Update Card Received Amex Optima Usage

[Red1Blue]

Question for those who have Amex Optima card. How often do you use the card and how heavily do you use it. My card limit is $900. Any suggestions how to use it ? I pay in full for all my accounts and will not carry balance. Should I use it lightly once or twice a month and keep it alive or should I use more often and pay it in full before statement cuts ? I appreciate your input.

[Red1Blue]

I just got the Optima approved. Does any one know how soon Amex will report the new accounts to CRAs ? I am done with all the new apps. I want to see what kind score hit I'll for the inquiries and new accounts take before the scores will raise again ?

[Jnbmom]

Usually 2 months (statements)

[dragontears]

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@Red1Blue wrote:

I just got the Optima approved. Does any one know how soon Amex will report the new accounts to CRAs ? I am done with all the new apps. I want to see what kind score hit I'll for the inquiries and new accounts take before the scores will raise again ?

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About 2 months some times as long as 3 months 

[Red1Blue]

Thanks. I guess, I can ignore Amex new account affect on my scores. It will happen what ever it happens.

[AllZero]

IIRC, if on a derogatory score card, you do not get penalized for new accounts.

[M_Smart007]

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@AllZero wrote:

IIRC, if on a derogatory score card, you do not get penalized for new accounts.

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@AllZero  So your recommending that, I should degrade my scorecard?

#IamProbablyWayPastAnyPenalties

[M_Smart007]

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@Red1Blue wrote:

I just got the Optima approved. Does any one know how soon Amex will report the new accounts to CRAs ? I am done with all the new apps. I want to see what kind score hit I'll for the inquiries and new accounts take before the scores will raise again ?

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@Red1Blue, Usually 2 months, but had a couple Amex cards take 3 months. YMMV

[AllZero]

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@M_Smart007 wrote:

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@AllZero wrote:

IIRC, if on a derogatory score card, you do not get penalized for new accounts.

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@AllZero  So your recommending that, I should degrade my scorecard?

#IamProbablyWayPastAnyPenalties

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@M_Smart007 . Not if you're trying for $1B TCL. 😉

[Red1Blue]

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@AllZero wrote:

IIRC, if on a derogatory score card, you do not get penalized for new accounts.

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Thanks. I still have 9 COs that I am clearning now. It should be end of this year by the time all the COs are posting $0 balance. I guess it will take some time after that for the scores to start creeping up slowly. For now I am all done with Apping. I am not looking for new credit. Hopefully some of my secured cards would graduate in the next 6 months. Also I might receive some CLI on my Blaze / FSCC and other cards in October. Looks like I am going to have a great start in 2021. I am not looking for new credit. If secured cards graduate then it is good. Otherwise may be one good unsecured credit card either Visa or MC. That is it. I am a happy camper.