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Regular Contributor
msdraglox
Posts: 119
Registered: ‎12-04-2009
0

Secured credit card???

So I was suggested on another post to obtain a secured credit card. I have a myFICO score of 586 and would like to break 640 within a few months, I only have 1 account in collection but I have lates on other accounts that I am GW'ing I also have two paid off collection accounts sitting to fall off in 2012 but I am GW'ing them also. I must say that I do have 5 store cards open and all at soon to be zero balances. 

 

My question is which secured card is best? I looked at BOA but they charge an annual fee??? is that normal? Should I try my credit union? I dont want to try and apply for too many cards and get denied since that will hurt my score. Should I try and call CITI (one of my paid off collection accounts) and try and re-establish my account with them? Any and all suggestions are welcomed. 

Started at 586 EQ and 604 TU in 8/2009
565 EQ Oct 09
614 EQ Dec 09
624 EQ Feb 10 ---604 TU Jan 10
643 EQ March 10 --from lender
Current 573 TU (myfico) 632 EQ (from lender) Jan 11
Community Leader
Senior Contributor
laz98
Posts: 4,334
Registered: ‎09-06-2008
0

Re: Secured credit card???

citi probably wouldn't reopen your account, but it never hurts to ask!  =)

 

i would take copies of my credit reports to my credit union & see what they say, before they start pulling your credit.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 716. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Regular Contributor
emartin82
Posts: 140
Registered: ‎12-29-2008
0

Re: Secured credit card???

citi will not open your account. most, if not all, secured cards will charge you an annual fee. i love my BofA secured card. it is set to unsecure this month on the 27th. outstanding customer service, relatively low interest rate (at 14.25%...and i do mean relatively).

 

 

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: Secured credit card???


emartin82 wrote:

citi will not open your account. most, if not all, secured cards will charge you an annual fee. i love my BofA secured card. it is set to unsecure this month on the 27th. outstanding customer service, relatively low interest rate (at 14.25%...and i do mean relatively).

 

 


 

Navy Federal's secured card has no annual fee.  Not sure about PenFed's.
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