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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Getting secured cards....advice?


anackerman wrote:
Thanks everyone. I actually signed up with First Progress last night. US Bank doesn't really seem like an option for me.

Best way to find out is to go to a branch and see if the bank manager can recommend your approval.

 

Prior history with the bank ie checking and savings is a big plus, but simply an intention to open those accounts can help.

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New Member
RikaC87
Posts: 4
Registered: ‎01-29-2013

Re: Getting secured cards....advice?

I'm wondering if it's a good idea to increase the limit on a secured cc?? My cl on my Cap One secured card is $200 and has been for 10 months now.


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Current Score: 630
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Established Contributor
TiggerDat
Posts: 1,013
Registered: ‎10-15-2011

Re: Getting secured cards....advice?

Oh yeah, I forgot about First Progess, but my understanding is with them they don't give credit limit increases and they never return the security funds.

 

3 - 4 cards is the recommended amount by FICO themselves and it is explained in the pamphlet they offer on this site.  From personal experience my score did increase with just one card, but it certainly increased better with 3.  I had the Merrick card only for a long time, then I added Finger Hut, which only reports to Trans Union, and then I added 2 Capital One Cards.  My score jumped higher and did so more quickly after that.  When I got my first card with a limit over $2000 my score also jumped from that alone, but I don't think it works with secured cards.  I don't remember if my Merrick account had already reached $2000 by that the time I got the Marathon Visa with the $2500 limit.  When I got that limit it immediately bumped my score about 35 points I think. 

 

My FICO is now 699 and without all the inquiries it would be a 760.  When these new accounts age I am fairly certain I will be in or near 800.  So in about a year or two I should be up to at least 750, but probably more like 780.  Two years ago I was about a 550.  My strategy was really helped by using Credit Karma and following the advice from them, I was able to add over $20,000 in credit in the last year.  I had collections and baddies showing on my report until the middle of last year.  But using the advice here and there I was able to add the right cards to show more accounts and more positive payment history.  One of the accounts that I added about 1 year and 3 months ago was a Marathon Gas card.  The limit started at $150 and I got an increase on the third month, now my limit is $900 and I bet if I asked them for another now they would give it to me.  It was the history with Comenity that got me the $2500 Visa.  I had that Marathon card and a Bealls of Forida with them.  I barely use either cards, but they still give me CLIs and I think I didn't even get a hard pull for the Visa card.  I can't find it on any of my reports, so that was a nice thing!


Grow little seedling grow.

Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Getting secured cards....advice?


RikaC87 wrote:

I'm wondering if it's a good idea to increase the limit on a secured cc?? My cl on my Cap One secured card is $200 and has been for 10 months now.


It can help bigger limits later, expecially with Cap One.   

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Getting secured cards....advice?


bernhardtra wrote:

Oh yeah, I forgot about First Progess, but my understanding is with them they don't give credit limit increases and they never return the security funds.

 

...

You have any evidence of that, or is it just BS.

Established Contributor
TiggerDat
Posts: 1,013
Registered: ‎10-15-2011

Re: Getting secured cards....advice?


Wolf3 wrote:

bernhardtra wrote:

Oh yeah, I forgot about First Progess, but my understanding is with them they don't give credit limit increases and they never return the security funds.

 

...

You have any evidence of that, or is it just BS.


I got the information directly from them when they started the card.  At the time I did not think I would be able to get other cards, oh boy was I wrong!  I was shopping around to see what my options were and there were some ads on it and I called to ask about the cards.  I wanted to know what made it Platinum amount the CLI's and security funds release timeframe.  Basically what I found out is that there is nothing that made the account Platinum, there are no rewards or benefits to the card.  In fact, but it has been a while, I don't think they even offer car rental insurance as most companies do.  I usually just do the simplest thing when I want information and ask the company themselves.  Remember, with time things do change, so they might have changed a policy or two, but overall it will probably be the same.  The card is issued by a bank called Synovous which is a southern banking company and I imagine that if you were in GA, FL, or another state they are in you could if need go into a branch and pay.  They do market it as a seperate product than their other cards.  If I were looking for a secured card, then I would call them and check it out.  It might be a benefit if they have altered it a bit to be more in line with other secured cards available.  I think their strategy is to be a leader in the secured card industry, they do promote it heavily!  It's fee is less than some of the others, but if I were to need a secured card now I would ask them the benefits and the rules about CLI's and security release, as time does alter things.  I DID call them before when I thought I needed another card, at that time the restrictions were too much to make me want the card.  (It was about a year and half ago I think, just shortly after they started promoting it heavily.)


Grow little seedling grow.

Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Getting secured cards....advice?


bernhardtra wrote:

Wolf3 wrote:

bernhardtra wrote:

Oh yeah, I forgot about First Progess, but my understanding is with them they don't give credit limit increases and they never return the security funds.

 

...

You have any evidence of that, or is it just BS.


I got the information directly from them when they started the card.  At the time I did not think I would be able to get other cards, oh boy was I wrong!  I was shopping around to see what my options were and there were some ads on it and I called to ask about the cards.  I wanted to know what made it Platinum amount the CLI's and security funds release timeframe.  Basically what I found out is that there is nothing that made the account Platinum, there are no rewards or benefits to the card.  In fact, but it has been a while, I don't think they even offer car rental insurance as most companies do.  I usually just do the simplest thing when I want information and ask the company themselves.  Remember, with time things do change, so they might have changed a policy or two, but overall it will probably be the same.  The card is issued by a bank called Synovous which is a southern banking company and I imagine that if you were in GA, FL, or another state they are in you could if need go into a branch and pay.  They do market it as a seperate product than their other cards.  If I were looking for a secured card, then I would call them and check it out.  It might be a benefit if they have altered it a bit to be more in line with other secured cards available.  I think their strategy is to be a leader in the secured card industry, they do promote it heavily!  It's fee is less than some of the others, but if I were to need a secured card now I would ask them the benefits and the rules about CLI's and security release, as time does alter things.  I DID call them before when I thought I needed another card, at that time the restrictions were too much to make me want the card.  (It was about a year and half ago I think, just shortly after they started promoting it heavily.)


They are the only secured card on MyFico list of cards.   But I was not able to look at terms and conditions without starting application process which i did not do.   I find this irritating.   I would not worry that you did not get your deposit back.

 

Established Contributor
TiggerDat
Posts: 1,013
Registered: ‎10-15-2011

Re: Getting secured cards....advice?

Well having been with Merrick for 5 1/2 years, I am worried about getting my security funds back, I am not earning interest on those funds.  So you might later be worried, even if not now.  I really wish Merrick would offer prime type products to graudate us to!  With the First Progress, since they are part of Synovous, there might be a way later depending on their policies and changes, it might be possible to PC.  I hope they work out the faults with the program and strengthen thier strategy, if for no other reason than to compete directly with Capone!  I wish that of both Merrick and FP!!!  FP is a bit new with what they are doing and I understand that.  Just when I was considering it I thought it was a bit more restictive than fit my needs and might be something another person might want to consider.


Grow little seedling grow.

Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Established Member
anackerman
Posts: 45
Registered: ‎01-19-2013

Re: Getting secured cards....advice?

First Progress DOES do cli with prior permission and conditions. I'm not really concerned about rewards or benefits of this card as its only purpose for me is to have a new, positive and perfect, revolving trade line reporting to help me rebuild. And for anyone interested in the terms, disclosures etched, PM me and I'll give you the copy I got for being approved.
Starting Score: EQ 511 (1/20/13)
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Goal Score: 680

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