Secured card idea...

[FitNutrix]

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@Steelersfan904 wrote:

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@1Health wrote:

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@Steelersfan904 wrote:

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@1Health wrote:

Any others beside NFCU, USAA, BofA, C1... i'm actually interested myself and would actually like to know the ones who do not report "secured" because that's looks much better on my report. 

Thanks 

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Is that 651 FICO? What is stopping you from getting an unsecured card?

If you want to go the secured card right USAA and Cap1 is your best bet. I paid $49 for a $200 secured limit to start off with Cap1 and I have increased it ever since. Both of them report unsecured

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Yes all of my scores are accurate.  And because i have 7 HP on TU and 5 on EQ and i also have C1 and i actually like them for what they are a "rebuild card" THAT'S IT. If you want have your money tied into them then that's your option but i increased mine to 1,000 because i thought it would be a good number to stick at and don't want put a lot money into it. 

As of your question, i don't know which cards to apply for so that i don't get declined and also i don't have any "revolving" account history yet because C1 hasn't reported yet do you know when they will i got the card 16th of July. Still says N/A for due date..  

I think i have such a "OK" ish score because of my student loans OSU all they way baby!! 

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Cap1 will start reporting after your 2nd statement is cut do not let them tell you anything else besides that. Can you join USAA? To me its a wonderful product no HP and by far the easiest process to increase your CL and its available the next day after you request it. Wells Fargo is another idea.

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Hey i actually PM you about some other questions and i don't wanna take up this forum with all my questions regarding C1 and how they work when people are looking for secured cards to apply for.

But regarding USSA do i have to be a FULL member to apply for secured card??

[webhopper]

Definately go with a CU, that way you can avoid annual fees and get better rates for essentially using your own money.

What city / county / state do you live in?   I've located several options if you are on the west coast states of Washington, Oregon, and Cali.

I'm sure there are CUs available that have secured card options no matter where you live.

[webhopper]

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@1Health wrote:

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@Steelersfan904 wrote:

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@1Health wrote:

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@Steelersfan904 wrote:

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@1Health wrote:

Any others beside NFCU, USAA, BofA, C1... i'm actually interested myself and would actually like to know the ones who do not report "secured" because that's looks much better on my report. 

Thanks 

---

Is that 651 FICO? What is stopping you from getting an unsecured card?

If you want to go the secured card right USAA and Cap1 is your best bet. I paid $49 for a $200 secured limit to start off with Cap1 and I have increased it ever since. Both of them report unsecured

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Yes all of my scores are accurate.  And because i have 7 HP on TU and 5 on EQ and i also have C1 and i actually like them for what they are a "rebuild card" THAT'S IT. If you want have your money tied into them then that's your option but i increased mine to 1,000 because i thought it would be a good number to stick at and don't want put a lot money into it. 

As of your question, i don't know which cards to apply for so that i don't get declined and also i don't have any "revolving" account history yet because C1 hasn't reported yet do you know when they will i got the card 16th of July. Still says N/A for due date..  

I think i have such a "OK" ish score because of my student loans OSU all they way baby!! 

---

Cap1 will start reporting after your 2nd statement is cut do not let them tell you anything else besides that. Can you join USAA? To me its a wonderful product no HP and by far the easiest process to increase your CL and its available the next day after you request it. Wells Fargo is another idea.

---

Hey i actually PM you about some other questions and i don't wanna take up this forum with all my questions regarding C1 and how they work when people are looking for secured cards to apply for.

But regarding USSA do i have to be a FULL member to apply for secured card??

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Regarding this question, the answer is Yes.

[tboy1977]

I wish there were a backdoor way to USAA.  I would do anything.

[FitNutrix]

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@webhopper wrote:

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@1Health wrote:

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@Steelersfan904 wrote:

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@1Health wrote:

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@Steelersfan904 wrote:

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@1Health wrote:

Any others beside NFCU, USAA, BofA, C1... i'm actually interested myself and would actually like to know the ones who do not report "secured" because that's looks much better on my report. 

Thanks 

---

Is that 651 FICO? What is stopping you from getting an unsecured card?

If you want to go the secured card right USAA and Cap1 is your best bet. I paid $49 for a $200 secured limit to start off with Cap1 and I have increased it ever since. Both of them report unsecured

---

Yes all of my scores are accurate.  And because i have 7 HP on TU and 5 on EQ and i also have C1 and i actually like them for what they are a "rebuild card" THAT'S IT. If you want have your money tied into them then that's your option but i increased mine to 1,000 because i thought it would be a good number to stick at and don't want put a lot money into it. 

As of your question, i don't know which cards to apply for so that i don't get declined and also i don't have any "revolving" account history yet because C1 hasn't reported yet do you know when they will i got the card 16th of July. Still says N/A for due date..  

I think i have such a "OK" ish score because of my student loans OSU all they way baby!! 

---

Cap1 will start reporting after your 2nd statement is cut do not let them tell you anything else besides that. Can you join USAA? To me its a wonderful product no HP and by far the easiest process to increase your CL and its available the next day after you request it. Wells Fargo is another idea.

---

Hey i actually PM you about some other questions and i don't wanna take up this forum with all my questions regarding C1 and how they work when people are looking for secured cards to apply for.

But regarding USSA do i have to be a FULL member to apply for secured card??

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Regarding this question, the answer is Yes.

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Well there goes USSA for me  

[MaryJane197]

I dont know that many secured cards that allow you to add money to increase your CL.  Capital One is one and USAA, if your a full member.  AFB has a secured card you can add to the CL but it has a fee involved in adding money.  I wish someone would make a current list of all the good secured cards, that are open to all members, that you can add a CL to at any time.  I think the list would be small though

[j_casteel]

Thanks for all the awesome advice everyone!

I'm not military, but my wife's brother is so she may get with him when he comes to visit later this month and see what CU's he is a member of, and she may join USAA and/or NFCU which gives me eligibility as well and i think it would greatly benefit our children when that time comes.

I live in Tulsa, OK and there are some local CU's that seem to offer some secured cards. I will try to get with the bigger CU's here and get all the info for getting a secured card, how it reports, adding funds, etc.

thanks,

John

[Revelate]

Secured cards reporting as unsecured is the least important benefit of any secured product honestly.

1) Reports to all 3 bureaus

2) Rewards

3) Ability to increase deposit without continual HP's (offset by a customer's ability to make a big initial payment, or one big increase during it's tenure)

4) Graduation

5) AF

6) Any additional benefit (like DCU's free FICO)

7) Reporting as unsecured

The reporting doesn't matter much at all: FICO and also lenders are just going to look at your payment history, especially when talking about cards that graduate (BOFA).  Credit reports take time to fix, you're not going to miracle into gold-platedness within a year, it just doesn't work that way.

Further you need multiple cards anyway, so you can fufill different requirements out of that list with different cards... and the only one that pretty much does it all (except for #6) woiuld be NFCU's, and if you're not qualified for that, plan on picking off the rack and not getting your dream secured product, we're subprime anyway and have to recognize we just don't qualify for the prettiest cards.

Edit: for the OP's idea, you need big tradeline capability, and USAA's is $2500 and Cap 1's is $3000.  Good, but not exactly Visa Sig level.

[cashnocredit]

I think graduating and the ability to PC after that is key. I agree that whether it reports as secured or not doesn't much matter. In my case it didn't make any difference at all as far as I can tell.

It might even be a positive. A secured card or LOC is pretty much the only thing in a credit report that indicates you have savings even if they are tied up to some degree.

[Cdnewmanpac]

I agree with others that the issue of whether the word "secured" appears on credit reports is a red herring. The only time it might even be noticed is in a manual review. 

I'm also curious why nobody has recommended Wells Fargo? The AF is pretty reasonable and they allow deposits up to $10,000. Yes, it reports "secured", but I got a mortgage through WF private mortgate, a chase southwest visa sig and a usaa card with a 7k limit all while having only cards labeled "secured" reporting. 

WF can be iffy about graduating (it is done by computer and no manual review is possible), but I don't remember there being any fees to add to my credit limit (though I only did it once). I know BofA is more reliable with graduation and has rewards, but if you want a big limit, I'd at least consider the WF card.