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Established Contributor
Posts: 583
Registered: ‎06-22-2008

Should I apply for a secured card?

I have a couple of baddies on each report and my scores are in my siggy line. I have a hooters ($500) Orchard bank ($300) and a HSBC Discover card ($300) for credit cards. I want to get a prime card and I need a card with a higher limit than I have now. Most of the cards I have now are not going to grow with me and when I do have better scores and reports I don't want to get a low credit line because of my current limits. Should I apply for a Citibank secured card (I have a checking and moneymarket/savings acct with them)? I would have my credit line at about $2000. I want it so that in 18 months it will unsecure and I will have a Primecard. Should I try for the secured or just wait until I qualify for a Primecard myself?

Starting Score: TU- 682, EQ- 698, EX- 713
Current Score: TU- 723, EQ- 747, EX- 737
Goal Score: 760 PLUS FICO's

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Senior Contributor
Posts: 3,879
Registered: ‎01-10-2008
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Re: Should I apply for a secured card?

[ Edited ]
i'd say boa is probably also worth consideration if you go the secured route.
your eq. looks like you are right there ready for your prime apps., i'd wait for that to gel (low util, low inq's, scores a bit higher)and skip the secured app. i had nothing but relatively low util cards when i was approved by amex for a 10k card.  and with that eq. score you may already be a candidate for a good cu card as well.  soon you'll be gardening and a bit bored of it -just relishing these days of strategizing! gl.

Message Edited by score_building on 09-24-2008 11:42 AM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Should I apply for a secured card?

I'd give it at least six months after your app-o-rama. A full year is even better.

Although some of the cards aren't necessarily keepers, you might as well get the use out of them.

If you're willing to be patient and let these things get some age on them, you might well be able to skip completely over the secured card route. Sometimes you just have to take the long view.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Posts: 18
Registered: ‎09-23-2008
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Re: I need a secured credit card, but which one?

My husband and I need to build some positive credit. Our lender asked us to get at least 2 secured cards. He also said to try to find one that will not pull our credit. My husbands score is 550 and mine is 495. I am self employed and my honey is employed w/same co. for 7 years. together we average about 80,000. yr. Please help , our goal is to purchase our 1st home.
Established Contributor
Posts: 612
Registered: ‎08-01-2008
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Re: I need a secured credit card, but which one?

I got a BofA secured with the scores below... although I have checking/savings (with several k) with them.
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX

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