I got an American Express Optima secured credit card more than three years ago and secured it with $5,000.00 in cash. Since then, I have paid each and every bill on time...perfectly. The only problem is that AMEX has not, does not and will not (according to them) report secured credit cards to either of the three credit bureaus (which sucks for obvious reasons). Why did I go with them? They offered 3.5% interest on my savings, which was awesome. A year ago that was lowered to 2.97%, but that's still a very good savings rate. Have any of you found other ways to get this information reported to the credit bureaus? Are there any other options available to me? I've even sent letters to the President of the company and Board of Directors RE: this problem. They did, however, approve me recently for an AMEX Blue card ($3,000 credit limit), which is swell, but I want my AMEX Optima information on my credit files. Johnny Blood
Although many were unsuccessful, at least 3 people here were able to unsecure their optima cards. Which means it can be done, if you bug them enough. Call their Executive Offices everyday if you have to, eventually you'll get what you want. Saar
No, They won´t report it. You should close the account ask for your money back and apply again for an unsecure card. They do not unsecure the Optima secured anymore.
Thanks for the information, but I'm not necessarily looking to "unsecure" my credit card. I'm more concerned about finding away to get this excellent credit history for this card (3 years worth) onto each of my credit files. Johnny Blood
Someone please clarify this if it is not correct: Even though Amer Ex does not send periodic automatic reports, you can still get your secured Optima payment history included by contacting the credit bureaus directly. I would write or call the CRA(S) to get instructions for adding a positive tradeline. The CRA will then contact Amer Ex directly to vertify your account info for inclusion in your report. (I don't know if they charge for this or not). I may be dating myself, but years ago I remember you could contact them to add positive account info. I have done this with Dun & Bradstreet for my business credit tradelines, however, I don't know if this is an option with Experian, Trans Union or Equifax. But a telephone inquiry to one of them would certainly be worth the effort.
It can´t be done!!!. I had this card back in 1999 for a year and a half. Never reported. In June 2000 I asked to unsecure my card. They told me that I should have to apply for the Optima Plat and if denied to call them again (Amex Centurion Bank) to let them to override this decision. So I called back and they closed my secured card and opened a new unsecured card. This new card began to report to the bureaus in June 2000 (Opened date). the previous history, 18 months with the secured card never was included on any of my reports. So, this secured card was a total waste of time. It was completely useless!!. If I were you I would close the account immediately.
If you unsecure your card it will be reported, just like any other unsecured Optima card. Although Geo (and others) were unable to do it, some people were. You just need to climb high enough in the Amex food chain to get it done. Even if you can't convert, I don't think a secured Amex is a waste of time. Good payment history increases your internal Amex score, which is one of the determining factors at the time your future applications are reviewed by Amex. Saar
