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Contributor
Posts: 80
Registered: ‎06-12-2012
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Secure Credit Cards

I am about a month into rebuilding my credit. I have had some success over the last month from 400s to 500s and still of course a long journey.

I want to apply for a secure credit card but have been denied in the past for one. I don't want to get a hard inquiry without being approved. Any suggestions?

Do I wait until my score improves more? HELP!!


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

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Valued Contributor
Posts: 1,051
Registered: ‎05-20-2010
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Re: Secure Credit Cards

I think its going to be pretty tough to predict if you would get approved or not. It really just varies from lender to lender. When I started to rebuild about 2 years ago, PSB was fairly popular on 'no credit check' secured cards. I dont know of any right now. Have you looked into a local CU to see if they offered secured cards? I never done this myself, but there was suggestions on taking a hard copy of your credit reports and sitting down with a LO at a local credit union to see if you can qualify for their secured card. Kinda like getting yourself pre-qualified before actually applying.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Contributor
Posts: 80
Registered: ‎06-12-2012
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Re: Secure Credit Cards

I have inquired with my  local CU but  they dont offer a secure credit card :smileysad:.


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

Valued Contributor
Posts: 1,051
Registered: ‎05-20-2010
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Re: Secure Credit Cards

Just curious, which secured card have you applied and was denied for? And where are you located if you dont mind me asking.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Contributor
Posts: 80
Registered: ‎06-12-2012
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Re: Secure Credit Cards

I applied for Capital one secured card and was denied. I am located in New Jersey.


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

Frequent Contributor
Posts: 306
Registered: ‎01-12-2011
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Re: Secure Credit Cards

Cap 1 should be a go.

local CU's are good they usually don't have a AF either.

all the bank secure cards are usually only for building credit, not for rebuilding

Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Secure Credit Cards

Can you give us some details on what baddies remain on your credit report?  example, chargeoff Amex 2010.  etc.  There are various options no matter how bad.

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Frequent Contributor
Posts: 306
Registered: ‎01-12-2011
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Re: Secure Credit Cards

Do you have any lines of credit reporting? car, house, creditcards?

Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


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Established Contributor
Posts: 866
Registered: ‎09-22-2011
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Re: Secure Credit Cards


Datx wrote:

I think its going to be pretty tough to predict if you would get approved or not. It really just varies from lender to lender. When I started to rebuild about 2 years ago, PSB was fairly popular on 'no credit check' secured cards. I dont know of any right now. Have you looked into a local CU to see if they offered secured cards? I never done this myself, but there was suggestions on taking a hard copy of your credit reports and sitting down with a LO at a local credit union to see if you can qualify for their secured card. Kinda like getting yourself pre-qualified before actually applying.


  PSB (public savings bank) secured card division was purchased by Capital Bank.  Their secured card with no credit check can be found at www.openskycc.com.

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Secure Credit Cards

That card used to be pretty good.  I feel it is a bit over the line now as a secured card.  There are better ones out there.

 

For example, that firstprogress.com looks better.

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