MY CREDIT IS VERY BAD AND I HAVE REALIZED THE ONLY WAY THAT I AM GOING TO GET A CREDIT CARD IS IF I GO SECURED. DOES ANYONE KNOW THE CARD THAT GIVES YOU THE MOST FOR YOUR SECURITY DEPOSIT? THANK YOU
First Consumers National Bank, without a doubt. In theory the best secured card/company is the AMEX Optima UNFORTUNATELY it does not report to the credit bureau's so is excluded from consideration.
if you really want to rebuild your credit dont try to get the most bang for your buck.go get a card that carries some clout. american express offers a credit card secured for equal what you put into the account, but after a year if you can just charge once or twice on it and then poay it all off they can give you an unsecured card and refund your deposit, PLUS>>> when other card companies and banks see a premium card on your report like american express you wont have as much trouble getting small unsecured cards. go to www.americanexpress.com and brouse their cards untell you find their secured bad credit card..
try the wells fargo secured card. it reports to the credit b.s but isnt listed on your credit report as secured.
Not so. In a thread not 10 days back several individuals (including one's who hold the card itself) stated that Wells Fargo DOES report as secured.
Ah but thats just it you have to wait MINIMUM 1 year before any other companies see this tradeline and no AMEX rep has ever given a straight answer over just how long (12/18/24 months) or more importantly IF the card will become unsecured. Other creditors have given and demonstrated better guarantees to that effect. Besides which, if STEPH's credit is as bad as he says, then its very doubtful whether he'd be granted a card by AMEX Optima.
Wells Fargo IS LISTED AS SECURED, I had one for four years and I asked them to drop the secured and they said NO so I closed it. First Consumers is THE BEST as any go, they have top customer service give reviews each six month period and if you have over 400. limit after one year and a good pay record they will drop the secured and go unsecured returning the deposit with interest. They are by far THE BEST
WHAT I REALLY WANT TO KNOW IS, WHICH CARD OFFERS THE MOST MONEY FOR YOUR DEPOSIT? ALSO I WILL NEED THERE WEB ADDRESS.
I think I recall someone here saying wellsfargo did report as secured. I can't recall the post though. If you are interested in possibly obtaining a wells fargo secured card, I would call the bank directly and inquire as to how they report the account. Otherwise you might consider FCNB (First Consumers National Bank) They seem to have a great reputation , and offer the best % for your deposit. Good luck to you. Keep us all posted.
After reading a news article that stated that AMEX has not been reporting to the credit agencies( I read it at www.bankrate.com) I called their customer service number 1-800-628-2244. The rep assured me that AMEX reports (hmmm.. I don't know about that). The rep told me to call 954-503-3787 and speak with AMEX's "credit bureau dept". I did and they told me that AMEX does report for all cards EXCEPT the Secured Optima! She said that the Secured Optima was designed only to establish a history with AMEX and therefore AMEX DOES NOT REPORT SECURED OPTIMA accounts to the credit agencies. She also said that if the account is maintained in good condition a regular account could be offered. One problem...she did not know how long the secured account had to be maintained! Could take years! So if you are planning to use this card to build credit history... IT WONT HAPPEN! With no report to the CRA's how can a company know you have an AMEX account?
yikes, you would think they would have a specified time frame listed on their disclosure they send along with the card. It seems they are vague about that requirement. perhaps if enough people pushed something would get done there ???
