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Regular Contributor
FromPlattoPlace
Posts: 105
Registered: ‎07-08-2009
0

Are there Any Secured CC's that will help rebuild credit?

Are there Any Secured CC's that will help rebuild credit?

 

I havent carried credit cards in several years..  but from the Score simulators, it says that opening one will have a huge boost to my score..

 

There are several Choices,  but im not sure which one I should get to help raise my score?

 

Should I get one or  two? 

Regular Contributor
boireann
Posts: 189
Registered: ‎03-10-2008
0

Re: Are there Any Secured CC's that will help rebuild credit?

Bank of America's secured card has a good reputation on these boards.

 

I hadn't carried a card in years either.  I ended up getting one through my local credit union.  Wasn't secured, but it was a $1000 card.  It did bump up my score 15-20 points.  And they've given me a fat CLI without even asking them for it.

01/07 scores: Too scared to find out after looking at my free CRA reports
03/08 scores: TU: 660 EQ: 646 EX: 624
09/09 scores: TU: 735 EQ: 778 EX: ???
02/10 scores: TU: 779 EQ: 801 EX: 798 (home loan officer pull)
03/14 scores: TU 799 EQ: 809 EX: 817 (car loan credit union pull)
All that hard work paid off!!!! I'm now a happy home owner with an awesome interest rate!

CC Limits Garden Amex Clear $23000, USAA World Amex $15000, USAA Wold MasterCard $15000, BECU Visa $10,000, PenFed Visa $15000. Took a long time to get nice limits and low interest from that first app to BECU for $500 when I first started cleaning up my reports.
Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009
0

Re: Are there Any Secured CC's that will help rebuild credit?


FromPlattoPlace wrote:

Are there Any Secured CC's that will help rebuild credit?

 

I havent carried credit cards in several years..  but from the Score simulators, it says that opening one will have a huge boost to my score..

 

There are several Choices,  but im not sure which one I should get to help raise my score?

 

Should I get one or  two? 


http://www.publicsavings.com/

 

This bank seems to offer on of the better secured cards. They also report to all 3 CRA's.

Contributor
NinComPoop
Posts: 93
Registered: ‎03-14-2009
0

Re: Are there Any Secured CC's that will help rebuild credit?

I would suggest going to a local credit union for a secured card. I submitted a post about public savings awhile back but got no response from anyone about experience with them. After a little research I found that the card will never unsecure and you don't earn interest on your deposit so I don't think it's a good deal. Just my thoughts.
Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008
0

Re: Are there Any Secured CC's that will help rebuild credit?

There's also Citibank and your deposit goes into a CD:  https://www.citicards.com/cards/wv/cardDetail.do?screenID=940
11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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