Secured card that graduates to unsecured ?

[Anonymous]

All, thanks again for the help in advance.

Does anyone know of an secured card that graduates to an unsecured card without an AF?

I saw BoA was suggested as a secured card that would graduate but I would like to avoid an AF as I plan to keep cards open for the rest of my life.

https://www.bankofamerica.com/credit-cards/products/secured-credit-card.go

Thanks!

wim

[Crashem]

Often times you shouldn't expect your rebuilder cards to grow with you.  You shouldn't even expect your prime cards to either.  Yes you should be careful about closing credit cards, but the hit isn't bad as long as you understand what you are doing.

For example, if I was in building mode and I got 2-3 cards that were not long term cards, hopefully 6 months-1 year later, I would qualify for more long term cards.  At that point I would close out the rebuilder cards (assuming I wasn't keeping balances on them which I shouldn't since I am PIF).  So what is the harm?  The rebuilder cards stay on my credit for 10 more years.  So assume I just got 3 more long term cards.  In 10 years, my AAoA (assuming I got nothing else), would drop from somewhere between 11 and 10 years to 10 years.  Big deal.

As for an answer to your question, you will need to look at some credit unions for an non AF secured card that will graduate.  Not aware of any such card from major issuers.  Maybe someone else can chime in.

[Revelate]

Other than NFCU's, I don't know of any.  

It's going to be a challenge to find one; honestly, the AF is inconsequential as compared to building a positive tradeline for future FICO goodness.  This is one of those areas where small short-term losses (legitimate and reasonable AF's) should just be written off.  I've personally seen several companies that make the mistake of mandating they have to be in the black on every single little transaction... that's just as applicable when it comes to personal finances too.

That said, while graduation is helpful, it's by no means mandatory for a successful building/rebuilding strategy as Crashem correctly points out.

[rootpooty]

navy federal credit union is the only one that offers a secured card that can graduate that has no fee. if you cant join the next best one is bank of america secured but it has a fee of 39.00

[Crashem]

My local cu offers one that graduates I think with no af. But you need to be in sf to join. Pretty sure others do as well.

[Crashem]

Wim where you located? I'll do a quick search for cu for you

[Anonymous]

Thank you for the offer.  It is greatly appreciated.

I am in the Pittsburgh, PA area.

Can you share the source?  I would like to learn.

[Revelate]

Crashem: is there a good publically available site you're aware of for credit unions?  Or is this an internal job-related one?

I always just went the Google route in my neighborhoods but invariably have missed some over time.

[Brusilov]

NCUA's website has a search where you can filter by area, organization, and so forth:

http://cuonline.ncua.gov/CreditUnionOnline/CU/FindCreditUnions.aspx

Edit:  or you can use this one that puts them on the map...easier for finding something close:

http://www.ncua.gov/NCUAMapping/Pages/NCUAGOVMapping.aspx

[Revelate]

I so should've known that NCUA would have that.   

Thank you vonMannstein!