Amex Optima Card Application

[Anonymous]

I received email from American express to pay off balance and receive Optima card application. I used to have Blue and platinum. Both are charged off. Should I pay the balance or not? If I pay, what are the chances of getting approved.

[Brian_Earl_Spilner]

It's guaranteed as long as you pay off the balance. You'll receive a credit line equal to 1/3 of what you're paying off. You won't be able to apply for another amex for 12 months. Or, you can pay off what you owe and roll the dice to see if you can get back in with a regular card sooner than 12 months.

[Anonymous]

You might as well just pay it off and see what happens. The worst they can say is no, but at least you're paid off, right? Good luck!

[Red1Blue]

Optima is a good program. I had their Optima card about 12-14 years ago. After paying off the previous balance they gave me an optima card with $5k Limit. It was about 1/2 of what I paid off to them on my old card. After 12 months I was able to PC from Optima to Amex Platinum. Also able to apply for other Amex cards. I think now a days they are giving less credit limit for Optima Cards. Also keep in mind Optima card has a hefty AF. I think $49 or so. I am not sure. Also it does not have any rewards or incentives like other cards. It is just a plain vanilla card with an opportunity to get back into Amex family.

[Anonymous]

Just spoke with the company who holds my 'charge off' from Amex. I have roughly 2,200 remaining with them. Their system offers me the "Optima Card" so I asked about it. Their info was as follows .... When you payoff account Amex will send you the application, you have 30 days to respond. Annual fee will be $49.00; Intrest rate will be 14%. You will receive a percentage of the amount that was charged off as your starting balance. Estimate will be based on your own personal acount. 

Once you apply Amex will approve you unless you have filed chapter 11 or Amex determines you cannot fullfill the min monthly amount. It sounds pretty good from what ive heard. If you have the ability to pay off I would. That is what I plan to do April 1 given the information I received today. 

[Anonymous]

Also, they re-evaluate the card every 6 months basd on what you've done. I'd say use it and pay it off as much as you can. Maybe run it up to your credit limit every 2 weeks and pay off so you are utalizing the full limit twice a month. Insure to pay in full, you may be back in a normal Amex card in 6 months min if not continue to use it heavy and get a normal card in 12 months. Also keep up with other accounts as they review missed payments, balance ratio, credit score etc. 

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@Anonymous wrote:

I received email from American express to pay off balance and receive Optima card application. I used to have Blue and platinum. Both are charged off. Should I pay the balance or not? If I pay, what are the chances of getting approved.

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