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New Member
Posts: 4
Registered: ‎11-13-2008

Do Secured credit cards work?

I have just been fixing my credit for the last 4 months and has improved almost 100 points. It is still very low. Currently all of my debt are closed accounts (only 1 credit card), everything else is unpaid medical, cell phone bills etc... If I get a secured credit card will that help me get my score higher? If so, what kind should I get?

 

Any suggestions?

Regular Contributor
Posts: 208
Registered: ‎10-15-2008
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Re: Do Secured credit cards work?

I would definatly get a secured card or two. Bank of America would be my first choice since they unsecure after 9-12 months of good payments. HSBC and US bank also have decent cards. How are your scores right now?
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Do Secured credit cards work?

Secured cards help. I have/had 2 secured cards, one through BofA which graduated and one through Orchard. They are treated the same as all other CCs.

 

Choose a CC that has the potential to graduate after 1 yr. I'm partial to BofA.

Established Contributor
Posts: 576
Registered: ‎11-13-2008
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Re: Do Secured credit cards work?

BOA will approve you for secured as long as you do not have a BK. BOA secured would be my first choice, I second what hayhayday said, BOA will charge a small $29 AF but it is worth it they are well respected.... Thats a good TL to have on your bureau. They will grow with you.
New Member
Posts: 4
Registered: ‎11-13-2008
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Re: Do Secured credit cards work?

My lowest is 533 as of yesterday (experian) but just 4 months ago it was 440. and the other two were 533 and 565 4 motnhs ago but I haven't pulled those two yet.

 

i know they are horrible but I never cared about my credit before and never bothered to try. Now I'm desperate the fix them.

Established Contributor
Posts: 576
Registered: ‎11-13-2008
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Re: Do Secured credit cards work?

You should go for the BOA secured put $500 in there. You can call them for an app or go into a branch. If you have a CU near you, I would check and see if they have a secured cc product. A CU can be a growing and rewarding relationship with time!!:smileyhappy: Its not horrible, I have had scores like that and mine now are in the mid 600's. I have some respectable TLs now 4 years later.
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Do Secured credit cards work?


MrCredit wrote:
BOA will approve you for secured as long as you do not have a BK.

It also depends on your credit situation. I had apped Aug. 07 and was denied for having no BKs or PRs, but I had a 2 yo CO, 3-4 CAs, 2-3 other COs, and an EX FICO of 550-580 or so. However, I did app 3 months later after I cleaned everything and was approved for the 99/500 counter offer and that ungraduated in September. And yes, great card to grow with.

New Member
Posts: 4
Registered: ‎11-13-2008
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Re: Do Secured credit cards work?

Will a bank allow me to get a secured credit card with them if I owe them money? Such as a prior bank acct which accrued bounced check fees and now I owe them money?
Established Contributor
Posts: 576
Registered: ‎11-13-2008
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Re: Do Secured credit cards work?

no probably not, go somewhere where you dont owe money. :smileyhappy:
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
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Re: Do Secured credit cards work?


Gettingright wrote:
Will a bank allow me to get a secured credit card with them if I owe them money? Such as a prior bank acct which accrued bounced check fees and now I owe them money?

 

Probably not.

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