07-17-2013 10:14 PM
Anyone experienced with US Bank Secured Card? I applied and they stated that they were unable to provide an approval and that they will send me a notice in the mail with the explanation. Next thing you know I have the initial deposit removed from my bank account. I contacted them to find out that they actually did approve the card a week prior to and that the request has been made to mail out my card which i will receive in 7-10 days. Whereas I think this is great, I was actually shocked that I was not advised prior to... Does anyone have any good or bad things to say about this card? I was also looking to obtain a First Premier card to assist with increasing my scores but I'm wondering what good all this will do if I still have about 6-8 collection accounts that i'm still clearing from my credit profile... Am i doing all this in vein or should I see some improvements with my current situation as is....? Also any feedback you all can provide on either one of these secured cards or any other secured cards would be awesome. I was originally approved with continental finance but when in callled to give my deposit 2 weeks ago ($150 for a $300 deposit). I guess it's part secured part credit card.... thy stated they were no longer taking depoists for new accounts at that time.. WEIRD!? Anyone experienced the same!? That made me kind of hesitant in dealing with them. what financial instiution will pause or halt new account openings...?
07-18-2013 07:46 AM
I just got my Harley Davidson US Bank secured card about 3 weeks ago. I had done a ton of research on different secured cards and this seemed like a good fit as they don't charge an annual fee and they have the possibility to move to an unsecured if I keep payments on time, etc. I also had found out that they don't normally approve right away and they say they will notify you then, bam! they take out your deposit. So, I was prepared but I don't necessarily like the system. Many people may think they were denied and go on to use the money for another card and then be in total shock when US Bank goes to take it out.
But I have used the card, paid, signed up to pay online, etc. I logged in the other day to add to the $300 I had deposited when I opened it so I could increase my account and they told me to call them, so I did then they told me on the phone that I can't increase my limit for 6 months and that it won't be possible to get it unsecured for one year. I found that annoying because I thought I could increase my limit when I wanted to just like Cap One wher you can do it online. And she told me when you do want to add money you need to mail in a letter with a check or money order and include all the information you would normally answer on a credit application so I asked it if was a hard pull and she had to verify it with the manager that it is. So, that was annoying as well.
I am going to keep it and use it now as it is a good no annual fee card but I am not pleased with the limitations. But I guess when you are building or rebuilding your credit that you have to accept that beggers can't be choosers. I look forward to being able to get a non-secured bank card soon and that is what I will be using for my monthly groceries, gas, etc.
Good luck in your journey and read as much as possible on these boards. They are a weatlth of information.
07-18-2013 08:18 AM
07-18-2013 08:35 AM
07-18-2013 09:35 AM