My AMEX Secured Card

Discussion in 'Credit Talk' started by Asking You, Sep 6, 2000.

  1. Asking You

    Asking You Guest

    Is there any way to get American Express to report their secured optima card to the CRA's? and if so, do they report it as secured?
     
  2. Saar

    Saar Banned

    I don't think there's anything you can do to make them report.

    Even if the bureaus welcomed self-reporting (which they don't), that wouldn't be pratical because you'd then have to update them monthly. Else, having a trade line which was reported only once and never updated since is hardly a score builder.

    Dump any card that doesn't report, and take Capital One/ Providian/ Orchard. Sure, the secured Optima will build credit with AMEX, but the others listed will build credit with all issuers in the country, including AMEX.


    Saar
     
  3. Cadillac408

    Cadillac408 Well-Known Member

    I just received my secured Optima last month. I had no knowledge that they didn't report their card until I started reading all the credit message boards. I was sick! All that waiting I did (from 7/28 to 8/30) was a complete waste. I've charded a little on it and have a balance of $113 (including the annual fee of $25). But since my boyfriend added me to his Am/Ex Gold account, I don't need this card anymore. I'm going to close it here pretty soon and get my $200 back. I also applied for the Capital One secured for $200 and the Washington Mutual secured (via Associates Bank) for $300 but I think I'm going to dump Washington Mutual also. I just found out that they report their cards as secured but Capital One doesn't. I was going to take the $500 total (from Am/Ex and WM) and get a Chase Secured Mastercard but I'm not sure how they report? Besides, I think I'm doing fine with what I've got going. I'll probably just keep the money. Capital One and Providian (which I already have) seems like enough to help rebuild my credit...along with the other cards that I have.
     
  4. Stormie

    Stormie Guest

    adding you to his american express account although nice, will not help your credit. As you are only added as an authorised user. And lenders to add that in to your score as you are not finacially resposible for the account. I would keep the AMEX account, as you will eventually get a unsecured card from them , and earn interest on your money at the same time. Just my opinion. Also another thing to take in account is that lenders tend to look unfavorable at alot of closed accounts right after opening. It's best to keep them awhile then close them.
     
  5. LadyCarr

    LadyCarr Guest

    RE: Just My Opinion

    By her being added to the Amex account, will help her credit rating. My husband didn't have any credit at all, and one day I applied for him a Comp Usa account, and it was approved, but he needed to call them so they could get some additional info. They wanted to verify some of the accounts that he had, and we were dumfounded because he didn't have any. So I told him to tell them some of the accounts that he was authorized on, and that did it. They approved him instantly with a limit of $3,300.00 and since then he's gotten a few major accounts. All of his credit was established from being an authorized user.
     
  6. AMEX  rep

    AMEX rep Guest

    Actually, I work for AMEX and gettin gon her boyfriends card is better since it will show on her report (although as authorized) which is better than the secure optima. She will be able to build credit even faster within AMEX and outside than with the secured optima because she will be on an open account that requires payment in full, and will probably have a good size balance each month if they use the card for everything.
    MP$40--keep all the money you get from these other cancelle seccured cards--do not waste any more money on opening fees and so forht---use your money more wisely
     
  7. Cadillac408

    Cadillac408 Well-Known Member

    Oh yeah.....I forgot!

    Your right! Now that I have opened those 2 accounts (both Capital One and WM have already been established and the cards are on their way as we speak!), it does look unfavorable by closing them so soon. I guess I'll just keep them for a while (at least 12 months?). Also, I beg to differ with you in regards to my boyfriend adding me to his account to help my credit. It may or may not affect my score, but I do believe that I does something (see my post on "authorized user..." dated 9/5/00). If it wasn't for me adding him to my Visa account, he wouldn't even have that Gold Am/Ex card (that's what I believe anyway). He only had a Sears card ($500 limit) and Macy's ($100 limit and never used) and that's it. Nothing else. Oh, by the way...Macy's new policy is that all instant credit accounts open at $100 until you are established (what constitutes established is beyond me...my friend was told that she had to make $500 worth of purchases and payments before they would increase from $100). Anyways, I'll keep the board posted on if the Am/Ex addition really is helping or not. I'm sure people like Dogman would be curious to know.
     
  8. Steven Z

    Steven Z Guest

    RE: Macy's

    $100 limit yeeesh! thats even worse than Capital One's Visa gold joke of a card (and thats a general purpose card).

    With that pathetically, miniscule rate I cannot imagine ANYBODY (excluding very recent BK) that would, COULD be declined. Imagine a negative inquiry and drop in the credit score over this!!

    That said, I see nothing wrong with this "prove yourself" policy of there's but only if its within the realm of a "we approve EVERYBODY" basis.
     
  9. Cadillac408

    Cadillac408 Well-Known Member

    Thanks!

    It's already too late to cancel these cards since they're open accounts now. That's o.k. because I didn't pay any upfront fees, only annual fees of $29 and $35 dollars. I'm going to convince my boyfriend to put more use to the Am/Ex card. I think the most that he has had on it is no more than $3k.
     
  10. mick

    mick Guest

    RE: Macy's

    WRONG I recieved my macys card 2 months ago and my credit limit is $500.00.
    But what is right is American Express Secured Optima is a rip off because you are borrowing against your own money and have nothing (Credit bureau report) to show for it
    I had the Secured Optima account and it was a complete waste of time after a year they did not make it unsecured as promised on their website and on top of that they LIED to me to collect the annual fee. I felt I was lied to and was ripped off. I would encourage anyone not to get the Secured Optima account. Also I could get the "GREEN" card but why you have to pay the balance each month in full also pay an annual fee.
     
  11. Steven Z

    Steven Z Guest

    RE: Macy's and AMEX

    $500, now thats more like it. But that begets the question in what manner do you apply? And just how 'recent' is this policy of Macy's, it may well have been instituted in the last month.

    As for the secured optima I totally agree with you, at this point I have heard of only one individual on any credit site and that is "Jo" who has managed to have her secured card converted to unsecured and that was because she had really good credit outside of too many inquiries which overlooked after 3 months of secured status.

    Jason has the ridiculous idea in his head that its only you 'moaning' but I've seen far too many posts from those who 'served' the year to 18 months and were told in no uncertain terms that their card would not be converted rather they had to apply for the unsecured version and naturally all were declined and nailed with a negative inquiry.

    In other words if you don't have really good credit (and this UNREPORTED card will sure not help improve your credit score) then don't bother.

    As for the "GREEN" I can see a major gain from it. An AMEX card (when it is reported) is considered a very good prime card and will put you on all the good pre-approved lists. So even if you don't use it much the vastly improved credit opportunities make it very benefical.
     
  12. LadyCarr

    LadyCarr Guest

    RE: My Opinion, Again

    The Macy's card with a $100 dollar limit is very funny. But I is a great starter card. My sister got her first card Jan/00 and it was the macy's with a $100 limit and she had not applied for any more accounts until last month. She was approved for a Discover Platinum with a $6000 limit. The funny part is her Macy's limit is still a $100.

    And as far as the Optima secured card is concerned, I was told the same thing (reapply) and I applied for the Optima Platinum and was declined, and the Secured card department was able to over ride that decision. I now have my Optima platinum card with the same limit as my secured card. I was told that my security funds would be returned to me after 60 days.

    Also, could someone explain to me Discover's credit granting criteria, because it quite unusual from what I've seen.
     
  13. mick

    mick Guest

    RE: Macy's and AMEX

    thanks for your reply. When I applied for the macys account I used My new $1000.00 Capitol One Visa Classic Card which I had for 1 month gave it to the macys associate with my drivers license and with 1 minute I was approved but the macys accociates do not know your credit limits you have to call credit customer service to find out your credit limit. I feel I really got shafted on the american express secured optima but I did not break my heart because I did not get the card. I don't know who this jason is but what is the hype on the american express green card about. I will not even consider to apply any other american express products considering how I was treated like a redheaded step child they did not try to keep my business and on top of that 9 years ago I had the gold american express card I closed it because the annual fee was a small fortune at that time they hounded me with phone call to get me to keep the gold card I guess american express is not like it used to be besides I can not apply for any other credit because I have way too many accounts and inquires. Now I am just waiting for the inquires to disapper and a good prime visa or Mastercard.
     
  14. mick

    mick Guest

    RE: My Opinion, Again

    I think your sister macys card credit limit was only $100.00 because she has zero credit.
    Now Its really hard to believe that your sister can take a credit history less than 1 year with only a $100.00 limit macys card turn around and get a $6000.00 limit Discover Platinum card. And as far as the Optima Platinum card you recieved you must be a smooth talker to the customer service reps If you go from having the secured optima
    to the platinum optima after being turn down.
    Im sorry that just does not happen!
     
  15. LadyCarr

    LadyCarr Guest

    RE: My Opinion, Again

    Yes. it happens. As far as my sister is concerned, Discover giving her a 6000 platinum was a hard pill to swallow. I have established credit and have applied for them about 5 times and was declined each time. I grant them taking a chance with giving her an account, but the limit should have been 500-1000, that's more reasonable.
    And far as Optima was concerned, I didn't have to talk smooth. I told the rep that I new I was going to be declined because I just applied for another type of Amex account about a month ago, and it was declined. She asked if I had applied for the Optima Platinum and I said NO!!!, I knew I wasn't going to get approved for that. That's when she told me about them having the authority to over ride the decisions on the OP. She said that when you apply for any Amex product, they didn't take your secured account into consideration. So of course,that's what they did for me to get approved.

    mick wrote:
    -------------------------------
    I think your sister macys card credit limit was only $100.00 because she has zero credit.
    Now Its really hard to believe that your sister can take a credit history less than 1 year with only a $100.00 limit macys card turn around and get a $6000.00 limit Discover Platinum card. And as far as the Optima Platinum card you recieved you must be a smooth talker to the customer service reps If you go from having the secured optima
    to the platinum optima after being turn down.
    Im sorry that just does not happen!
     
  16. mick

    mick Guest

    RE: My Opinion, Again

    WOW you are a very good story teller
    keep up the good work maybe you can be a famous Science Fiction Aurthor or Work for
    the National Enquirer or the Globe.
    Ok lets see What do you think guys If I had a Radio Shack credit card with a 100.00 do you think in 6 months I can get a 20,000.00
    Platinum credit card????
    I think NOT!!!
     
  17. Cadillac408

    Cadillac408 Well-Known Member

    To Clarify Macy's

    I think their policy on credit limits is different when you send an application through the mail. This allows them to verify everything before they send you a card. But I was told that at the rate credit card fraud is going (i.e. people opening up instant credit accounts in others names) they safe guard that by opening at $100 for that day. We found this out because he tried to buy me a jacket (the day he opened the account) for $200 and it did not go through. The sales associate then called and that's when we found out the information. Then the authorization dept. would not override the $100 limit to let him make his first purchase of $200! I don't know what the story was with my friend opening up an instant credit account and then Macy's telling her that she had to charge and pay $500 worth of stuff (so buy $100, pay off, buy $100, pay off, etc.) until they would consider raising the limit. This is because I think this was the first? or second card that she had. Her credit was relatively new. This all happened at the end of last year and the beginning of this year. Now I don't know if this is the policy for all Macy's or just the one by my house. I was told (my best friend works there) that Macy's has been hit HARD in regards to loss prevention and credit card fraud. Oh, and just to show...that same best friend just became a victim of identity theft. Someone got a hold of her information and opened up instant credit accounts all over the place. It's a big mess. They did an account look up on her Macy's card (using a lost ID?) and got her account number and charged $1700 worth of stuff...mostly gift certificates which are virtually untraceable.
     
  18. mick

    mick Guest

    RE: To Clarify Macy's

    Macys gives people with new credit only $100.00 credit limit if you have established credit they will give you a larger amount
    the macys associates do not get to see what your credit limit only the account number.
    The macys associate told me I had to call credit customer service for the credit limit
    and she told me most of the account open start with a credit limit of $300 to $500
    dollars.
     
  19. Steven Z

    Steven Z Guest

    RE: Better to be lucky

    Unlike Mick, I believe I BELIEVE.

    I stated previously that several persons here a month somehow 'fluke' that prime card though considering you apply for virtually every card out there its hard to imagine how this hasn't happened to you yet.

    BTW, I notice you live in Texas, well don't get too close to Doris K. as your habits resemble her daughter's quite closesly and she might strangle you :):)
     
  20. RichGuy

    RichGuy Guest

    Mick's a Good Man

    Mick, you're a good man. We need people like you to help us find the truth. But after all the questions have been asked, only LadyCarr knows what really happened to her. Sometimes we just have to take her word for it.
     

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