@bburney4 wrote:I recently defaulted on all 4 of my AMEX cards, I have negotiated settlements for each card and have paid off 3 of the 4 cards. I was told that if I paid the total amount on one of my Amex cards, that I would be eligible for a Optima Credit Card application. Do you think I will get approved for a Optima card even if I didn't pay the full balance on the remaining three cards? Or do you think I should pay the balances in full prior to applying.
Hello. I recently completed a debt settlement program where I paid off my credit card debts for less than full. This included American Express. I then waited about 30 days and applied for a charge card. I knew I would be declined, but I wanted to see if they would do a hard inquiry, which they did- this is good because it means that I am not blacklisted. My denial letter listed the reasons for decline, and my settling my debts for less than full was not one of them. The reasons were low scores, late payments, and some collection items. I then called them about the Optima. I was told by several reps that the program has been discontined and that I should apply for a regular card. When I told them I was declined, I was transferred to the Credit Team, who advised me to work on improving my credit scores and then apply again. This is what I am currently working on. I plan to apply again in a few months.
I would encourage you to work on your credit scores and then apply for a regular card. Good luck on your credit journey. Hopefully by this time next year, we will both have American Express cards again.
