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Secured cards - my experience-update for graduation info

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Anonymous
Not applicable

Re: Secured cards - my experience

Dont know my actual starting scores other than TU 04 was 513. My first actual pull here scores were in the 540-560 range. I had 7 collections, all but 1 medical. 0 positive accounts. Currently no negatives current scores are 726 TU 738 EQ, 744 EX. 8 inqs on each (6 in last year) and 7 positive accouts 5 cc and 2 secured loans. Started in may of 2014. I did some work to get PFDs and had a couple items close to falling off that I was able to get early exclusions from TU and EX.


@Anonymous wrote:
What were your scores starting out? How long have you been on this journey? Wonderful and informative reviews btw

 

Message 11 of 17
tiger_uppercut
Established Contributor

Re: Secured cards - my experience

If I can add one:

 

Merrick Bank Secured Visa - 9/10

Annual fee: $36 upfront for the first year, $3/month after

APR: 17.45%

 

This card was a really great rebuilder for me. They provide free FICO scores, you can pay online or via their app, and customer service was fine the one time I had to use it. I used the iphone app a lot, and it was easy to make payments right from my mobile and they posted very quickly. The application process was simple and straightforward. I deposited $500 on my card to start and after 11 months or so they bumped my CL to $700 without me asking (not much, but it was nice). I never carried a balance but the APR is very competitive for a secured card.

 

After having it and gardening for a year, I was approved for two unsecured cards with Capital One.

 

Nothing but good things to say about Merrick. I closed my card a couple of weeks ago so hopefully I get my deposit back in a timely manner.


Message 12 of 17
Anonymous
Not applicable

Re: Secured cards - my experience

Knowing what I know now, I would have passed on first progress and cap1 altogether. SDFCU would be my first choice, followed closely by discover and BOA. If discover hada direct app process it would be first without question. Free fico score, no AF, quality customer service, ability to graduate plus rewards make it about as good as it gets. The silliness of having to apply for a card you know you cant get approved for and hoping they offer the secured card is kind of absurd.  I will stand by the fact that if i were todo it all over I would pick first progress over cap1 tho. There are a few horror stories out there, but my experience has been positive. Neither card will be in my portfolio for much longer. I will add, like SDFCU, i have not used the MB secured card but that also looks very promising. Rewards, low AF a quality bank that pays interest on your funds. Citi also offers a secured card (apparently only available in branch) secured with an 18 month CD. 

Message 13 of 17
Anonymous
Not applicable

Re: Secured cards - my experience


@tiger_uppercut wrote:

If I can add one:

 

Merrick Bank Secured Visa - 9/10

Annual fee: $36 upfront for the first year, $3/month after

APR: 17.45%

 

This card was a really great rebuilder for me. They provide free FICO scores, you can pay online or via their app, and customer service was fine the one time I had to use it. I used the iphone app a lot, and it was easy to make payments right from my mobile and they posted very quickly. The application process was simple and straightforward. I deposited $500 on my card to start and after 11 months or so they bumped my CL to $700 without me asking (not much, but it was nice). I never carried a balance but the APR is very competitive for a secured card.

 

After having it and gardening for a year, I was approved for two unsecured cards with Capital One.

 

Nothing but good things to say about Merrick. I closed my card a couple of weeks ago so hopefully I get my deposit back in a timely manner.


The biggest problem with merrick is the terms can vary wildly. They started sending me offers about 2 months into my rebuilding, I would get 1 for the same terms you have, followed by one with 70 plus dollars in fees. 

Message 14 of 17
Anonymous
Not applicable

Re: Secured cards - my experience-update for graduation info

update to original post-

My discover and US Bank cards have graduated First progress and Cap1 have been closed. BOA was a later addition, its at about 9 months now. Discover returned my security deposit within a week of the graduation email. Cap1 roughly 15 days. First progress is walking it to me from georgia I think. Us Bank graduated today, will update on when I recieve my funds.

Message 15 of 17
Anonymous
Not applicable

Re: Secured cards - my experience-update for graduation info

You can now apply directly for the Discovercard secured card. Discover is a great company.

Message 16 of 17
Anonymous
Not applicable

Re: Secured cards - my experience-update for graduation info

Threads like these make me really want a Discover card. They sound super willing to please and succeed in doing so. But the 5% It categories just don't appeal to me that much...and I really don't want another cash back card lol. But did help a friend recently app for a Discover! His first card, so exciting. Other CCCs (US BANK I'M LOOKING AT YOU) could learn from them...word of mouth customer acquisition is a real thing.

Also yes, seconded, Discover secured now has its own app unlike previously mentioned above.
Message 17 of 17
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