cancel
Showing results for 
Search instead for 
Did you mean: 

Recommend a secured card

Contributor

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.

*USAA WORLD MC 18k* *USAA VISA 12k* *AMEX BCE 10k* *DISCOVER IT 15k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

Established Member

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

Re: Recommend a secured card

Target took 7 points from me now I'm 601 . Yikes !!
Moderator

Re: Recommend a secured card

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Established Member

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

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

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 Smiley Happy.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Established Member

Re: Recommend a secured card

I am eligible for transportation federal credit
Union.
Frequent Contributor

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.

Established Member

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