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New Member
Posts: 7
Registered: ‎07-17-2007
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Secured Cards?

We're looking to start building my 18 yo's FICO, and now that AU's aren't going to count anymore, we're thinking secured cards.  Any recommendations for good ones?
 
Thanks!
 
 
New Contributor
Posts: 68
Registered: ‎07-06-2007
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Re: Secured Cards?

Bank of America has a partially secured card the 99/500. You deposit $99 and they give you a $500 credit limit. It gets pretty good reviews on these forums. The only downfall is that you have to apply for another BOA cc and get denied before they will offer you this card, but it seems worth it because the annual fee is only $29 caompared to $50+ from Orchard or First Premier. Hope this helps. Good Luck
Established Contributor
Posts: 739
Registered: ‎06-30-2007
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Re: Secured Cards?

better to open a saving a credit union, and use a portion of it to secure a credit card, just be sure to ask if they reoprt balances CRAs and weather they report it as secured or not, if they report secured, try another one.
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Established Contributor
Posts: 905
Registered: ‎05-09-2007
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Re: Secured Cards?



rbbyrbsn wrote:
better to open a saving a credit union, and use a portion of it to secure a credit card, just be sure to ask if they reoprt balances CRAs and weather they report it as secured or not, if they report secured, try another one.


Both secured credit cards AND shared secured loans from Credit Unoins are great ways to get started. Try and employ both strategies, and your teen will be well on his / her way to FICO success. After about 6 months, unsecured offers will be easy to find and profile will improve... Just ensure that propper credit management principles and credit profile education are included in the process.
 
Rob
Established Member
Posts: 18
Registered: ‎06-28-2007
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Re: Secured Cards?

I started my credit life not too long ago at age 20. I first applied for a CC from BoA, got denied, then got the 99/500 secured card from BoA. I also applied for a student card from Discover. It seems they are more "lenient" in issuing student cards because they don't expect students to have much, if any, credit history. So check into those. (While I got approved for both, at the same time, I got denied for two CCs for Paypal and Citibank, because I didn't have enough credit history). So that's another option to look into for unsecured credit cards if you want to spend the money that you already have on something, instead of letting it sit in an account.
New Member
Posts: 1
Registered: ‎09-22-2012
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Re: Secured Cards?

[ Edited ]

I want this credit card

 

  

  my nam is ...habib bousso 

Myemail..h.b1917@yahoo.com 

 

Banke of america

Senior Contributor
Posts: 4,575
Registered: ‎12-11-2011
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Re: Secured Cards?

[ Edited ]

Cap1 also offers a secured card (that reports as a regular unsecured credit card AFAIK). It can either be partially secured or fully secured depending on your creditworthiness. The BoA card is sometimes harder to get as it is elligible to be given the 1-2-3 rewards program they have but you can apply for it regularly without needing to be denied another card from them (https://www.bankofamerica.com/credit-cards/products/secured-credit-card.go) I know when I was denied a card from BoA I was not countered with the offer, so it isn't a sure thing, and I would hate to see an inquiry go to waste. 

 

starting out at a local CU is a great choice because CUs tend to be more in favor of relationships than the big banks, however, some CUs do back their cards through different establishments (Like Elan Financial) in which case your relationship with the CU isn't taken into consideration, so I would make sure you look into that if you decide to go this route. 

 

Depending on who you and your child do your main banking with, I would always talk to them as well, as some banks (such as wells fargo) do actually take relationships into consideration, especially if you or your child happen to have a substantial deposit account with them. 

 

 

And lastly, AUs are still considered in FICO scoring. However, if your child's application is put under manual review, AU accounts report just as they are. It will say something like "AUTHORIZED USER - <Account Name>" followed by all the details. Many people have used AU accounts to get ahead of the game and had success, others have not. 

 

Good Luck! 

 

 

Edit: If you 18 y.o is a college student, make sure you look into student cards. Secured CCs aren't the only option in a situation like this, and to be honest I would start with a student card first and if you have no luck there go for a secured card. 

;
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Secured Cards?


jsucool76 wrote:

Cap1 also offers a secured card (that reports as a regular unsecured credit card AFAIK). It can either be partially secured or fully secured depending on your creditworthiness. The BoA card is sometimes harder to get as it is elligible to be given the 1-2-3 rewards program they have but you can apply for it regularly without needing to be denied another card from them (https://www.bankofamerica.com/credit-cards/products/secured-credit-card.go) I know when I was denied a card from BoA I was not countered with the offer, so it isn't a sure thing, and I would hate to see an inquiry go to waste. 

 

starting out at a local CU is a great choice because CUs tend to be more in favor of relationships than the big banks, however, some CUs do back their cards through different establishments (Like Elan Financial) in which case your relationship with the CU isn't taken into consideration, so I would make sure you look into that if you decide to go this route. 

 

Depending on who you and your child do your main banking with, I would always talk to them as well, as some banks (such as wells fargo) do actually take relationships into consideration, especially if you or your child happen to have a substantial deposit account with them. 

 

 

And lastly, AUs are still considered in FICO scoring. However, if your child's application is put under manual review, AU accounts report just as they are. It will say something like "AUTHORIZED USER - <Account Name>" followed by all the details. Many people have used AU accounts to get ahead of the game and had success, others have not. 

 

Good Luck! 

 

 

Edit: If you 18 y.o is a college student, make sure you look into student cards. Secured CCs aren't the only option in a situation like this, and to be honest I would start with a student card first and if you have no luck there go for a secured card. 


I agree. Discover is a good option if you have some AU accounts reporting.

 




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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Secured Cards?


mousebandit wrote:
We're looking to start building my 18 yo's FICO, and now that AU's aren't going to count anymore, we're thinking secured cards.  Any recommendations for good ones?
 
Thanks!
 
 

Why aren't the your AU's going to count anymore?

 

Where does the 18 yo have his checking/savings account.   Start there if they have a secured card. 

 

 

 

Moderator Emeritus
Posts: 10,859
Registered: ‎12-30-2011
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Re: Secured Cards?

[ Edited ]

Wolf3 wrote:

mousebandit wrote:
We're looking to start building my 18 yo's FICO, and now that AU's aren't going to count anymore, we're thinking secured cards.  Any recommendations for good ones?
 
Thanks!
 
 

Why aren't the your AU's going to count anymore?

 

Where does the 18 yo have his checking/savings account.   Start there if they have a secured card. 

 

 

 


Because this thread is from 2007 :smileyhappy:.

 

Case of necrosis to the mostis.  I think 2007 was when they actually started the credit card forum specifically, hard to ressurect a thread earlier than this one.

 

 

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