Credit Cards

[cartercorp]

I am looking into secured cards for a co worker,And I need a little input on secured cards.I know B of A seems to be rather popular here But what about other banks secured card program Us Bank/Wells Fargo/Citi Bank anyone have any of the other bank secured cards?. From what I can tell they all seem to do the same thing and they all seem to have AF from $18-$29. So I guess it may come down to preference.Does anyone has experience with any of these bank secured cards? And what do you recommend?

Thanks

Message Edited by cartercorp on 05-21-2009 03:29 PM

Message Edited by cartercorp on 05-21-2009 03:31 PM

[manyquestions]

It depends on what the persons credit looks like.  Some secured cards like BOA are harder to get than others.  Some like Orchard and National City give them to anyone who can fill out a form and send in $200.  Most of the major banks do have some standards.  You can get rejected for BOA, Wells, Citi, US Bank.  My only experience was with Orchard and I had no problems with it.  It was about the only one I could get at the time that did not have a lot of fees.  It was $35 annual fee.  National City is also a sure thing for about $35 annual fee.  Stay away from cards that charge much more than that.  If the person belongs to a local credit union they can check to see if they can get a secured card there, sometimes they don't have any fees at all.

[cartercorp]

His scores now are in the high 500s.2 med collections (paid) 1 auto loan.

[Imhotrodcrazy]

I got a secured cc with a local credit union with a credit score of 703.  There is no AF and the interest rate is fixed at 10.9%.  However, I was declined  a cc with USbank with a credit score of 790, after a bk dropped off,  so I don't know what to tell you, other than in my estimation it is a crap shoot in today's market place. This all took place in the last few weeks. Good luck to you. 

Message Edited by Imhotrodcrazy on 05-21-2009 04:24 PM