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

Regular Contributor

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? 

Message 1 of 5
4 REPLIES
Regular Contributor

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.
Message 2 of 5
Frequent Contributor

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.

Message 3 of 5
Contributor

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.
Message 4 of 5
Valued Contributor

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


Take the FICO Fitness Challenge

Message 5 of 5