TeachMeMaster Posted March 29, 2021 Author Share Posted March 29, 2021 Here is the update: 2/22 I called Amex Global and paid off 2 accounts. 2/23 Funds cleared my account 2/25 Received email confirmation on 1 account confirming I’ll be getting a mail application for an Optima card $700 limit. 2/27 Account shows paid on EX and got a 1 point Fico score increase 3/8 I received the application 3/9 I got nervous from language in the letter suggesting I will not get approved from any cancelled account with a balance. I paid the 3rd account and mailed the application overnight. 3/18 application was approved (there system shows 3/11) - TU inq 3/29 today I received the card! cv91915 and Burgerwars 1 1 Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted March 30, 2021 Share Posted March 30, 2021 Congrats. I just can't justify paying back the card just to get another AmEx card. There just isn't enough value there for me. If they want to let me back in at some point great, if not that's fine. Quote Link to comment Share on other sites More sharing options...
TeachMeMaster Posted March 30, 2021 Author Share Posted March 30, 2021 (edited) 17 hours ago, CTSoxFan said: Congrats. I just can't justify paying back the card just to get another AmEx card. There just isn't enough value there for me. If they want to let me back in at some point great, if not that's fine. Thank you. I sat on this for a year and looked at the pros and cons. I hesitated specifically for the reasoning you mentioned. Amex is one of the few worth mentioning that I can get back in good graces with. Besides BofA I have a long way to go with some praying to get back with anyone else worth mentioning. Edited March 30, 2021 by TeachMeMaster Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted March 31, 2021 Share Posted March 31, 2021 13 hours ago, TeachMeMaster said: Thank you. I sat on this for a year and looked at the pros and cons. I hesitated specifically for the reasoning you mentioned. Amex is one of the few worth mentioning that I can get back in good graces with. Besides BofA I have a long way to go with some praying to get back with anyone else worth mentioning. To me, no card is worth a 5 figure balance to get back in their good graces..it would take me a lifetime to earn enough rewards to justify that. Were my financial situation to change the that amount of money became much less significant. then maybe, but unless I win the lottery I don't see that happening. Quote Link to comment Share on other sites More sharing options...
MP80 Posted March 31, 2021 Share Posted March 31, 2021 This time I reached a consensus with CT that there is absolutely no need to pay the $10,000 compromise for the $700 Optima credit card (unless you'd won the Lotto, LOL...). In addition, I assume that you will permanently be recorded internally. This may adversely affect your future credit line growth, which means there are obstacles. Quote Link to comment Share on other sites More sharing options...
TeachMeMaster Posted April 2, 2021 Author Share Posted April 2, 2021 Ouch $10,000? No I would have cut ties with them for that amount. Fortunately it was only half that amount and even that i questioned to move forward. Quote Link to comment Share on other sites More sharing options...
MP80 Posted April 2, 2021 Share Posted April 2, 2021 5 hours ago, TeachMeMaster said: Ouch $10,000? No I would have cut ties with them for that amount. Fortunately it was only half that amount and even that i questioned to move forward. Even for a $5K to get back in is a high price to pay. Make sure to accumulate a credit limit of at least $5K-$15K with an American Express card. I noticed that some former members did not spend any money to regain their membership, most of which caused losses to American Express of less than US$10,000. If you default and cause more than $10K in charge off, it will take longer to regain membership. Something like 20-30 years or a lifetime ban. Congratulations on rejoining American Express! Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted April 2, 2021 Share Posted April 2, 2021 7 hours ago, MP80 said: Even for a $5K to get back in is a high price to pay. Make sure to accumulate a credit limit of at least $5K-$15K with an American Express card. I noticed that some former members did not spend any money to regain their membership, most of which caused losses to American Express of less than US$10,000. If you default and cause more than $10K in charge off, it will take longer to regain membership. Something like 20-30 years or a lifetime ban. Congratulations on rejoining American Express! $10k seems to be the magic number as far as getting back in, although as with most things credit related there are outliers. MP80 1 Quote Link to comment Share on other sites More sharing options...
TeachMeMaster Posted April 2, 2021 Author Share Posted April 2, 2021 22 hours ago, MP80 said: Even for a $5K to get back in is a high price to pay. Make sure to accumulate a credit limit of at least $5K-$15K with an American Express card. I noticed that some former members did not spend any money to regain their membership, most of which caused losses to American Express of less than US$10,000. If you default and cause more than $10K in charge off, it will take longer to regain membership. Something like 20-30 years or a lifetime ban. Congratulations on rejoining American Express! Thank you. Yes in 12 months I’m looking forward to acquiring the Rose Gold cause it’s unique and 2 others where the limits are $15k-$20k. MP80 1 Quote Link to comment Share on other sites More sharing options...
insolent1 Posted April 3, 2021 Share Posted April 3, 2021 Consider this: the 'rose' Gold card is a special offer card that may or may not be available in a year. Look hard at how you would use such a card today when you apply. Amex has been offering me a Platinum card for quite a while now, but since I gave up travelling, it would cost me far too much in annual fees and providing me with little actual benefit, for an 'image' card. Use the Optima for a few months and then apply for the charge card that benefits you the most. The 1980s are over and the Platinum card doesn't infer what it once did. Quote Link to comment Share on other sites More sharing options...
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