Credit Cards

[thunderthighsforyou]

Hi. I am new to the forums and was wondering if I could get some help.

I am looking to get a secured card to help rebuild my credit. My EQ and TU are between 630-650. I don't want to appy for a regular card and get the ding on my credit if I am denied. I figured that a secured card would be the best way to go.  I was wondering what are the best secured cards that eventually graduate to unsecured? Can you add money to them to build your limit?

[langinjoe]

I was told by Cap1 ( I bank with them) that after 6 months they will look at payment history on a secured card and give you your money back if your behaving.. and after that they will look to see if you qualify for an increased limit every 6 months. Have no idea if this is true though, haven't got that far.

[QueenofReinvention]

I would recommend researching credit unions in your area. We have a lot of great credit unions where I'm from, and almost all of them have secured credit cards, and 75% of them, you can add money whenever you want. They all are different with the minimum amount to start, but on avg it's $500 (there were some with $250). Good luck!

[credit3xhausted]

Wells Fargo and Bank of America both report to all 3 CRBs. Word of caution, they still HP for an unsecured card. but, the difference between them is that when you add additional funds for a CLI, BOA performs another HP. Also, I have read that WF graduation plan takes place at a year mark at least either in October or April.

I have Capital One secured and WF secured. My DH has Capital One secured and BOA secured.

we are no longer increasing the C1 or BOA because of the HP experience and because is C1 stingy with CLI s. C1 pretty much wants you to increase your own limit with your own money. Just my 2¢.

[Wolf3]

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langinjoe wrote:

I was told by Cap1 ( I bank with them) that after 6 months they will look at payment history on a secured card and give you your money back if your behaving.. and after that they will look to see if you qualify for an increased limit every 6 months. Have no idea if this is true though, haven't got that far.

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Cap1 does not unsecure.   They often give a unsecured CLI at six months, but you have to close the account to get your deposit back.   They are very easy to add to the deposit.  Good behaviour on the secured account helps get a decent unsecured card from them. 

IMO, unsecuring in not a big deal, since the closed secured card continues to age and help with AAoA for 10 years.