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Greetings. First post and short time lurker.
With the knowledge I've soaked from this board I was able to get a GW delete from Amex for an account I allowed to go into collection due to being in-between employement. As soon as I was contacted by the CA, I PIF and was enrolled in the Oasis program. Happy to report that I maintain a perfect payment history and making progress towards my goal to be approved for another Amex in the near future. That CO was my only baddie and having the TL deleted resulted in an 81 FICO point boost to a present 735. I still have a high util at 57% which I'm making a priority to cut down to >10% within 3-4 months. In the meantime I'd like some suggestions as to what I can begin working on while I eliminate my CC balance.
Discover More: $4000 CL; $3,586 Bal
Chase Slate: $1,300 CL; $0 Bal
Amex Optima: $500 CL; $0 Bal
CapOne Plat (credit steps) $500 CL; $0 Bal
I'd like to PC the Slate to a Freedom or Sapphire and, of course, complete my year with the Optima and close and apply for a backdated Amex Green.
I should mention that I foolishly wasted a number of inquiries before I found this board trying to get CLIs and applying for store cards. I was turned down for 2 store cards for having too high % Util and inquiries.
So any suggestions are welcomed. I'm also okay with gardening for a while, score simulator says I should have at least a 785 score once I bring my Util down.
Thanks in advance.
Congrats on getting your score well into the 700 club ~ That's great !
Honestly I think you will be in good shape from a revolving perspective once you get your Discover balance paid down. I agree that you should probably take some time to garden, pay it down, and let your inquires age off.
+1
@LS2982 wrote:
Welcome to the forums!!
Gardening and paying down your DM card will be your best options! No more apps and let your INQ's fall off over time.
Did the Oasis Card replaced the old CO that was on the CR, or did you have to submit a Goodwill to Amex. which ultimately got approved.
@Anonymous wrote:Did the Oasis Card replaced the old CO that was on the CR, or did you have to submit a Goodwill to Amex. which ultimately got approved.
The Oasis Card was offered as a condition for PIF the CO. I received the card embossed as "member since 2011", but it's backdated on my CR.
About how long since receiveing the Optima, did it take for your CR to be updated, (CO removed from it and started showing currecnt TL ). Am in the same boat, just received my Optima from Amex, but wondering how long before they delete the CO. The card was backdated to my first member since date also.
@Anonymous wrote:About how long since receiveing the Optima, did it take for your CR to be updated, (CO removed from it and started showing currecnt TL ). Am in the same boat, just received my Optima from Amex, but wondering how long before they delete the CO. The card was backdated to my first member since date also.
I requested a GW TL deletion on the CO account. Prior to the deletion my CR was showing two Amex TLs: the CO as "Closed by creditor; Paid in full" and the Optima reporting as "Pays as agreed."
It now only shows one TL which is the one for the Optima. The derog is now gone.
Amex will not wipe the CO from your account simply because you now have an Optima. I wrote them a GW letter several months after having a perfect history with the Optima and providing documentation as to the circumstances that put my account in CO status.
just a quick update since I just signed up for Score Watch this morning.
On 1/14/12 my Equifax score was 647
As of today (3/18/12) my Equifax score is 746
The statement on my Optima cut yesterday, but it's still reporting a $29 balance when it should be $0. Should see a small boost when that is updated. My DM should update mid-week and I've paid down $1,000 on that balance.