topic Re: reaRe: AMEX Optima or wait? in Credit Cards

AMEX Optima or wait?

AKO17 — Mon, 21 Sep 2015 17:36:29 GMT

Hello all - I just recieved an Amex Optima offer in the mail following the pay off of a business Amex I held with an old job. The old account went to collection when I was laid off but never hit my credit report, and I PIF as soon as I received the collection notice. I recently applied for an Amex card and was declined due to low scores (current scores in sig). By April of next year I'm anticipating higher scores when the last baddie falls off my reports. Should I go with the Optima now or wait to app for a better card when my scores climb? Is this the only wait to get back in with Amex? Thank you.

Re: AMEX Optima or wait?

DeeBee78 — Mon, 21 Sep 2015 17:46:28 GMT

I seem to recall a post in here about someone not being able to get past the Optima stigma, and could never get approved for another Amex product because they had it.

It's not the only way back in with Amex, but it certainly is the quickest. It could limit your future growth with other Amex products.

reaRe: AMEX Optima or wait?

AKO17 — Mon, 21 Sep 2015 17:48:35 GMT

That's what I recall reading somewhere as well, but I could not seem to locate that post. Perhaps I'll just wait...

Thank you!

Re: reaRe: AMEX Optima or wait?

kdm31091 — Mon, 21 Sep 2015 17:49:44 GMT

If your gut is telling you to wait, it's usually right. I'd wait.

Re: reaRe: AMEX Optima or wait?

CreditCuriosity — Tue, 22 Sep 2015 02:59:21 GMT

I would personally take the offer.. I think that will be the consensus here to get back in the good graces of Amex. Not sure about having to cancel it prior to getting another CC with them in the future where your profile/scores are a bit better. Curious what others will state as well w/regards to this.

Optima is only offered to people that have paid off their old Amex Charged off/closed accounts to my understanding, you can't apply for it without being offered it.. They are giving you a lifeline.. I guess is it worth it to you and want to have a future relationship with Amex? Not saying this is the only way, but maybe a start?

Re: reaRe: AMEX Optima or wait?

DeeBee78 — Mon, 21 Sep 2015 17:54:02 GMT

@AKO17 wrote:
That's what I recall reading somewhere as well, but I could not seem to locate that post. Perhaps I'll just wait...

Thank you!

Here's a longer thread where a couple people confirmed that they weren't eligible for any other Amex products while their Optima accounts were open:

http://ficoforums.myfico.com/t5/Credit-Cards/Anyone-have-recent-experience-with-Amex-Optima-Oasis/td-p/4129033/highlight/true

Re: reaRe: AMEX Optima or wait?

CreditCuriosity — Mon, 21 Sep 2015 17:57:37 GMT

@DeeBee78 wrote:
@AKO17 wrote:
That's what I recall reading somewhere as well, but I could not seem to locate that post. Perhaps I'll just wait...

Thank you!
Here's a longer thread where a couple people confirmed that they weren't eligible for any other Amex products while their Optima accounts were open:

http://ficoforums.myfico.com/t5/Credit-Cards/Anyone-have-recent-experience-with-Amex-Optima-Oasis/td-p/4129033/highlight/true

good article on it.. Thanks

Re: reaRe: AMEX Optima or wait?

Anonymous — Mon, 21 Sep 2015 20:49:50 GMT

@CreditCuriousity wrote:
I would personally take the offer.. I think that will be the consensus here to get back in the good graces of Amex. Not sure about having ot cancel it prior to getting another CC with them in the future where your profile/scores are a bit better. Curious what others will state as well w/regards to this.

Optima is only offered to people that have paid off their old Amex Charged off/closed accounts to my understanding, you can't apply for it without being offered it.. They are giving you a lifeline.. I guess is it worth it to you and want to have a future relationship with Amex? Not saying this is the only way, but maybe a start?

Sort of. I got this offer about 15 to 20 years ago, based on my 1982 bankruptcy that included Amex. I had not paid them. But the offer came with the stipulation that if I paid the balance that was included in the BK, they would give me the card.

Re: reaRe: AMEX Optima or wait?

CreditCuriosity — Mon, 21 Sep 2015 23:36:29 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
I would personally take the offer.. I think that will be the consensus here to get back in the good graces of Amex. Not sure about having ot cancel it prior to getting another CC with them in the future where your profile/scores are a bit better. Curious what others will state as well w/regards to this.

Optima is only offered to people that have paid off their old Amex Charged off/closed accounts to my understanding, you can't apply for it without being offered it.. They are giving you a lifeline.. I guess is it worth it to you and want to have a future relationship with Amex? Not saying this is the only way, but maybe a start?
Sort of. I got this offer about 15 to 20 years ago, based on my 1982 bankruptcy that included Amex. I had not paid them. But the offer came with the stipulation that if I paid the balance that was included in the BK, they would give me the card.

thank you for the clarification.. So they just wanted there money?

Re: reaRe: AMEX Optima or wait?

taxi818 — Mon, 21 Sep 2015 23:53:18 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
I would personally take the offer.. I think that will be the consensus here to get back in the good graces of Amex. Not sure about having ot cancel it prior to getting another CC with them in the future where your profile/scores are a bit better. Curious what others will state as well w/regards to this.

Optima is only offered to people that have paid off their old Amex Charged off/closed accounts to my understanding, you can't apply for it without being offered it.. They are giving you a lifeline.. I guess is it worth it to you and want to have a future relationship with Amex? Not saying this is the only way, but maybe a start?
Sort of. I got this offer about 15 to 20 years ago, based on my 1982 bankruptcy that included Amex. I had not paid them. But the offer came with the stipulation that if I paid the balance that was included in the BK, they would give me the card.
thank you for the clarification.. So they just wanted there money?

From what i know if it yes. They want the money.But they put you in the bad boys club. or probation for a little while. At least a year. sometimes two. in order to get back with the big boys. No big deal if you want that Amex realationship. I agree. Get it now. as it is no guarantee that waiting they will approve you. even if your scores climb 100 points.

Re: reaRe: AMEX Optima or wait?

eddie84 — Tue, 22 Sep 2015 00:14:14 GMT

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!

Re: reaRe: AMEX Optima or wait?

Anonymous — Tue, 22 Sep 2015 01:00:21 GMT

You could do like I did. Ignore the offer, and wait another 15 to 20 years.

Re: reaRe: AMEX Optima or wait?

AKO17 — Wed, 23 Sep 2015 12:38:46 GMT

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.

Re: AMEX Optima or wait?

tntexans72 — Wed, 23 Sep 2015 14:35:19 GMT

Use the card for 1yr, close it after and app for a new Amex.

Re: AMEX Optima or wait?

CreditCuriosity — Wed, 23 Sep 2015 18:29:16 GMT

@OP are you going to accept offer?

Re: AMEX Optima or wait?

Anonymous — Wed, 23 Sep 2015 19:27:13 GMT

OP, I was in the same exact situation as you, I recommend you don't apply.

I had a corporate card that went to collection yet never reported on CRs, even after 3 years and multiple notices. I PIF in early July, waited a bit to make sure I was off the blacklist, and was approved for a PRG by late August. The CO was for 8k, so it wasn't a trivial amount either.

I think as long as you PIF and your scores/income are acceptable, Amex will let you back in.

Re: AMEX Optima or wait?

AKO17 — Wed, 23 Sep 2015 19:48:41 GMT

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.

Re: AMEX Optima or wait?

CreditCuriosity — Wed, 23 Sep 2015 19:59:26 GMT

@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..

Re: AMEX Optima or wait?

Anonymous — Wed, 23 Sep 2015 20:05:42 GMT

I think you're making the right decision as you'll have a great profile for approval by then.

Good luck!!

Re: AMEX Optima or wait?

AKO17 — Wed, 23 Sep 2015 20:31:10 GMT

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.