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Hello everyone! I could really use some advice dealing with the AMEX Oasis / Optima card.
I have a collection account on my report for $3,500. It is still with AMEX and has never been sold to a CA. It has been in collection for 4 years (shame on me, I know). I've been negotiating with them for a while, and they have agreed to accept a 30% settlement. They will not agree to PFD. I am fine with this and I can send them a one-time payment. They are trying to get me to pay the balance in full, and then they will pre approve me for the Optima Oasis card. I talked to 3 different people, and they all give different opinions on if the new account would replace the old account, re-age it, etc.
More about my situation...
I have 7 collection accounts (including this one). All are paid except this one, two have agreed to remove via goodwill letters but that was recent and I'm still waiting for them to fall off. This is not the oldest account. I have two active credit cards with a $500 limit and a $300 limit, and was just approved for Navy Federal card with $3,000 limit. AMEX said the new card would be for $1,000.
My question is, is it really worth the extra $2,500 to have another credit card? Is there some other huge benefit I am missing here by paying that much more? I am planning on buying a house soon and I need all the extra cash I can save. $2,500 is a lot to me right now. Mu current score is 650.
My plan is to fix my credit enough to qualify for an Amex card (I might now) then pay off a old balance I have on a business card with them, 100% PIF. I'm going to make sure I have the cleanest record I can with them and then I'll reapply for an Amex. I like their cards.