Secured Credit Card for Someone with Good Credit?

[Anonymous]

I have a high credit score based on being an authorized user on another person's card. I have no credit cards in my name, no loans, debts, outstanding anything, no late pyaments, no BK, etc.  Should I apply for a secured credit card or am I better off applying for a credit card that recognizes authorized users?

[newhis]

Some secured credit cards never graduate, others report as secured, most have AF, you put money away, so for all of this is better to directly for a regular credit card.

Don't know if you'll get better chance going for a card that you are already an AU. Try Discover.

[SOGGIE]

I would think it wouldn't hurt to apply for a Capital One or Target RedCard. One never knows.

[mongstradamus]

I think BOA secured is one of the ones that graduate to an real BOA 3-2-1 card. I think you can also get secured version of 3-2-1, but you may need to be student or something i forget what the stipulations are.

[Revelate]

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@mongstradamus wrote:

I think BOA secured is one of the ones that graduate to an real BOA 3-2-1 card. I think you can also get secured version of 3-2-1, but you may need to be student or something i forget what the stipulations are.

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Really if you can afford to tie up the cash, there's no downside to a BOFA secured card.  You get either the Cash or Travel rewards package, it graduates after a year to a tradeline you can keep forever, and can get the AF removed after graduation too.

In the situation that's described, while I'd still likely pickup the BOFA card, I'd try at a few places which recognize the AU: a lot of CU's would be a good bet on that, and Cap One is by default a place one should always check with first as might qualify for a QS or QS One which is an excellent card all things considered regardless of credit strata.

That'd probably be:

Secured BOFA (why take chances if you can afford the deposit)

Unsecured C1 QS or QS One worst case shot

Likely unsecured CU card, local is best if you have one, DCU or Alliant or SDFCU are all reasonable selections too.

Failling that a SDFCU secured card would be my fallback, which isn't a terrible card either though doesn't graduate.

[Open123]

I second the BofA secured, the best in class for card of this type, in my view.

[mongstradamus]

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@Revelate wrote:

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@mongstradamus wrote:

I think BOA secured is one of the ones that graduate to an real BOA 3-2-1 card. I think you can also get secured version of 3-2-1, but you may need to be student or something i forget what the stipulations are.

---

Really if you can afford to tie up the cash, there's no downside to a BOFA secured card.  You get either the Cash or Travel rewards package, it graduates after a year to a tradeline you can keep forever, and can get the AF removed after graduation too.

In the situation that's described, while I'd still likely pickup the BOFA card, I'd try at a few places which recognize the AU: a lot of CU's would be a good bet on that, and Cap One is by default a place one should always check with first as might qualify for a QS or QS One which is an excellent card all things considered regardless of credit strata.

That'd probably be:

Secured BOFA (why take chances if you can afford the deposit)

Unsecured C1 QS or QS One worst case shot

Likely unsecured CU card, local is best if you have one, DCU or Alliant or SDFCU are all reasonable selections too.

Failling that a SDFCU secured card would be my fallback, which isn't a terrible card either though doesn't graduate.

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BTW rev the only options for 3-2-1 secured is for students. Is that option open for everybody ? I am just curious. 

[newhis]

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@mongstradamus wrote:

BTW rev the only options for 3-2-1 secured is for students. Is that option open for everybody ? I am just curious. 

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 Yes, is open to anyone. I got a regular secured and asked by secure chat to change to 3-2-1 and they sent a new card. 

[Revelate]

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@mongstradamus wrote:

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@Revelate wrote:

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@mongstradamus wrote:

I think BOA secured is one of the ones that graduate to an real BOA 3-2-1 card. I think you can also get secured version of 3-2-1, but you may need to be student or something i forget what the stipulations are.

---

Really if you can afford to tie up the cash, there's no downside to a BOFA secured card.  You get either the Cash or Travel rewards package, it graduates after a year to a tradeline you can keep forever, and can get the AF removed after graduation too.

In the situation that's described, while I'd still likely pickup the BOFA card, I'd try at a few places which recognize the AU: a lot of CU's would be a good bet on that, and Cap One is by default a place one should always check with first as might qualify for a QS or QS One which is an excellent card all things considered regardless of credit strata.

That'd probably be:

Secured BOFA (why take chances if you can afford the deposit)

Unsecured C1 QS or QS One worst case shot

Likely unsecured CU card, local is best if you have one, DCU or Alliant or SDFCU are all reasonable selections too.

Failling that a SDFCU secured card would be my fallback, which isn't a terrible card either though doesn't graduate.

---

BTW rev the only options for 3-2-1 secured is for students. Is that option open for everybody ? I am just curious. 

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You can add either the Cash or Travel rewards packages to a secured card with BOFA simply by asking for it after approval, don't know why they don't market that more heavily, as Open123 state it's best in class at this credit strata.

[mongstradamus]

Ohh thats very good to know :-) thank you for tid bit of information. Have an friend who is starting the credit journey. BOA could be an nice start to the process :-)