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Amex Optima Approved for $2k - Data Points

wpxo
Established Member

Amex Optima Approved for $2k - Data Points

Hey!! Decided to post because I've been seeing a lot of misinformation about whether the Amex Optima card/program still exists - well it DOES and I got my card in the mail today!!Here's how things went:

In 2016, I defaulted on two Amex cards for $2K and $1800 (Hilton Honors and BCE). They were CO'd and scheduled to fall off my credit this summer (2023); since then, Amex has sent me tons of letters about the Optima program by email and snail mail. I didn't pay attention to them because of competing financial priorities. Fast forward to present day and I am in a much better place financially, so I decided to try the program and reestablish my relationship with Amex.

Timeline as follows:

2/10/2023 I paid off both CO's; only one of the balances was zeroed out on my credit report (?)
3/10/2023 (exactly 30 days later, yes) I received a very simple paper application to apply for Optima by mail offering a $600 credit limit
3/13/2023 I mailed it snail mail (no tracking, just popped it in the mailbox)
3/20/2023 I get an alert saying that I have a hard pull /credit inquiry on my Experian profile
3/20/2023 I checked the application status on their website and saw that I was approved as of 3/17/2023
3/27/2023 My new Optima card came in the mail with a Member since date of 2013 (!!)

I am really excited to restart my relationship with Amex and thankful for this second chance. Also thrilled that the credit limit is more than the $600 that they originally said it would be. I read on other posts that the offer would be 30-50% of your original credit limit, but it seems to be more so based on your unique credit profile. My scores average mid to low 700s and my income is over $150K.

Anyway, I hope this helps someone!!

***Updating to add that the APR is 22.74% and Annual Membership fee is $49. I also noticed that there are shopping rewards available to attach to the card in my Amex app.
Starting Scores: 10/2013: EX: 575, EQ: 568, TU: 607
Current Scores:
Goals: 800 across the board



Message 1 of 14
13 REPLIES 13
Jeffster1
Established Contributor

Re: Amex Optima Approved for $2k - Data Points

Congrats! It feels great getting back in with Amex. 

FICO 8 (9/7/23) EX 718 EQ 720 TU 844
FICO 9 (9/17/23) EX 751 EQ 774 TU 850
CH 13 DC 1/5/21 -- I practice AZEO - NEVER above 1% utilization across all cards.

Current lineup as of 9/23
American Express Gold | American Express Blue Cash Everyday 6K | American Express Blue Cash Preferred 5K I American Express Marriott Bonvoy Bevy 5K I American Express Gold Delta Skymiles 6K I American Express Hilton Honors Surpass 1K | Bank of America Customized Cash Rewards Visa 15K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 4K | USBank Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One SavorOne MC 3K | Capital One Walmart MC 2K | NFCU Amex 15K | NFCU CashRewards Visa 9.2K I Citi Best Buy Visa 10K I Macy’s Amex 1.5K I Bread Financial American Express 8K l AAA Daily Advantage Visa Signature 5K I Wells Fargo BILT World Elite MC 30K I BCU Cash Rewards Visa 8K I UCLA Wescom CU Rewards Visa 7K I Affinity Pure Rewards Visa 5K
Message 2 of 14
wpxo
Established Member

Re: Amex Optima Approved for $2k - Data Points


@Jeffster1 wrote:

Congrats! It feels great getting back in with Amex. 


Thanks!!! Yes, its a great feeling! I am signing up for their credit monitoring as we speak
Starting Scores: 10/2013: EX: 575, EQ: 568, TU: 607
Current Scores:
Goals: 800 across the board



Message 3 of 14
JoeRockhead
Valued Contributor

Re: Amex Optima Approved for $2k - Data Points

Congratulations on getting back in with Amex and your progress!

Message 4 of 14
Epiki71
Regular Contributor

Re: Amex Optima Approved for $2k - Data Points

OP,

 

Congrats, this is great news.

Last Signature Update: 03/08/2023





Message 5 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Amex Optima Approved for $2k - Data Points

Congrats!



Homeowner Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my recovery after BK from learning here. Started 540's. EX FICO 9 801 as of 05/03/2023. I stayed around to pay it forward for those who helped me back then.
Message 6 of 14
bthebuilder
Established Member

Re: Amex Optima Approved for $2k - Data Points

Does Optima earn MR points? 

Message 7 of 14
7774x
Frequent Contributor

Re: Amex Optima Approved for $2k - Data Points


@wpxo wrote:
Hey!! Decided to post because I've been seeing a lot of misinformation about whether the Amex Optima card/program still exists - well it DOES and I got my card in the mail today!!Here's how things went:

In 2016, I defaulted on two Amex cards for $2K and $1800 (Hilton Honors and BCE). They were CO'd and scheduled to fall off my credit this summer (2023); since then, Amex has sent me tons of letters about the Optima program by email and snail mail. I didn't pay attention to them because of competing financial priorities. Fast forward to present day and I am in a much better place financially, so I decided to try the program and reestablish my relationship with Amex.

Timeline as follows:

2/10/2023 I paid off both CO's; only one of the balances was zeroed out on my credit report (?)
3/10/2023 (exactly 30 days later, yes) I received a very simple paper application to apply for Optima by mail offering a $600 credit limit
3/13/2023 I mailed it snail mail (no tracking, just popped it in the mailbox)
3/20/2023 I get an alert saying that I have a hard pull /credit inquiry on my Experian profile
3/20/2023 I checked the application status on their website and saw that I was approved as of 3/17/2023
3/27/2023 My new Optima card came in the mail with a Member since date of 2013 (!!)

I am really excited to restart my relationship with Amex and thankful for this second chance. Also thrilled that the credit limit is more than the $600 that they originally said it would be. I read on other posts that the offer would be 30-50% of your original credit limit, but it seems to be more so based on your unique credit profile. My scores average mid to low 700s and my income is over $150K.

Anyway, I hope this helps someone!!

***Updating to add that the APR is 22.74% and Annual Membership fee is $49. I also noticed that there are shopping rewards available to attach to the card in my Amex app.

Amex throwing out big miles gifts  for signups ... another card agressively courting new customers.. also Chase

Message 8 of 14
FicoME27
New Member

Re: Amex Optima Approved for $2k - Data Points

Did paying off the CO have any negative affect on your score? I keep getting offers from them as well, and it's a small amount $1000 on a BCP from 2017. I really want back in with AMEX, but I feel like I'm opening pandora's box by paying off a CO that will fall off soon. 

Message 9 of 14
wpxo
Established Member

Re: Amex Optima Approved for $2k - Data Points


@bthebuilder wrote:

Does Optima earn MR points? 


Amex generally offers MR, but this card definitely does not! It’s a second chance card to get off their black list basically
Starting Scores: 10/2013: EX: 575, EQ: 568, TU: 607
Current Scores:
Goals: 800 across the board



Message 10 of 14
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