Hello! I saw on one of the postings that Amex had a secured card, but when I went to their website I couldn't find anything. I emailed a customer service rep and they said they don't have a secured card. Isn't the optima a secured card? And I also went to Chevrons site and they didn't mention any thing about their credit builders card either. Can someone explain these two cards and tell me how to apply? Thank you.
they have an optima secured card. they do not report it to the credit bureaus however. minimum deposit $200 up to $10,000.
In regards to the Chevron card, you have to first apply (either call or go to their web site)for the regular card. If your denied for that, then (if you qualify)they'll send you an invitation to get the credit builders card. If you want to see other comments on this board in regards Chevron, just go to the search link and type in Chevron.
I read on another board about a week ago that the Amex. securd Optima is currently not being offered.
The rep you talked with knows very little (to say the least). The Optima series contains 3 cards: secured, standard and Platinum. Production of the secured card is currently on-hold (and was removed from their web menu). You can wait till it's available again, but remember they won't report to the bureaus. Saar
I wonder if a lot of people ditched it when they found out that it's virtually useless for building or rebuilding credit. I've also read that it doesn't do much to establish credit with Amex either, and that secured cardholders are rarely, if ever, approved for unsecured status after they reapply. I'm sure that they will expect you to have a perfectly unblemished credit history no matter how great your patterns have been with them while secured.
Remember, our own "Jo" here is the exception to this overwhelming rule, of course her credit was unblemished except for too many inquiries enough of which fell off after 3 months so that "magnamiously" unsecured it. Though I seem to recall one other individual who was just starting out his credit (so had no blemishes) who had his unsecured. Actually, the way you put it about Amex's practices fits in very well with the typical methodology of many creditors who deem your credit with them (no matter how pristine) as almost irrelevant rather only what your overall credit history and score is. I'd look elsewhere.
If secured Optima cardholders have trouble when they reapply for an unsecured card, the explanation is undoubtedly self-selection. Those who have good credit usually don't apply for the secured card in the first place. I couldn't believe that the secured card actually hurts your chances for an unsecured card, only that (as Steven stated) it's irrelevant. Then the external facts of your credit history take over.
Then again, the whole purpose for any secured card is either building or rebuilding credit. Twelve to eighteen months should be sufficient time in making quite a few improvements to one's credit reports. I'm sure they expect that secured customers will work to make progress during that period of time.
Amex is full of crap, they said after 1 year of payment history on the secured card, The optima may be unsecured... and They denied me, And I am never late, over limit or always pay off in full every month....
I am going to ditch them. I got the card in May. I was disappointed when I found out that they do not report to the bureaus. But if they will not unsecure the card, this is ridiculous. I wont gave good credit until 5.5 years from now, when the student loans fall off. I will never be approved by amex.
I adive Every one not to get the secured Optima card even if it is avialble , i've had it for over 3 years, and couldn't get an unsecured card from Amex, although my credit is in great shape, plus they don't report it to credit bearues , so it's useless, and about biulding credit with amex it dosn't !
