5/3 Secured Card

[Creditaddict]

Since I just saw a response from someone, decided not to hijack that thread and start a new one.

Do they ever decline for it?

Can it unsecure after 12 months? they looking for more than just on time payments to do that? 

[Lyythine]

From what Ive been told, I dont think they decline, however, you cannot apply online.  you can only apply in person or over the phone and you must have an account with them first.  Im not sure if they will allow you to open an account if you are not in their servicing area, however, you might want to call to verify.  Im not too familiar with this card, however, my sister has it and I bank with them as well... they are a very good bank with good customer service.

[Creditaddict]

they are a local bank here. but I'm not going to move my savings if it's not going to un-secure at some point.

[Lyythine]

sorry, didnt answer your first question.  Yes, they do unsecure after 12 months based on a review of your history and credit profile.

[Creditaddict]

wow, you have to secure it with 150% funds.

They also are not very BK friendly, they are bk friendly for secured card but by the sounds of it for an unsecured account you would need the bk to be over 10 years old. 

[Lyythine]

wow... i didnt know about the 150% thing...

[mikeandjenoh]

Here goes.  My hubby banks with them (has a checking account), I none as I was only deal with cash since our credit mess.  My hubbys myfico score is 544 and he has about 45-50 bad accounts listed on his CR. My credit (no score) but it is awful. I noticed that they offered this card so we went to the bank that next week and applied.  We deposited $450 and have a $300 CL.  It is our local bank (Cinci) so we thought it was ok to only have the small limit as we are just trying to get some accounts going.  They were quite nice to us considering our credit situation and we are planning to possibly use them for a mortgage in 18 months to 2 yrs. We are only going to be using this card for $20 worth of gas per month and we can transfer payment from our checking to pay for it which is nice. We were planning to place the $450 in a savings account anyhows so it didn't bother us.

I did some looking around and we will hopefully be doing a secured with a local credit union this next week.  I just hope we do not have to be turned down as it is embarrassing.

Also, they allow you to add to the card as yo go along to increase your CL.

Message Edited by mikeandjenoh on 01-22-2010 12:38 PM

[hoping2rebuild]

I know this is an old thread but here goes

I am also a 5/3 customer but I went to see our branch manager today for the secured card

My available credit will be the amount of my deposit so they are doing 100% now

The deposit releases in 1 year and they also will upgrade me to a Unsecured CC.

Just wanted to get the new and updated information out there.