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Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Secured credit cards from "prime" lenders

[ Edited ]

The rash of closed and cancelled secure credit cards got me thinking. Maybe we can start a list of reputable lenders who offer secured cards for those who are looking to get one. Please note that I'm not endorsing or recommending any particular card or lender-- I'm just making a list after I review banks that I'm finding in the online yellow pages (using random major city criteria). Or, from what I've read or experienced, and can confirm from the bank's website. Please add to this list if you can. Here's what I've come up with so far for prime lenders, in no particular order:

 

Bank of America: Platinum Plus Visa
Card at a glance
Who it′s for: Individuals interested in building or improving their credit. Annual Fee: $29† | Standard APR: 14.99% Variable APR† | Balance Transfer/cash advance fee: 4% of each such transaction (Min $10, Max $90)†


Wells Fargo: Secured Visa
A Secured Visa Card works like any other credit card, and can be used wherever Visa credit cards are accepted, but requires a deposit. You deposit $300-$10,000 into a "collateral account." Your credit line will directly reflect the amount of your deposit. You still need to make monthly payments toward any balance you accrue, as with any other credit card. After 12 months, you may be eligible to graduate to an unsecured credit card, and get back the money you deposited in your collateral account. Eligibility You must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens.


Fifth Third Bank: Secured Mastercard
Card at a glance
Who it′s for: Individuals interested in building or improving their credit. Annual Fee: $29† Standard APR: 14.99% Variable APR† Balance Transfer/cash advance fee: 4% of each such transaction (Min $10, Max $90)†


Citi: Citi Secured Mastercard
You may become eligible for an unsecured Citi card after 18 months. $0 liability on unauthorized charges. Guard your account & personal information with Citi® Identity Theft Solutions


US Bank: Secured Visa Credit Card
Once you've demonstrated good credit habits, you'll be well on your way to getting a good credit rating. When you have managed all of your credit obligations responsibly for 12 months, we may be able to move you to another great credit card product without requiring you to secure your credit line. It's easy. All you need to do is send us a cashier's check, a certified check, or a money order with your credit card application (from $300 to $5,000) to open a savings account. Then, once you're approved, we'll send you a credit card. Your credit line will be the same amount as your deposit. It looks and works just like any other credit card when you use it at a restaurant or store.


Midwest Bank and Trust: Secured Visa Card
If you need to improve or re-establish your credit history, here's a great way to begin that process. With the Secured Visa Card, you establish a savings account that is pledged as security for your credit card account.  You'll enjoy the convenience of credit including the option to carry a balance while earning interest on your savings account. Special Offers: Receive up to a $5000 credit limit. Purchase APR: Prime +  14.99%.  See terms and Conditions for complete details. Annual Fee: $35. Minimum Requirements: Applicant must be 18 years of age, have a U.S. address, and a Social Security number. A minimum security deposit of $300 is required ($5000 maximum).

 

Mutual of Omaha Bank: Secured Visa Card

Offered by Elan Financial Services. The details are the same as Midwest Bank and Trust.

 

Citizens Trust Bank of Atlanta: CTB Visa Secured

Credit limits from $500 to $4,999

Message Edited by LilMirth on 01-01-2009 10:13 AM

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bamagirl1
Posts: 1,045
Registered: ‎12-30-2007
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Re: Secured credit cards from "prime" lenders

[ Edited ]

lil mirth

great idea the only thing i can add about one of them may b important to some..us bank only offers their secured card to people in certain states..for example i'm in alabama and they don't offer their secured card here..ALSO you can't have their secured card if you have filed bk and some of the others you can for example,boa i got a boa to get my foot in the door, not that it matters i never had a boa card and it was not included in my bk either..

 

also per another post after jan 12 i dont think some provider ( forgot who) is offering a secured card

Message Edited by bamagirl1 on 01-01-2009 07:17 PM
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mandela
Posts: 91
Registered: ‎10-12-2008
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Re: Secured credit cards from "prime" lenders

lILMIRTH, Thanks for that info!
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LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: Secured credit cards from "prime" lenders

Just bumping this up in the event that someone can add to the list so far.

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mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Secured credit cards from "prime" lenders

I think the BOFA card is the best an the favorite out of all of them but i think it's the hardest to get approved for.

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valley_man0505
Posts: 879
Registered: ‎05-29-2008
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Re: Secured credit cards from "prime" lenders

[ Edited ]

bamagirl--I believe it is WaMu that is discontinuing their secured CC's due to their part in Chase.

 

I didn't realize US Bank only offered their card in certain states.  I have one in Wisconsin that I have been happy with.  They told me when I applied that I would get approved no matter how many baddies were on my report or how low my score was--they only cared about bk's.  However, I have had a tough time getting it upgraded to unsecured. My Fico was in the mid-to-upper 600's when I reached my one-year anniversary and they would not unsecure me even though I never went overlimit or missed a payment.  I tried a backdoor # to US Bank underwriting, and the person I talked to hinted around that I was just below their Fico cutoff.  Shortly after, my Fico's dive-bombed due to a judgement which I just managed to get dismissed a couple weeks ago (still showing on my reports) and a whole bunch of med collections that popped up from my ex-wife that occured when we were still married.  I will try again to get unsecured when those are all off my CR's (I have paid the med collections after getting a signed agreement from the CA that they will be deleted--they have started to disappear, but not all at once like I had hoped).

Message Edited by valley_man0505 on 01-05-2009 12:53 PM
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: Secured credit cards from "prime" lenders

I don't recall Chase offering a secured card when I started to build my credit history. Since they bought WAMU maybe that is why they dicontinued that product for WAMU's old customers?  
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Creditaddict
Posts: 20,995
Registered: ‎10-23-2007
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Re: Secured credit cards from "prime" lenders

USbank is a decent secured card but they will only unsecure if you acheive raising your score to 680 or higher.
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Pappy214
Posts: 794
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Re: Secured credit cards from "prime" lenders

Yep, I know. :smileysad:
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valley_man0505
Posts: 879
Registered: ‎05-29-2008
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Re: Secured credit cards from "prime" lenders

creditaddict--do you have confirmation that 680 is the magic number?  That would make sense since the underwriting rep I spoke with made it sound like I was REALLY close.  I pulled my score from MyFico the same day as US Bank and it was 678 when I pulled it, which was right after they pulled it since the inquiry was already showing up on that day.  Three weeks earlier I was at 682 but they wouldn't even pull then since it was short of my one year anniversary.

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