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Yup, I would take that Optima card offer if I were you. I was so happy when they sent me that offer, I signed up right on my mobile at an airport while waiting on a flight. After that I logged on and found out the starting limit was only $500 but what the hey. At least I have an Amex card again. After that I tried to apply for their other cards but was constantly denied until I cancelled the Optima card (read about it on here as a matter of fact). Good luck!
You could do like I did. Ignore the offer, and wait another 15 to 20 years.
Yikes! I hope it does not take that long for Amex to love me! I've never had a personal Amex. Only two business cards through my job. I'm hoping they will give me a chance when my scores improve.
Use the card for 1yr, close it after and app for a new Amex.
@OP are you going to accept offer?
Thanks, everyone. I'm going to hold off on the offer. By next April, my last baddie will age off and I expect my scores to bump up significantly. I'll pay my car loan off in January which will leave me with zero debt, a $115k base salary and around 5% credit card util. Hoping all of this does the trick as I don't want to be tied to the Optima product for 12 months if I can get a better offer before this time next year.
@AKO17 wrote:Thanks, everyone. I'm going to hold off on the offer. By next April, my last baddie will age off and I expect my scores to bump up significantly. I'll pay my car loan off in January which will leave me with zero debt, a $115k base salary and around 5% credit card util. Hoping all of this does the trick as I don't want to be tied to the Optima product for 12 months if I can get a better offer before this time next year.
Understand.. Just keep in mind if your car loan is your only installment loan your scores are going to take a nice hit once it is paid off.. Just something to keep in mind, you always ideally want some kind of installment loan. Credit is a weird beast. When I paid off my old car and before my new lease reported, but my old car note showed paid off I took a hit from anywhere from 8-30 points depending on Credit Bureau.. Messed up if you ask me.. Once new lease reported again recovered most of score and since recovered it all after making 6 months+ payments on new installment loan..
I think you're making the right decision as you'll have a great profile for approval by then.
Good luck!!
Great point about the installment loan. Definitely something I'll be taking into consideration. My loan doesn't end until August but I'll have an opportunity to pay off in January. It's very, very tempting! But, it might be best to suck it up and wait until August for the sake of my credit mix.