Reply
Contributor
DVH1980
Posts: 245
Registered: ‎08-24-2011

Re: Recommend a secured card

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.

My wallet:
***Amex BCE 3k***USAA Platinum Visa 12k***Barclays Apple 7500k***Veridian CU 10k***Discover It 10k***Bank of America 8k***Amex Zync***USAA Patinum MC 12k***Navy Federal 20k
Established Member
Ashleyma23
Posts: 65
Registered: ‎09-01-2012

Re: Recommend a secured card

Thank you everyone for all your valuable info. I will take each reply into consideration.
I will have to pay my public record first. Then I will apply for the secured credit card at usaa and capital one.
Established Member
Ashleyma23
Posts: 65
Registered: ‎09-01-2012

Re: Recommend a secured card

Target took 7 points from me now I'm 601 . Yikes !!
Moderator
Revelate
Posts: 8,402
Registered: ‎12-30-2011

Re: Recommend a secured card

[ Edited ]

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.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Member
Ashleyma23
Posts: 65
Registered: ‎09-01-2012

Re: Recommend a secured card

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.
Member
lupiiin
Posts: 20
Registered: ‎08-06-2012

Re: Recommend a secured card

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.

 

Sept 2012: TU 682 ; EQ625 ; EX 636

NFCU Secured nRewards $600
CapOne Platinum $500
Macys $100
Moderator
Revelate
Posts: 8,402
Registered: ‎12-30-2011

Re: Recommend a secured card


Ashleyma23 wrote:
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 :smileyhappy:.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Member
Ashleyma23
Posts: 65
Registered: ‎09-01-2012

Re: Recommend a secured card

I am eligible for transportation federal credit
Union.
Regular Contributor
ACsteel
Posts: 226
Registered: ‎08-19-2012

Re: Recommend a secured card

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.


Garden Member Since: 2014 - 4 - 1
EX FICO | 2014 - 3 - 1 | 793
Established Member
Ashleyma23
Posts: 65
Registered: ‎09-01-2012

Re: Recommend a secured card

My Husband and I will e opening an account for the transportation federal credit union on thursday this week. thanks

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+