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Product Change for AMEX Optima Card

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John060675
Valued Contributor

Product Change for AMEX Optima Card

Hello all,

 

In July of 2011 I paid off an old charged off account with American Express.  They then offered me an Optima Card with a $5,000 balance.

 

Fast forward over 2 years to today.......I have been faithfully paying this card on time, which I am happy to say has been 100% perfect.  My credit score has steadily risen from the upper 400s to now around 620.  I still have a couple baddies showing from almost 6 years ago, so only a little longer until my score should jump more.

 

My question is whether I should try for a product change now with them (or if it is possible with the Optima Card) going off my aforementioned information.  I am looking at the Blue Cash Preferred or Blue Cash Everyday cards, since I want to run all my expenses through them (and PIF each month, of course).

 

I appreciate any thoughts on this.  Thank you in advance.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


Take the myFICO Fitness Challenge
Message 1 of 10
9 REPLIES 9
John060675
Valued Contributor

Re: Product Change for AMEX Optima Card

Darn,

 

I just saw the answer while digging through old threads.  Appears I would have to call and cancel this card and then reapply.  Seems dangerous at this point, since I do not want to be declined and then out as an AMEX card holder.

 

Sigh......I will wait until those baddies drop off.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


Take the myFICO Fitness Challenge
Message 2 of 10
WolfMan
Regular Contributor

Re: Product Change for AMEX Optima Card

You will have to close the optima, and reapply for another card. 

 

I'd wait until my scores got up a bit more, because once you close the optima, it's gone forever. 

 

If you apply while you have the Optima, you will get a decline because you have a rebuilder card ( The optima ) 

 

Been there... 

Message 3 of 10
FinStar
Moderator Emeritus

Re: Product Change for AMEX Optima Card


@John060675 wrote:

Darn,

 

I just saw the answer while digging through old threads.  Appears I would have to call and cancel this card and then reapply.  Seems dangerous at this point, since I do not want to be declined and then out as an AMEX card holder.

 

Sigh......I will wait until those baddies drop off.


IIRC, there have been also some other individuals who have posted success and did not need to close their OASIS Optima Cards.  However, this may hinge on a few factors such as an improvement in overall credit profile and given the established AMEX history.  You could always try and apply and see what the outcome might be.  If the application is not approved, then it's still a SP.  IMO, I wouldn't cancel the Optima until you have another AMEX product.

Message 4 of 10
FinStar
Moderator Emeritus

Re: Product Change for AMEX Optima Card


@WolfMan wrote:

You will have to close the optima, and reapply for another card. 

 

I'd wait until my scores got up a bit more, because once you close the optima, it's gone forever. 

 

If you apply while you have the Optima, you will get a decline because you have a rebuilder card ( The optima ) 

 

Been there... 


AFAIK, it's a YEMV situation.  There have been individuals who have been approved for another AMEX CC with the OASIS Optima Card as an active (non closed) account.

Message 5 of 10
John060675
Valued Contributor

Re: Product Change for AMEX Optima Card

Sorry to ask for clarification, but if I call AMEX and apply for a rewards CC then it is only a soft pull?  That seems a little too good to be true, which is why I am just making sure I understood correctly.  Smiley Happy


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


Take the myFICO Fitness Challenge
Message 6 of 10
TenaciousRebuilder
New Contributor

Re: Product Change for AMEX Optima Card

I have had my Optima card from an old CO for just over 2 years. I was declined for the 3rd time for the Delta Gold last week with an EX score of ~675. But I was also approved last week for an Amex PRG charge card. I did not cancel my Optima card before the application. Don't cancel yours first either. If you are declinded, not only would you avoid limbo (stuck with no card) you also would only get soft pull since you would still be an Amex member.

 

There are a few threads with anecdotes suggesting that approval for Amex revolvers is easier (and initial CL higher) if you already have an Amex charge card. With a score of 620, I would suggest going that route - and "backdating" on your charge should boost your AAOA and likewise your credit score, helping you even further with the revolver approval.


Good Luck. 

Message 7 of 10
myjourney
Super Contributor

Re: Product Change for AMEX Optima Card


@FinStar wrote:

@John060675 wrote:

Darn,

 

I just saw the answer while digging through old threads.  Appears I would have to call and cancel this card and then reapply.  Seems dangerous at this point, since I do not want to be declined and then out as an AMEX card holder.

 

Sigh......I will wait until those baddies drop off.


IIRC, there have been also some other individuals who have posted success and did not need to close their OASIS Optima Cards.  However, this may hinge on a few factors such as an improvement in overall credit profile and given the established AMEX history.  You could always try and apply and see what the outcome might be.  If the application is not approved, then it's still a SP.  IMO, I wouldn't cancel the Optima until you have another AMEX product.


I saw one recently that was not closed and they were approved so FinStar is correct .......It was the first I had ever seen tho

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 10
TenaciousRebuilder
New Contributor

Re: Product Change for AMEX Optima Card

Just to clarify, I think I was declined for the Delta Gold because I was a borderline applicant, not because I have an Optima. My PRG approval is my "evidence" that you can get approved for real Amex cards while still holding one. In a few months I have complete confidence that I will be approved for the Delta Gold and only then will I cancel my Optima.

Message 9 of 10
sjt
Senior Contributor

Re: Product Change for AMEX Optima Card


@TenaciousRebuilder wrote:

Just to clarify, I think I was declined for the Delta Gold because I was a borderline applicant, not because I have an Optima. My PRG approval is my "evidence" that you can get approved for real Amex cards while still holding one. In a few months I have complete confidence that I will be approved for the Delta Gold and only then will I cancel my Optima.


Congrats.

 

It seems Amex is changing the policy f having to close your Optima before you can apply for another card.

 

What was your credit profile like when you applied for the Amex cards.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 10 of 10
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