07-07-2012 09:06 PM
Which card did you end up getting? And good luck on your Cap1, hopefully you'll get approved and will only need a $49 or $99 deposit and not the whole $200.
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?