The Master Secured Credit Cards Thread

[Konrad2012]

The Citi Secured product is no longer hidden in obscurity. It is now promoted openly on their site. https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=secured-credit-card

 

I glanced through the T&C's to see if they had anything about graduating, and I found nothing. I did find where it said you must not have had a BK within 2 years of application.

[creditguy86]

What is the ideal deposit?

[pwd847]

What is the ideal deposit?

I forgot the full equation you use to figure out the number, but I know it involves using the quadratic formula and then multiplying the reciprocal of the negative product.

[Konrad2012]

 

What is the ideal deposit?

I forgot the full equation you use to figure out the number, but I know it involves using the quadratic formula and then multiplying the reciprocal of the negative product.

 

.'......... -1

[dvd]

My friend applied for the Amex PRG and was denied but was counter offered with the card secured by a CD held at American Express Bank. The minimum is $10K, you can increase your deposit, card has same benefits, and reports a regular card. They will review for an unsecured card after 12 full months.

 

Its a very targeted offer like the Discover secured card.

[pwd847]

My friend applied for the Amex PRG and was denied but was counter offered with the card secured by a CD held at American Express Bank. The minimum is $10K, you can increase your deposit, card has same benefits, and reports a regular card. They will review for an unsecured card after 12 full months.

 

Its a very targeted offer like the Discover secured card.

Wtf? Are you serious? Are you 100% certain all his facts are correct?

[tmcgill]

American Express offered this 7-8 years ago, but I heard from business affiliates they were discontinuing it. I got the offer when I applied for the corporate card for my small business in 2008. At the time, I didn't have 10K to sock away in their bank, so I didn't get the card.

 

You could deposit 10K in American Express bank to secure their corporate card. They didn't advertise it. Once you submitted an app, they would contact you with the offer contingent on your credit and business information.

Edited November 30, 2015 by tmcgill

[dvd]

 

My friend applied for the Amex PRG and was denied but was counter offered with the card secured by a CD held at American Express Bank. The minimum is $10K, you can increase your deposit, card has same benefits, and reports a regular card. They will review for an unsecured card after 12 full months.

 

Its a very targeted offer like the Discover secured card.

Wtf? Are you serious? Are you 100% certain all his facts are correct?

 

 

Yes, he got his facts straight. This program has been around for years but I thought it was just a pilot program that was discontinued, but its still around. I read on other boards that other folks were countered offered with the same offer.

[dvd]

American Express offered this 7-8 years ago, but I heard from business affiliates they were discontinuing it. I got the offer when I applied for the corporate card for my small business in 2008. At the time, I didn't have 10K to sock away in their bank, so I didn't get the card.

 

You could deposit 10K in American Express bank to secure their corporate card. They didn't advertise it. Once you submitted an app, they would contact you with the offer contingent on your credit and business information.

 

The secured program still exsists for the corporate accounts but you still have to qualify minimum annual revenue, etc. THe business card program still exsists and they are more open about the secured card program then with personal cards.

[pwd847]

Sounds like something that you could recon for after a denied app.

[financeman1979]

Has anyone been succesfull reconning a turned down amex app for the secured card? I would be very interested in there secured card

[dvd]

Has anyone been succesfull reconning a turned down amex app for the secured card? I would be very interested in there secured card

 

Im trying to get more information and to see 1) how they select who gets a counter offer and 2) if you can recon a secured card.

 

What I gathered so far is that counter offers 1) are for charge cards 2) to folks that have little or no credit history, but have a mis-high income job, and 3) folks who have had credit issues in the past but credit reports reflect improvement and they have mid-high income jobs.

[financeman1979]

 

Has anyone been succesfull reconning a turned down amex app for the secured card? I would be very interested in there secured card

 

Im trying to get more information and to see 1) how they select who gets a counter offer and 2) if you can recon a secured card.

 

What I gathered so far is that counter offers 1) are for charge cards 2) to folks that have little or no credit history, but have a mis-high income job, and 3) folks who have had credit issues in the past but credit reports reflect improvement and they have mid-high income jobs.

 

Cool, thanks for info. Keep me in the loop on what you find out

[Mariposa7]

Anyone know how soon a BOA secured will report? Do I need to make a purchase to trigger reporting?

 

 

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[dvd]

Anyone know how soon a BOA secured will report? Do I need to make a purchase to trigger reporting?

 

 

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BofA usally reports after 1 or 2 statement periods. You should make a purchase.

[Mariposa7]

 

Anyone know how soon a BOA secured will report? Do I need to make a purchase to trigger reporting?

 

 

Sent from my iPhone using Tapatalk

BofA usally reports after 1 or 2 statement periods. You should make a purchase.

Thanks! I ended up calling to ask and the rep said within 30 days. Sure enough they reported around 21 days. So my balance reflected just the $39 annual fee. (Which I promptly paid off)

 

 

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[dvd]

 

 

Has anyone been succesfull reconning a turned down amex app for the secured card? I would be very interested in there secured card

 

Im trying to get more information and to see 1) how they select who gets a counter offer and 2) if you can recon a secured card.

 

What I gathered so far is that counter offers 1) are for charge cards 2) to folks that have little or no credit history, but have a mis-high income job, and 3) folks who have had credit issues in the past but credit reports reflect improvement and they have mid-high income jobs.

 

Cool, thanks for info. Keep me in the loop on what you find out

 

 

I spoke with a few folks about the Amex secured card program. They were very vague in their responses to my questions, in spite of that I gathered the following:

 

They are targeting potential long tern profitable customer with minimal risk

Folks with solid income no credit/minimal credit

Folks reestablishing their credit with proven indicators of continued improvement (establishing credit, payment history, low utilization)

No unpaid Amex balance. Paying a charged off balance does go a long way with Amex. Its favorable in their "eyes" but doesn't mean automatic approval.

You can recon and request a secured card but its not automatic.

Secured card program is very targeted and has a $10K minimum.

[domainstar]

Has anyone posted this here? https://www.google.com/compare/creditcard/qs?gclid=CJO8qt2T-8kCFY-Cfgod7bYM3Q#p=16

 

Google offers comparisons of secured cards. It would be better if they'd provide wehther or not the card graduates

Edited December 27, 2015 by domainstar

[pwd847]

Has anyone posted this here? https://www.google.com/compare/creditcard/qs?gclid=CJO8qt2T-8kCFY-Cfgod7bYM3Q#p=16

 

Google offers comparisons of secured cards. It would be better if they'd provide wehther or not the card graduates

OH MY! Please don't go browsing those cards people! While there are a few good cards in that list there are several total rip off cards scattered in that list!

 

The only decent cards are the first 3 and they require to be related to military or affiliated with military.

[Kat58]

 

 

 

Has anyone been succesfull reconning a turned down amex app for the secured card? I would be very interested in there secured card

 

Im trying to get more information and to see 1) how they select who gets a counter offer and 2) if you can recon a secured card.

 

What I gathered so far is that counter offers 1) are for charge cards 2) to folks that have little or no credit history, but have a mis-high income job, and 3) folks who have had credit issues in the past but credit reports reflect improvement and they have mid-high income jobs.

 

Cool, thanks for info. Keep me in the loop on what you find out

 

 

I spoke with a few folks about the Amex secured card program. They were very vague in their responses to my questions, in spite of that I gathered the following:

 

They are targeting potential long tern profitable customer with minimal risk

Folks with solid income no credit/minimal credit

Folks reestablishing their credit with proven indicators of continued improvement (establishing credit, payment history, low utilization)

No unpaid Amex balance. Paying a charged off balance does go a long way with Amex. Its favorable in their "eyes" but doesn't mean automatic approval.

You can recon and request a secured card but its not automatic.

Secured card program is very targeted and has a $10K minimum.

 

 

That's crazy!

[dvd]

FYI - All FBNO Cards are eligible for graduation after 11 months.

Edited December 27, 2015 by dvd

[Konrad2012]

 

 

They are targeting potential long tern profitable customer with minimal risk

 

Folks with solid income

 

Secured card program is very targeted and has a $10K minimum.

 

That's crazy!

That's awesome!

[GR8WhiTE]

Here is another Secure Card that'll graduate:

 

http://firstmidwest.com/creditcards/

[domainstar]

SavingStar Secured American Express (FNBO)

 

AF: $25

Limits: $300 - $5000

Minimum Deposit: $300

APR: 18.99%

Pulls: ????

BK Friendly: ???

Additional Deposit: Yes

CLI: no

Graduates: Yes, as early as 11 months

Reports to 3 Bureaus: Yes

Comments: 1% cash back everywhere, 5% - 10% on eligible SavingStar purchases. Also earns interest and comes with FNBO's free FICO.

According to the website this card no longer has an AF. That's a plus. I hope to get in when I reapp in March.

[CreditCuestions]

I have a question about the USAA Secured American Express. My brother was in the Army and qualifies for the membership and has agreed to add me as an AU user. He called a banker at USAA she said if he were to add me as an AU the credit history would not be applied to my credit file I would just have a card with my name on it. Is the representative mistaken or is that a USAA policy?