. Before I even received my discharge, I opened a Plains Commerce Bank Total Visa cl:250, and a First Premier Bank secured Mastercard cl:1000. Shortly after, I added an HSBC secured Mastercard cl:1000, which I later raised to 1500. I then waited patiently, making new applications at the rate of one every 3 months or longer, and keeping the utilization low. My scores so far have gone from the middle 400s to currently Eq: 607 Tu:588 Ex:581. They were previously all over 600, but took a dip after I cancelled both the Total and First Premier cards, due to high fees.
Since my discharge, and thanks to your "List of Bankruptcy Friendly Creditors", I have applied for and received a Target Red Card (not visa) cl:200, Kay Jewelers Card cl:new account, don't know cl yet, Orchard Bank unsecured Mastercard cl:400, a Merrick Bank unsecured visa cl:750 (received mailed invitation), and Credit One unsecured visa cl:400 (also received mailed invitation). I also decided to take out approximately $18,500.00 in student loans, which is sitting in a savings account while the corresponding 5 loan accounts continue to report positive history to all 3 bureaus and the federal govt. pays my interest for me Unfortunately, I have to consolidate because interest rates are nearly doubling, and at some point when I'm done with law school I'll actually be responsible for the interest, so that will drop to one single account for the entire balance later this month when the consolidation hits. Is this change good or bad for scoring?
My main question at this point is this: I have read several threads about the "OASIS" program offered by American Express, and am highly interested in knowing whether other companies have similar programs. Included in my bankruptcy were Capital One: 2 accounts for approximately $1300 each in actual balances (with fees and such, the final chargeoff was $2k apiece), Discover Card: $1500 , Citibank Plat. Select: $1800 and then $8000 to Chase and $18000 to Bank of America. Obviously, I have no desire to pay off either Chase or Bank of America just to re-establish a prime tradeline, given the massive balances I'd have to pay. Capital One and, especially, Discover I'd be more than happy to pay the full value of what they charged off in exchange for reopening or establishing accounts that would serve as positive tradelines, given that their fee structure is much better than that of traditional "sub-prime" cards. So, does anyone know whether Discover and/or Capital One has a program similar to Amex's "OASIS"? I never liked Amex before my bankruptcy, thought their fees were high, so I never had one. I would appreciate any and all suggestions, thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: OASIS Program Offered by American Express Credit Card
Posted: Thu Jun 15, 2006 12:30 pm
Hello everyone! First, let me say that I have been reading this board for some time, and have found the information absolutely invaluable. Thanks to all of you for your continued efforts!
Due to the failure of my business I recently went through a ch. 7 bankruptcy, discharged in May of 2005, and the wealth of information contained in this site was my roadmap to re-establishing decent credit ratings. Before I even received my discharge, I opened a Plains Commerce Bank Total Visa cl:250, and a First Premier Bank secured Mastercard cl:1000. Shortly after, I added an HSBC secured Mastercard cl:1000, which I later raised to 1500. I then waited patiently, making new applications at the rate of one every 3 months or longer, and keeping the utilization low. My scores so far have gone from the middle 400s to currently Eq: 607 Tu:588 Ex:581. They were previously all over 600, but took a dip after I cancelled both the Total and First Premier cards, due to high fees.
Since my discharge, and thanks to your "List of Bankruptcy Friendly Creditors", I have applied for and received a Target Red Card (not visa) cl:200, Kay Jewelers Card cl:new account, don't know cl yet, Orchard Bank unsecured Mastercard cl:400, a Merrick Bank unsecured visa cl:750 (received mailed invitation), and Credit One unsecured visa cl:400 (also received mailed invitation). I also decided to take out approximately $18,500.00 in student loans, which is sitting in a savings account while the corresponding 5 loan accounts continue to report positive history to all 3 bureaus and the federal govt. pays my interest for me Unfortunately, I have to consolidate because interest rates are nearly doubling, and at some point when I'm done with law school I'll actually be responsible for the interest, so that will drop to one single account for the entire balance later this month when the consolidation hits. Is this change good or bad for scoring?
My main question at this point is this: I have read several threads about the "OASIS" program offered by American Express, and am highly interested in knowing whether other companies have similar programs. Included in my bankruptcy were Capital One: 2 accounts for approximately $1300 each in actual balances (with fees and such, the final chargeoff was $2k apiece), Discover Card: $1500 , Citibank Plat. Select: $1800 and then $8000 to Chase and $18000 to Bank of America. Obviously, I have no desire to pay off either Chase or Bank of America just to re-establish a prime tradeline, given the massive balances I'd have to pay. Capital One and, especially, Discover I'd be more than happy to pay the full value of what they charged off in exchange for reopening or establishing accounts that would serve as positive tradelines, given that their fee structure is much better than that of traditional "sub-prime" cards. So, does anyone know whether Discover and/or Capital One has a program similar to Amex's "OASIS"? I never liked Amex before my bankruptcy, thought their fees were high, so I never had one. I would appreciate any and all suggestions, thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 5:37 PM
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