Amex Optima

[Red1Blue]

Those of you who got Amex Optima card after paying off your old debt with Amex. How many days did they gave you to apply for the card after you received the application ? Can we wait for few days before apply for the Optima after you receive the applicaiton or is there any time frame the application is valid for ? I am not sure if I want to apply for Optima right away. I want to improve my credit and then apply. On the other hand, I guess sooner I get it the sooner 12 months wait period will pass and become eligible for regular card.  I am not sure what is the best approach.

[Anonymous]

From a previous post, seems you have 30 days. 
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/AMEX-Optima-Oasis/td-p/5158188

[Red1Blue]

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@Anonymous wrote:

From a previous post, seems you have 30 days. 
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/AMEX-Optima-Oasis/td-p/5158188

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Thanks for the information. Right now I have setup payment plan to pay. I am debating if I should complete the plan for next 18 months and in the mean time clean up the credit and apply or if I should go ahead and pay off now in the next 2 -3 months and apply for Optima and let it age for 12 months. Which ever way I go it will take me 12-18 months to clean up my credit. Should I go ahead and pay off Amex and get Optima start the relationship now or should I wait more time.

[AverageJoesCredit]

Anything you can do to salvage your relationship with Amex sooner is best imo. Lets them know you are serious on reestablishing your relationship so if able id choose to get Optima as soon as possible. It will also help your overall credit with a positive tradeline showing you are on right track. Best of luck on your journey

[Red1Blue]

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@AverageJoesCredit wrote:
Anything you can do to salvage your relationship with Amex sooner is best imo. Lets them know you are serious on reestablishing your relationship so if able id choose to get Optima as soon as possible. It will also help your overall credit with a positive tradeline showing you are on right track. Best of luck on your journey

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Two accounts are in charge off with them. I would get 2 applications for 2 accounts. I could use either one to apply.  I have setup 24 month payment plan and so far paid 7 months. 17 more months to go. I could keep paying the payment for next few months or pay it off soon.

Another question is should I pay off one account and apply for Optima or should I wait to pay off both accounts and then apply for Optima card? I am not sure how Amex would react when the second account is still in payments.

[Brian_Earl_Spilner]

There's no point in improving your score before applying. The card is guaranteed if offered and the max limit will be 1/3 of the debt you're paying back. If they're sending you more than one application, apply for the one attached to the biggest charge off.

[Brian_Earl_Spilner]

What I do find odd is why they're sending you the app before you're done with your payment plan. It's supposed to be sent after you've paid it off.

[Red1Blue]

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@Brian_Earl_Spilner wrote:

What I do find odd is why they're sending you the app before you're done with your payment plan. It's supposed to be sent after you've paid it off.

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Yes, they will send once it is paid off. I am just debating if I should pay them both upfront or pay one and get the Optima application /  apply or just keep paying for both accounts in installments take time. Either way it does not matter, I am going to pay them off. I have paid 7 installments and 17 more to go. I am looking to improve scores. I am not going to apply for new credit and I have no need for new credit or tradelines.