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Established Contributor
joedtx
Posts: 524
Registered: ‎01-23-2012
0

2012 Secured Cards Graduation

Its amazing how much information our wonderful members contribute to helping out each other. Just looking to share with others and contribute.

 

It seems with the changing financial landscape that the few Secured Card Banks that remain are becoming more difficult to graduate.

 

Just some thoughts based on info from the last 4 months:

 

Bank Of America Secured- Highly regarded in 2011 recent information indicates some members accounts are cancelled prior to graduation or account declined.

 

Citi Secured  - Accounts continue to be accepted for members with little known whether card graduates within 12 months.

 

Wells Fargo Secured - Recent information indicates both difficult to qualify to open an account and graduation seems very limited.

 

Orchard Bank Secured - Good feedback on acceptance of new accounts but graduation reflects a low credit limit

 

USAA Bank Secured -  Excellent customer service and access membership is limited to military families and secured products will not graduate after 18 months.

 

US Bank Secured-  Good feedback on recent account acceptance, recent graduation has been limited and no longer automatic.

 

Navy Federal Secured -  Excellent feedback on product they continue to reflect positive reviews no recent account of graduation but prior reviews indicate graduation.

 

 

This is just an informal basic summary, I'd noticed quite a few separate threads thought I might 'cliff note' to help others. Please add as you see fit knowledge is helping out others. Thanks All! 

Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
0

Re: 2012 Secured Cards Graduation

We havent had a thread (not from what I can remember) on any recent secured cards graduating to an unsecured one, have we? Kinda bites, hope we see some soon, especially with BOA. I will report back to this thread sometime in June on what happens with my BOA secured card.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
0

Re: 2012 Secured Cards Graduation


Datx wrote:

We havent had a thread (not from what I can remember) on any recent secured cards graduating to an unsecured one, have we?



We've got 3 secured credit cards and, the ONLY one that "might" graduate would be the one from US Bank.  Our Capital One card will NEVER graduate, neither will our USAA card -- only the US Bank card might. But, as Datx said:  the reports of secured cards graduating are FEW and far between.  :smileyindifferent:  

 

I am reading the posts here every day and, my husband and I are weighing what cards to app for once we've got at least a year's worth of using these secured cards on our credit reports. 

 

We are not getting our hopes up regarding our secured cards at all.

 

 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
0

Re: 2012 Secured Cards Graduation

After a long spell of no CCs and debit card only use I got a WF secured card in early 2009 and a Citi secured card in mid 2009. They both graduated after 18 months. WF just did it out of the blue and Citi did it when the 18 mo. CD it was secured with matured.  I think Citi usually graduates in 18 months. WF is quite variable AFAIK. At the time they graudated I still had several baddies but they were 4.5 y/o or more.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Super Contributor
Ron1
Posts: 5,471
Registered: ‎05-23-2009
0

Re: 2012 Secured Cards Graduation

You almost forgot about US Bank Harley Davidson Secured Visa.

 

 

Ron.

Frequent Contributor
TrueGeminiNC
Posts: 312
Registered: ‎10-10-2012
0

Re: 2012 Secured Cards Graduation

[ Edited ]

when your Citi card graduated, did they convert the card to a different product i.e. Citi Select?  Also, did Citi offer a credit limit higher than your secured credit limit?

Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012
0

Re: 2012 Secured Cards Graduation

next month will be 2 years with my wells fargo secured card. I put up a 300 dollar deposit 11/2010 and used it until i got "real" credit cards.. since then the card sits in the sock drawer and is linked as overdraft protection to my wells checking account. SUPPOSEDLY WF is reviewing accounts for graduation this month. If mine doesnt graduate then I will cancel the card and get my initial 300 back. To be honest I kind of forgot about that money. Getting that check back will be nice.

American Express Green - NPSL, Sams Club Discover - 4000, Paypal Smart Connect - 4000, Capital One - 3500, Barclaycard Visa - 2500, Walmart - 1500, Discover IT - 1000, Ashley Furniture Home Store - 1000, Care Credit - 1000.
Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
0

Re: 2012 Secured Cards Graduation


gemini704 wrote:

when your Citi card graduated, did they convert the card to a different product i.e. Citi Select?  Also, did Citi offer a credit limit higher than your secured credit limit?


The Citi card graduated to exactly the same card with a later expiration date. They just sent a new one with the low end, classic, blue-red bubblegum looking colors and logo. There was no difference in the AF ($29) or APR (13.24%) they just returned the matured CD with interest. CL was also unchanged at 25k.  I didn't really expect a CLI and feared at CLD since that's a lot of exposure for a checkered, thin, and short history.

OTOH, I PCed it to an AA World Elite MC earlier this year. No hard pulls. A 25k CL and a NPSL card works for me since I always pif.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Regular Contributor
charyot77
Posts: 237
Registered: ‎06-21-2010
0

Re: 2012 Secured Cards Graduation

My US Bank secured Visa was unsecured this year (at my request...it was a hard pull). I had the card unsecured a few months after paying the annual fee so they refunded me a prorated portion as well as my deposit.  

 

My starting credit limit on the new card was the same as my unsecured ($300). The APR is the same as well but I hear that they usually give you a better product after 6-12 months.

Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
0

Re: 2012 Secured Cards Graduation

Both my WF and Citi cards graduated automatically. Both at 18 months. WF didn't hard pull but Citi made up for it by hard pulling twice one day apart.

 

Funny story about Citi.

 

About 1 year after I got my Citi card I was worried about whether they would unsecure at the full 25k since they had dropped the max to 5k for new apps. I was also hoping that they would be amenable to extending the CD another 18 months and leaving it secured but only if the 4.07% APR they were paying stayed so I called a CSR and asked if it would be possible for the card to remain secured when the 18 months were up and that I preferred that if possible. This confused him. CSRs are trained to respond to a variety of questions and request but requesting the card not automatically unsecure apparently wasn't in his training. He paused then went on to say how I should jjust maintain good payment history and the card would probably unsecure. I asked if I was late on a payment would that perhaps result in it remaining secured (no intention of doing that of course). He said he didn't know what would happen but it wouldn't be a good idea.  I agreed and didn't pursue it any further and later they dropped the APR to 1% or so and that was the end of that.

 

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k

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