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Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

Hello myFico Community,

 

This is my first post here so please bear with me. I had 4 CC's I maxed out out of which I paid off one (AMEX) back in December, currently paying off Discover and haven't started paying my other two closed CC accounts yet (Citi & Chase). My current CC score is 580 (Trans) and 575 (Equifax) from a 350 about 8 months back.

 

AMEX invited me to apply for an OPTIMA CC with a pre-approved CL of $1900. Catch is that I must send in application by Jan 18th of 2019.

 

My questions to anybody who can answer:

1. Should I apply for it with this low of a credit score and take my chances?

2. Or wait till I start paying off my other 2 accounts and get my score in the mid 600s before applying?

3. Will AMEX approve my application based on the regular payments I made or reject me based on my credit score and delinquincies on the 2 accounts?

 

Thank you for taking time to read and reply to this post!

Message 1 of 13
12 REPLIES 12
Frequent Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

If Amex offered to let you back in with an Optima account, take it!

 

Continue working on paying down your other cards. Would you mind sharing what you owe on the remaining three?



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: July 1, 2019: EX 665 TU 692 EQ 689
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

Take the myFICO Fitness Challenge





Message 2 of 13
Valued Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL


@kalame04 wrote:

Hello myFico Community,

 

This is my first post here so please bear with me. I had 4 CC's I maxed out out of which I paid off one (AMEX) back in December, currently paying off Discover and haven't started paying my other two closed CC accounts yet (Citi & Chase). My current CC score is 580 (Trans) and 575 (Equifax) from a 350 about 8 months back.

 

AMEX invited me to apply for an OPTIMA CC with a pre-approved CL of $1900. Catch is that I must send in application by Jan 18th of 2019.

 

My questions to anybody who can answer:

1. Should I apply for it with this low of a credit score and take my chances?

2. Or wait till I start paying off my other 2 accounts and get my score in the mid 600s before applying?

3. Will AMEX approve my application based on the regular payments I made or reject me based on my credit score and delinquincies on the 2 accounts?

 

Thank you for taking time to read and reply to this post!


TAKE THE OFFER!

 

It is a guaranteed approval unless you filed for BK. The offer is based on the fact you paid them back. With your current scores you would not be approved for a regular Amex.

 

Take the offer and start rebuilding your credit and relationship with Amex. Once your Amex reports, you will probably get a score increase.

 

Continue on with paying the other cards and your score will increase.

 

Also, what is the status with the other cards. Are you making at lease the minimum payment. Are the cards charged off?

 

 

American Express: Platinum Charge, Optima, Business Gold
Barclays: Arrival+ WEMC
Capital One: Savor WMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (5.16.19) EX: 792 / EQ: 822 / TU: 800
Message 3 of 13
Regular Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

100% go for the Optima. 

Message 4 of 13
New Member

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

I owe discover ~ $1700 and I'm paying them off on monthly installments. Chase I owe 4000, citi 3000. Did not yet answer calls from the collections who are calling on behalf of Citi n Chase.
Message 5 of 13
New Member

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

The other 2 cards have yet to be attended to. I'm ignoring calls from collections on behalf of the last 2 cards.
Message 6 of 13
Valued Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL


@kalame04 wrote:
The other 2 cards have yet to be attended to. I'm ignoring calls from collections on behalf of the last 2 cards.

Paying one card off at a time and ignoring the other ones is not a good strategy. You should be making the minimum payments for the other two. 

  • What is the status of the Chase and Citibank cards. Are they charged off, 30,60, 90 120 days late?
  • Are you able to make payments to the other two? 
  • If your budget permits, I would contact Chase and Citi and see if you can make an affortable payment plan or settlement.

 

American Express: Platinum Charge, Optima, Business Gold
Barclays: Arrival+ WEMC
Capital One: Savor WMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (5.16.19) EX: 792 / EQ: 822 / TU: 800
Message 7 of 13
Frequent Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

+1 to what sjt said. Ignoring two while you pay the other two will only result in two extra collections being added to your CRs. Contact Chase & Citi & see what kind of arrangement you can make to keep them from being sent to CAs. If they are already with CAs, are they already reporting on your reports? When will you be done with Discover? 



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: July 1, 2019: EX 665 TU 692 EQ 689
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

Take the myFICO Fitness Challenge





Message 8 of 13
New Member

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

They are already with CA's but they havent yet reported the collections to my CR. I'm afraid they might report it soon if I continue to ignore their calls. I'll be getting a hold of them either today or tomorrow, don't know if they're open today for MLK.

 

As for the Optima card, I have already sent in the application. Let's hope I get that CC!

Message 9 of 13
Super Contributor

Re: Paid off AMEX Balance, offered to apply for OPTIMA CC with $1900 CL

You're already approved for the Optima, they just need you to send in the paperwork. You'll be eligible for other amex cards in a year. But, you still need to meet their requirements, so a 640 minimum for one of their co-branded cards, about 670 for a core card.








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Message 10 of 13