Optima (I know, I know) question

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Juliette
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Optima (I know, I know) question

Postby Juliette » Sun Aug 19, 2012 8:53 am

Greetings! I've been a lurker here but have now officially registered...

Here's my question: I was a general all-around knucklehead with credit cards in my 20s and got into a few scrapes. I have since mended my ways, repaired my credit and currently have a FICO score of 758. Here are my cards:

Capital One Platinum 6/01 $1k limit (I hate this card but don't want to cancel it bc it's the one I've had the longest plus it has no foreign transaction fees, which come in handy)

BoA Cash Rewards Signature Visa 8/11 5k

Citi Platinum Select 10/11 11k

Discover 3/12 10k

M and T Visa card 5/12 10k (bank related Visa with no discernable benefits except that it's related to my bank)

Chase Freedom 8/12 5k

Which brings me to my question: I have an Amex Optima card (9/01 1k) that I am pretty sure is a "recovery" card (remember the scrapes mentioned earlier?). Having it seems to be preventing me from getting the Amex Delta card, which is a card that would be incredibly useful to me given that I travel for work a lot. I've applied for the latter and been denied, the letter citing the "recovery" card being an issue. Is it worth it for me to close the Optima and try to get a different Amex card? If I close it, will it have a negative effect on my FICO score?

Please advise me, credit card wizards!


Money card
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Postby Money card » Sat Aug 25, 2012 10:17 pm

I wouldn't close out your optima, since you still have the card contiue to use it pay your bill in full and on time.

now since you travel on business we will have this conversasion , I believe they offer 2 types of cards a personal delta sky miles
and a small business delta sky miles, have you asked the department in charge of your expenses if they would sighn you for a small business delta?

Money card
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Postby Money card » Sat Aug 25, 2012 10:41 pm

If your company says we don't issue small business credit cards I would still keep the optima , use it pay in full and on time.

do you have to have an American express card for your business travel? you seem to have some nice cards, since as you metioned you did some stupid things in your 20's but you metioned you repaird your credit, since they wrote you in the letter that they can't issue another American express because of what happend.

I would look for a travel card like citibank thank you card, capitol1 venture blue for the first year when your fee comes in next year then you lower it to the gold , same with chase Sapphire perfered. or use the cards you already have, you have some nice ones.

to sum it up
see if company issues small business creditcards?
2 a travel card from a high level bank
3 use the cards you already have.

hematino
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Postby hematino » Mon Aug 27, 2012 2:52 am

If you really want the Delta SkyMiles card, or any other card from Amex, this is what I personally would do in your situation. Try and apply for an Amex Zync charge card, cause its the easiest Amex to qualify for. This will also preserve all the history you already built with your Optima card, because the Zync should be backdated since 2001. This in itself will boost your credit score by raising your average account age, since Amex will report the history of your Zync back from the year that your Optima was opened, even though the account did not exist then. Use the Zync responsibly for at least 6 months, or a full year is even better if you are a patient person. Close out the Optima card-- it will not affect your credit score immediately, and the good history and age will still benefit your credit reports until the closed account is 7 or so years old and drops off (although some people have said Amex may still keep reporting it as in good standing because you will still have an account with them. Amex is weird). Then apply for the Delta card or any other Amex that you want, and if it was the recovery card that was holding you back before, you should get approved. Being that you are already an existing customer, Amex will only hard pull your credit report if you are approved, and they almost always pull Experian over TransUnion or Equifax. I recommend that you do not close out your Optima account until you have another Amex card opened, so you don't miss out on the backdating and resulting benefits to your FICO score.

Hope this helps :)
Now she's eyeless.
The snakes she held once
Eat up her hands.

Juliette
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Location: Durham, NC

Postby Juliette » Thu Aug 30, 2012 7:39 pm

Great news! I closed the Optima and was approved for the Delta Skymiles card. It turns out that it was in fact that the Optima was a rebuilding card that was preventing them from approving me. So yay!



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