AMEX Optima or wait?

[AKO17]

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.

[DeeBee78]

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. 

[AKO17]

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!

[kdm31091]

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

[CreditCuriosity]

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?

[DeeBee78]

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@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!

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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...

[CreditCuriosity]

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@DeeBee78 wrote:

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@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!

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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...

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good article on it.. Thanks

[Anonymous]

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@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?

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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.

[CreditCuriosity]

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@Anonymous wrote:

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@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?

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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.

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

[taxi818]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@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?

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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.

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

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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.