AmEx Optima/General questions about AmEx blacklist.

[Anonymous]

Hello Everyone!

I received 2 offers for an AmEx optima and 2 settelement offers for the balance I owe but I am getting a little confused and might need help making the best decision. 

So my credit report is ruined due to divorce.  My financial situation is now better and I hope Chase will not close my accounts with them (paid on time but my credit score is smashed now).

I would like to have an Amex in the future and was wondering what was the best option. 

Obviously I would be fine with an Optima card. 

So these are my questions:

- When AmEx (or the CA) says that if you pay the balance owe, you gain back membership (through Optima) is it based on your credit report or only based of the repayment of the debt?  Meaning is it "guarenteed" that you receive an Optima card once you make the payment or it's based on your credit score too?

- How do they calculate the credit limit if it's based on the amount due or credit limit, how about charge cards?

- Let's say I would rather settle for less money abd pay the 3 debts in 24 months for 50% of the balances, am I blacklisted with AmEx still?

Becaue technically I would repay less that what I owed....  I am trying to avoid being blacklisted forever. 

- I have 3 debts with AmEx, can I repay one in full, get an Optima and then pay the 2 other accounts in installements or all account must be paid and the one eligible for Optima will then be open?

Thank you for help!!!

[Anonymous]

If you want to get back in with Amex, I would pay them off. I was in a similar situation back in 2011, I had 2 cards with them and they were both charge-offs. I was able to pay them all back by 2014. I accepted their Optima card offer right after. I used the Optima card for about 8 months, closed it, then apply for the Hilton and was instantly approved. Good luck. 

[darwin_wins]

There is a thread that sjt started. Here is the link http://ficoforums.myfico.com/t5/Credit-Cards/Anyone-have-recent-experience-with-Amex-Optima-Oasis/m-...

If you are getting offers from AmEx (through CA) you could probably pay off one of them and get approved for the Optima card. You can only get one Optima card offer and if you accept the first one all the others will be voided (it is in the letter from AmEx). Gaining access to Optima is based on paying back AmEx and they will guarantee that card unless you have BK on your report, BK automatically DQs you from any Optima card approval.

The whole thing takes about 8 weeks after you pay them off.