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shadekitty

Score tanked - Thanks Amex... (Oasis program / CO account)

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So I had an Amex card a few years back that I let go with about 1,000 due. I just recently signed up for an Oasis card/payback plan.

 

Out of nowhere, my scores tanked today - according to Experian, Amex just reported my card as a charge off.  I'm over 2 years past SOL, it has never been listed as a CO before.

 

I know initially it was probably a CO account, but I'm in agreement to pay it back right now - is this typical for others in the Oasis program?

Edited by shadekitty

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Give it time to sift through the process.  Get the PAPER report from Experian. 

 

I've had people I know who I got into the OASIS program but none ever described the reporting.  I could, however, easily buy into the likely argument from AXP that the account retains its charge-off status UNTIL the prior balance has been paid in full in accordance with the terms of the program, at which point in time, it re-ages in a manner not unlike an account re-aged under Rule 5000. 

 

It would be worth calling them to ask.  Don't be rude or accusatory with them.  Early AM is probably the best time to call...they will have had fewer people get on their nerves at that juncture.  Late afternoon is rarely a good time to deal with customer service personnel in ANY company.  I don't know if the OASIS phone banks are offshorians or if they are East Coast personnel...

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As a side note, the permissible reporting period for negative credit information and SOL are completely different concepts.

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1 hour ago, shadekitty said:

I guess I'm now wondering if I'm paying a completely new account off (that my debt was transferred to). 

Is the number on the new card the same as your old account number? 

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Normally, Amex will issue an Optima card only after you have paid the previously defaulted balance but with a smaller CL. Then, if you manage it well after a year or so you can get other cards and decent CLs. 

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Whenever you make a payment on an old CO account it updates the date which drops your score. With this program I would guess they would clear out the CO at the end but I don't really know. They may not. The program isn't about credit repair, it's about getting back in with Amex and them getting their money. 

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10 hours ago, shifter said:

Whenever you make a payment on an old CO account it updates the date which drops your score. With this program I would guess they would clear out the CO at the end but I don't really know. They may not. The program isn't about credit repair, it's about getting back in with Amex and them getting their money. 

Amex reports monthly on their CO accounts, so if the OP paid it off it would zero out the account and stop reporting. she should have gotten a bump in score.

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21 hours ago, dvd said:

Amex reports monthly on their CO accounts, so if the OP paid it off it would zero out the account and stop reporting. she should have gotten a bump in score.

Sure they do... Sometimes. But in this case the OP said they were not. 

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I'll wait it out and see. I'm not applying for anything and my current CL's aren't high enough I'm worried about a CLD yet. This sucks though :( 

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2 hours ago, shadekitty said:

I'll wait it out and see. I'm not applying for anything and my current CL's aren't high enough I'm worried about a CLD yet. This sucks though :( 

Have you called them to inquire? 

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