Accept New Credit Card?

Date: Thu, 07/12/2007 - 17:13

Submitted by gmanch on Thu, 07/12/2007 - 17:13

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After being way over my head for a few years, I am finally getting credit cards paid off and under control. My new focus is to improve my credit score. I recently completed paying off one of my AmEx cards. The account had been closed because of late payments, and I paid a set amount monthly (no reduction in principal was given; just a reduced interest rate). Now that the account is paid in full, AmEx has offered a new Optima card. Which will do more to improve my credit score - accept the card to increase the amount of credit available or refuse the card since new credit may negatively affect credit scores? Any ideas?

Gordon

Total Replies: 5

You are in Amex oasis program.Take the new card,use it responsib

You are in Amex oasis program.Take the new card,use it responsibly,and later you will be welcomed back to their full line of cards.

Submitted by cajunbulldog on Thu, 07/12/2007 - 17:19

cajunbulldog

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Thank you. Any thoughts on how acceptance of the new card would

Thank you. Any thoughts on how acceptance of the new card would affect my credit score?

Submitted by gmanch on Fri, 07/13/2007 - 05:31

gmanch

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You will take a minor ding for new account that if paid on time

You will take a minor ding for new account that if paid on time will give your points back plus some added in about 4 months of reporting updates.

Submitted by cajunbulldog on Fri, 07/13/2007 - 06:39

cajunbulldog

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Is this true for taking any cards? If the cards are used and pai

Is this true for taking any cards? If the cards are used and paid in full each month will it do alot to increase my credit score or should I leave a small balance on the card?

Submitted by eleroo on Fri, 07/13/2007 - 08:39

eleroo

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I pay when statement cuts and it is in full.Just my personal pre

I pay when statement cuts and it is in full.Just my personal preference.I have found what was my high statement balance is still reported like this.The main thing to remember with credit cards is to pay on time.Three to six months of on time payment history can raise your score dramatically. One late can also bury your score.

Submitted by cajunbulldog on Fri, 07/13/2007 - 10:31

cajunbulldog

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