Best Secured Card to start credit?

NickJames · ‎09-25-2012

Hi there,

I'm about to graduate from college so it's about time to get a credit card. However, I have no credit aside from my student loans. I've applied to 2 different cards (Discover and Chase) and both have been rejected.

I've been reading up on secured cards and I am thinking this is a great way to start and build credit for myself.

My question is which card to get? There is so many and I would prefer one that could graduate into a unsecured card. I've googled online and there are many possbilities, however, I cannot judge some reviews as the website is paid to list them.

Thank you!

lithium78 · ‎09-25-2012

In all honesty, your best option is to get a secured card with a credit union. You will get the lowest interest rate and most credit unions eagerly graduate their cards into unsecured at which time you will have a much higher starting CL than with most bank cards.

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Anonymous · ‎09-25-2012

Take a look at DCU's secured card. No annual fees, plus a fixed 11% apr. You can't beat this combo.

Wolf3 · ‎09-25-2012

Where do you bank (checking/savings?

sjt · ‎09-25-2012

I agree with lithium78 Credit Unions are the best for secured cards. You should check out State Department (sdfcu) They have basically no fees, EMV, and a low APR, 6.99.

BTW- Was the reason you applied at Chase was becasue you have an account there? If so you might talk to a BRanch Manager to see if they can push a reconsideration for you or call the reconsideration line directly.

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815

jsucool76 · ‎09-25-2012

Credit unions are definitely an option for secured cards, however going secured isnt your only option. I would definitely try for at least one unsecured student card. If that is a no go and you want a secured card, definitely look into a CU, or the bank you do your banking with (if they offer a secured option)

If not those two, boa's is supposed to be good, i think it graduates, and you can add their 1-2-3 rewards onto it. Cap1s is also decent, and afaik does not report as "secured."