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Best Secured Credit Card for REALLY low score?

Valued Member

Best Secured Credit Card for REALLY low score?

Hi all,

 

As you can see below, I have an abysmal score. I've been wanting to open a secured card for the following reasons: 1. I can now control my spending and can use it responsibly, 2. increase my debt to credit ratio, 3. have a card with a good, clean slate. Problem is, I only want to apply ONCE, so I don't have any additional credit checks. Is there a card that has a good acceptance rate for people with as low a score as mine? PS- I have bad history with Barclays, Capital One, and Citi, if that means anything.


Starting Score: 464 October 2012
Current Score: 544 (+80 points whoo hoo!)
Goal Score: 600


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Message 1 of 15
14 REPLIES
Frequent Contributor

Re: Best Secured Credit Card for REALLY low score?

Applied bank. They don't pull an credit inquiry, you're going to need 200 dollars to secure the 200 limit. They don't check your credit or your scores, then there is first progress. =) applied bank only reports to tu and ex, first reports to all three but in don't know much about them besides that the offer secured CCS
On my phone apologies for the errors.



Starting Score: 501 EX FAKO
Current Score: 745TU Fico
Current Score:714EQ Fico
Current Score: 742 fico


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Message 2 of 15
Regular Contributor

Re: Best Secured Credit Card for REALLY low score?

Most forums here I've read say that Capital 1 secured Mastercard is the best way to go for those with really low scores. There have been people with 400's scores that have reportedly been approved for this card. The downsides are that you could still potentially be denied, and the hard pull on your credit is across all three credit bureaus, unlike some other cards that will only pull an inquiry on one.

Starting Score (2016): EX: 748; EQ 737; TU 761

2014 Current Score: Discover FICO08 797 (7/16); AMEX FICO 776 (8/16); PenFed FICO 766 (5/16).


Goal Score: All 800+ Available Credit: $100K+
Utilization:
23%

Gardening Since:
September 2016

Message 3 of 15
Established Contributor

Re: Best Secured Credit Card for REALLY low score?

Capital One Secured, US Bank Secured and Bank of America Secured. I also have 2 First Progress cards. I am no longer boycotting First Progress as I logged in to the website the other day and both of my accounts were listed.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Message 4 of 15
Regular Contributor

Re: Best Secured Credit Card for REALLY low score?


pineappledaydreams wrote:
Applied bank. They don't pull an credit inquiry, you're going to need 200 dollars to secure the 200 limit. They don't check your credit or your scores, then there is first progress. =) applied bank only reports to tu and ex, first reports to all three but in don't know much about them besides that the offer secured CCS

damn, didnt know applied bank didnt report to all 3.. thinking about closing it now and going with U.S. Bank...

 

BTW Open SKY CC also no hard inquiry and they report to all 3



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
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Message 5 of 15
Valued Member

Re: Best Secured Credit Card for REALLY low score?

I don't think I can do Cap One, as I have very recent bad history with 2 credit cards that are owned by them: Best Buy and Kohls. Best Buy I had ok history with, but they closed it based on a pull of my credit report. Another Cap1 owned one (Sears) I just paid off and is in good standing.


Starting Score: 464 October 2012
Current Score: 544 (+80 points whoo hoo!)
Goal Score: 600


Take the FICO Fitness Challenge
Message 6 of 15
Member

Re: Best Secured Credit Card for REALLY low score?

I agree with the other member about Applied. My score used to be as low, and I tried Capital One, but they did not approve. After a month or so, I tried Applied, and they approved, My report did not show and inquiry, and my credit score increased about 20 points in the first few months. I have a $500 limit. It's not the best bank out there, but as long as you pay on time and keep your balance low, it's OK. It's being OK for me so far.

Message 7 of 15
Contributor

Re: Best Secured Credit Card for REALLY low score?

USAA if anyone in your family has any military ties-- even a short stint in reserves works.  They did run a credit check and I got both the USAA AMEX and MC with a score that was roughly 480 at the time. I even had an unpaid judgment. As fars as secureds go the fees and interest is reasonable at $35 annual fee and 10% interest.

 

Or you could call credit unions. Theones by me were a crap shoot. Some ran credit, some didn't. Some are free, some have a $50 fee. Probably just requires some research.

Message 8 of 15
Senior Contributor

Re: Best Secured Credit Card for REALLY low score?

NFCU if you can get in. 

Message 9 of 15
Established Contributor

Re: Best Secured Credit Card for REALLY low score?

I have an OpenSky secured card, no credit check with them.

NFCU CashRewards $13.5k | AMEX BCE $15k | Lowes $17k | Sportsmanss guide $7.6k | Chase Freedom $1k | Discover IT $4.4k |
Walmart $8k | Gordman's $2950
Message 10 of 15