07-07-2012 11:49 PM
07-08-2012 10:44 AM - edited 07-08-2012 10:49 AM
I would recommend the Bank of America Secured card. The problem is that you'd have to come up with another $100 because I think the minimum deposit on the card is 300. The good thing is that they'll return the deposit and unsecure your card in a year.
i doubt the op would get approved for bofa secured. their card is more for building than rebuilding
He is building, and that's a YMMV thing anyway.
Dude has no positive tradelines, and medical collections are "whatever" compared to real collections from an underwriting perspective. If BOFA will approve me with 1 open (non-medical) collection, 2 open tax liens, and a prior BOFA card with a 30/60 day late on it which they themselves closed, I have a hard time believing that someone with actual positive history, no open judgement, and no BK in his report would be denied.
It's the best secured card out there with the exception of NFCU which a lot of people don't have access to, and looking strictly from a rewards perspective, it's the best hands down out of any card obtainable sub-640ish FICO / 1 year+ history... and it fares pretty well against the Freedom/Zync anyway so maybe that's more like best/tied for rewards package sub-720ish FICO *shrug*.
Well worth the shot, it is the gold standard now in terms of financial sense for sub-prime FICO people.
07-11-2012 05:24 AM
I might try BOFA secured. I actually paid off one of my students loans, so I do have some positive history. I went ahead and took the subprime card, and I plan on only using it when I already have the money to pay for whatever I bought. The credit limit is 300, so I figure spend 30 once a month then pay it before the due date arrives and my grace period ends to avoid the interest. Does that sound reasonable?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.