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Secured Credit Cards

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Anonymous
Not applicable

Secured Credit Cards

I may be posting this in the wrong category if so I apologize in advance. I'm looking for a secured CC and I would like to find out who everyone would recommend. I've already got a Capital One platinum card but I need(?) another positive tradeline so I was thinking a secured card may be the way to go. Any suggestions?

Message 1 of 12
11 REPLIES 11
namvet
Established Contributor

Re: Secured Credit Cards

Are you sure you need a secured card?  Is your Cap One card secured?  How long have you had it?

Message 2 of 12
Anonymous
Not applicable

Re: Secured Credit Cards

No my Capital One Platinum is not secured.....I wanted to go secured because I'm still in the rebuilding stage and I dont want a frivelous pull on my credit. I just need another positive tradeline reporting.

Message 3 of 12
namvet
Established Contributor

Re: Secured Credit Cards

Ok i see.  All secured cards will do a HP on your credit report except opensky and i don't think you would want that card.  Depending on how long you have had your Cap One and your other credit history, you may qualify for another unsecured card.

Message 4 of 12
Revelate
Moderator Emeritus

Re: Secured Credit Cards


@Anonymous wrote:

No my Capital One Platinum is not secured.....I wanted to go secured because I'm still in the rebuilding stage and I dont want a frivelous pull on my credit. I just need another positive tradeline reporting.


NFCU - if you can get it, and if you don't qualify under their standards for an unsecured product

BOFA - likely hardest to get but an excellent secured product

USAA - doesn't graduate but in all ways a good product with a good reputation, can add additional funds to it without a HP

USBANK - good reviews from users on the forum but considered less than BOFA overall

CITI - Not much knowledge here, nobody seems to have one but their reputation as a lender doesn't suck so it might be worthwhile to try

WELLS - They used to have a terrible reputation on bait and switch tactics re; graduation, but there's been a bunch of recent secured graduations so perhaps they're back in the gene pool.

CAP 1 - skip this if you already have that tradeline, try for a recognized prime lender for satisfying silly underwriting criteria if they exist.  They're pretty good otherwise from what I've heard.

 

This isn't an exhaustive list but it's pretty representative of the reasonable choices I think.

 

Edit and PS: If you're looking a few years out and think you may ever want a tradeline with any of the above or other lenders (except C1 since you already have that relationship), apply for their secured product.  Don't discount the benefits of being able to play the customer loyalty card if you're ever stuck reviewing your application for a card or additional loan type.

 




        
Message 5 of 12
Anonymous
Not applicable

Re: Secured Credit Cards

Thank you Revelate. Exactly what I was looking for!!!

Message 6 of 12
Crashem
Valued Contributor

Re: Secured Credit Cards

There are at least a couple of secured cards that don't do any credit check of any sort. However the two that I know of are the horrible kind with crazy fees.
               LIMITS IN CARD DESCRIPTIONS
Message 7 of 12
rootpooty
Valued Contributor

Re: Secured Credit Cards


@Revelate wrote:

@Anonymous wrote:

No my Capital One Platinum is not secured.....I wanted to go secured because I'm still in the rebuilding stage and I dont want a frivelous pull on my credit. I just need another positive tradeline reporting.


NFCU - if you can get it, and if you don't qualify under their standards for an unsecured product

BOFA - likely hardest to get but an excellent secured product

USAA - doesn't graduate but in all ways a good product with a good reputation, can add additional funds to it without a HP

USBANK - good reviews from users on the forum but considered less than BOFA overall

CITI - Not much knowledge here, nobody seems to have one but their reputation as a lender doesn't suck so it might be worthwhile to try

WELLS - They used to have a terrible reputation on bait and switch tactics re; graduation, but there's been a bunch of recent secured graduations so perhaps they're back in the gene pool.

CAP 1 - skip this if you already have that tradeline, try for a recognized prime lender for satisfying silly underwriting criteria if they exist.  They're pretty good otherwise from what I've heard.

 

This isn't an exhaustive list but it's pretty representative of the reasonable choices I think.

 

Edit and PS: If you're looking a few years out and think you may ever want a tradeline with any of the above or other lenders (except C1 since you already have that relationship), apply for their secured product.  Don't discount the benefits of being able to play the customer loyalty card if you're ever stuck reviewing your application for a card or additional loan type.

 


+1 it doesnt get any better than this!

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 8 of 12
JenniferinFL
Frequent Contributor

Re: Secured Credit Cards

Just to add, you can't get a USAA secured card unless your a full member. I've already tried that route and it's a no go unless your a full member.

 

Also, US Bank won't even allow you to get their secured card with a bankruptcy reporting. At least, that's what they told me.

 

Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000

Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009

Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)

Gardening since 9/22/2014


Message 9 of 12
sjt
Senior Contributor

Re: Secured Credit Cards


@Anonymous wrote:

I may be posting this in the wrong category if so I apologize in advance. I'm looking for a secured CC and I would like to find out who everyone would recommend. I've already got a Capital One platinum card but I need(?) another positive tradeline so I was thinking a secured card may be the way to go. Any suggestions?


I would look into a Credit Union. Most CU do not convert, but most do not pull your credit and do not report as a secured card.

 

A really good one is SDFCU (State Department Federal Credit Union.) Thier secured card is a Platinum with a 6.5 APR. They do not have annual, cash advance or foreign transactions fees. They do not report as a secured card nor do they pull credit.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 10 of 12
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