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09-02-2012 08:58 AM
The whole reason for choosing a prime lender that offers a secured product is to build history with them, even if on a secured basis. You'll be that much further ahead in the game when the time comes to go unsecured.
09-02-2012 09:03 AM
09-02-2012 09:38 AM - edited 09-02-2012 09:42 AM
As a heads up, you cannot qualify for a secured card from USAA unless you are a full member (military tie, somehow qualified for their insurance). They do not offer secured cards to their partial members is my understanding of it.
A question nobody has asked: how much of a deposit do you have, and what's your income like? If you have good free cash-flow, the Cap One secured is hard to beat as you can easily add to it over time. If you have either a big initial deposit, or limited cash-flow, other cards (BOFA) are clearly better; however, you want to get at least two of them anyway.
The biggest thing is just get two or three tradelines that report, you don't really care what they are as long as they wind up on your credit report. I think Cap One in general is a pretty good bet, and if you have a checking account established already at a bank, go and see if they offer a secured product as well. That would be two, and you would be good.
BOFA is likely the best secured card for non-military, but as you found they can be sticklers about a few things. I do know they approved me multiple times over the years for a secured card with a bunch of stupid negative information on my report, and they appear to want to get more secured cards in the field, so I don't consider them a non-starter for anyone... though admittedly BOFA has been my primary checking provider for 15 of the last 17 years. Your report just doesn't sound that bad compared to mine or others, especially if that negative public record gets taken care of somehow.
09-02-2012 09:55 AM
09-02-2012 09:57 AM
If you have an eligible family member try NFCU (Navy Federal). They have a great unsecured card with no annual fee and it is a great place to build your history with.
If not go with Cap1 for the mean time.
09-02-2012 10:22 AM
Ok so I think the capital one and BOfA will be great choices.
If I can take care of the public notice by next week then I will apply to those after that.
Thats what I think as well.
Maybe due to the fact that I am a homemaker for the last 7 years. My Husband has been with his federal employer for 5 years and has good annual income.
If his federal employer happens to be the DOD, you might be able to qualify for NFCU. If you are qualified, go that route first and worry about either BOFA or C1 later.
NFCU is one of the big exceptions to all other things in the credit universe, and worth establishing if you can. If working for some other agency, all the previous advice still stands .
09-02-2012 10:28 AM
I say get a secured card from your bank, this is the best way to monitor and handle your payments.
You don't really care about the APR (b/c you'll be pif every month right....lol), and it's a secured card so rewards probably won't be there.
Also your bank is the best entity to trust with that secured deposit you make, so it's like you're opening another savings account w/your bank, or rather a CD.