Secure Cards that Graduate..which is the best?

[BrokeBandit]

I have a secured card from Applied Bank, which does not graduate.  I would like to get a second secured card, one that would graduate.  My head is swimming with the amount of posts that I have read on here so I don't know which one to get! 

I've read most about Bank of America, Wells Fargo, and Capital One. Which one do you like the best and why?

Thanks!!!

[Anonymous]

from what ive seen on these forums and on my own research, i think the BoA is best.

the cap1 is not guaranteed to graduate. ever. you need to apply for a new card. the BoA will graduate within a year of good history, and they will usually give you a CLI too. also people seem to get lucky with CLIs and PCs a few months after the graduation as well. plus being with a prime lender like BoA is a good thing.

i definitely recommend BoA over cap1, but i dont know too much about the wells fargo.

[CraveMazda]

From personal experience I would say BOA - it does graduate but when mine did they did not offer a CLI. Even after 4 years of no lates and PIF most months they would not give me CLI. When I finally called to close the account last month they said they would waive my AF and could raise my CL. I asked if it would be a hard or soft pull - they said hard.

Still - if you are rebuilding or starting out - BOA is better than Orchard Bank or any of those other cards that take a ton of money from you. Plus it was important to me to have a card that did not advertise I was rebuilding my credit.

Hope that helps.

[xlr8d]

Cap1 will not unsecure but will help your chances with another cap1 card. WF is not guaranteed to grad after 1 or 1.5 years. BofA will sec in 9 mos to 1 year as long as you don't mess up and usually give a CLI from what I understand.

All this info I've gathered after reading the forums alittle over a year. If I'm wrong about something please chime in

[Wolf3]

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@BrokeBandit wrote:

I have a secured card from Applied Bank, which does not graduate.  I would like to get a second secured card, one that would graduate.  My head is swimming with the amount of posts that I have read on here so I don't know which one to get! 

I've read most about Bank of America, Wells Fargo, and Capital One. Which one do you like the best and why?

Thanks!!!

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Cards that graduate tend to be harder to get for rebuilding.   They are more for building new credit.   I think BofA, WF, USBank, CITI are like this.

I think Capital One is about the best for rebuilding.   It does not graduate but they give unsecured CLI and it helps qualify for better Captial One card. .   .  

[nuggets321]

If you search the many posts, you should notice that the general consensus is that  BoA seems to have the highest success with graduating cards.. I personally, have a Wells Fargo secured card that is highly unlikely to graduate( at least anytime soon)... there are a great number of posters that have had their accts for multiple years and kind of get the song and dance about the "graduation". Wells is an ultra-conservative CC lender. I have noticed on my online banking that there is an icon that you can tap and it is even labeled "secured to unsecured" rule and the valid date goes all the way to at least the end of the year. It cites the new credit laws as the reason that they are not graduatng cards....The only reason I did it was to build history + the annual fee was under 20 bucks...worth it to build something, but definitely dont rely on it growing with you..just my experience...hope it helps

[Anonymous]

I recommend anybody rebuilding to try to get approved for a BOFA secured card.YOU WONT REGRET IT and put in as much money as you can into the secured card, because once it graduates, your credit limit will equal the secured card limit unless you are eligible for a CLI at graduation.

I opened my Secured card with BOFA last year in november with a $1000 limit. Moderate use always PIF. It graduated yesterday, but no CLI. So i went ahead and requested it online for $4000. Got a message to call, never called and i noticed my CLI to $4000 today  

If you treat BOFA right they will reward you as other members have said over and over again on this forums and its completely true.

BTW my ficos are 

TU 700

EX 675

EQ 676

2 baddies -judgements

No lates or charge offs.

AAoA 1yr 8months

oldest account AMEX 10yrs 6 months.

[John060675]

I can say from personal experience that Wells Fargo is tough to graduate.  It took just over 4 years for them to finally graduate my card (still waiting on money to be deposited back into my account, but has only been 14 days).

I would go with Bank of America if I had to do it over again.  I just hope they will not slap a $5 a month fee on their credit cards like they did with the debit cards. 

[Scope27]

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@Wolf3 wrote:

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Cards that graduate tend to be harder to get for rebuilding.   They are more for building new credit.   I think BofA, WF, USBank, CITI are like this.

I think Capital One is about the best for rebuilding.   It does not graduate but they give unsecured CLI and it helps qualify for better Captial One card. .   .  

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I originally got denied for the BofA secured card due to previous history on about 4 cards (which were paid off by the time of application).  But I gave the backdoor number a call and the rep I spoke with not only overturned the automated decision but she gave me a partial secured card.  She told me that as long as you dont have any neg points on your record while you have their card they will unsecure it around the 12 month mark and refund the deposit.

[Anonymous]

I swear CITI never unsecures there cards and I think I am on my final year with them being secured cause when my card expired they sent me a new one like they should but it was only good for one year and this one expires next year. I am nervous that they are just going to close my oldest trade line on me and after that is the FP Bank and I was trying to hard to close that one but with this uncertainty I am thinking I should pay it off and leave it open just in case... THoughts?