US Bank Secured Cards / Compass BBVA Secured Card

joedtx · ‎01-30-2012

Anyone have any recent feedback on these products:

Qualification criteria?

Customer Service level?

Do they graduate over a period of time?

How does it compare to other securedcards such as: Citi, Capital One, Bank of America?

Thanks All!

Ron1 · ‎01-30-2012

@joedtx wrote:
Anyone have any recent feedback on these products:

Qualification criteria?
Customer Service level?
Do they graduate over a period of time?
How does it compare to other securedcards such as: Citi, Capital One, Bank of America?

Thanks All!

joe,

My brother asked both of them about their secured cards.

First, US Bank don't have any branch in Texas. They cannot issue US Bank secured card, buy you can get Harley Davidson Secured Card. You cannot graduate after a year. Second, BBVA Compass only give you 10% of secured deposit to be you CL of your card.

Ron.

flowfaster · ‎01-30-2012

I too would like to know of the criteria for a US Bank secured card for my GF and if it graduates.

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Ron1 · ‎01-30-2012

@flowfaster wrote:
I too would like to know of the criteria for a US Bank secured card for my GF and if it graduates.

According to the website: Only for Harley Davison secured Visa, not the regular)

Once you've demonstrated good credit habits, you'll be well on your way to getting a good credit rating. When you've 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.

Ron.

Anonymous · ‎01-30-2012

My husband and I have the US Bank Harley card. We are "hoping" it will unsecure at the end of 12 months. The paperwork that came with the card has a silly blurb that, bottom line, says: sometimes these cards become unsecured and sometimes they don't. We've called, and we've spoken in person with bank employees who claim to work in the credit department --- they promise nothing! They will tell you pretty much the same thing = sometimes they do and, sometimes they don't. Only time will tell.

I've heard people rant against Wells Fargo in this same manner. No guarantees of anything. Some folks have reported on this website that they took good care of their account, paid it faithfully, yet -- at the end of 12 months, nothing, then, at the end of 18 months, nothing. Others have reported that they were sent new cards for a fully unsecured account at 9 months. There is NO WAY of knowing.

Again, my husband and I are "hoping" that US Bank will unsecure the Harley card at 12 months. Unfortunately, we've still got this whole year to go to find out.

joedtx · ‎01-30-2012

@Ron1 wrote:
@joedtx wrote:
Anyone have any recent feedback on these products:

Qualification criteria?
Customer Service level?
Do they graduate over a period of time?
How does it compare to other securedcards such as: Citi, Capital One, Bank of America?

Thanks All!
joe,

My brother asked both of them about their secured cards.

First, US Bank don't have any branch in Texas. They cannot issue US Bank secured card, buy you can get Harley Davidson Secured Card. You cannot graduate after a year. Second, BBVA Compass only give you 10% of secured deposit to be you CL of your card.

Ron.

I engaged US Bank in a webchat, they were quite friendly. You are correct about the US Bank card itself membership is limited to only states where they have a branch located. The Harley Davidson card does qualify for everywhere else. According to the rep this was there response about graduation

Me: Is the card progressive, is there an opportunity to be reviewed for a regular credit card after a certain period?

Rep: Good news there. Once you have had the card for 12 months, you can put in a request for the card to be switched to a non-secured card. It isn't done automatically, so you would want to call in for that service.

Basically you print the form online and mail in the payment with the application.

Thanks Ron!

I guess the bigger question now is how difficult is it to qualify for the card, I wonder if it as difficult as getting a B of A secured card?

Ron1 · ‎01-30-2012

joe,

I prefer US Bank over BofA and I have both personal card and business card from them. I didn't have any problem. My brother didn't have US Bank secured card and he looked into it. I don't know how hard to get approved. It depends on your score you got. I do know one thing they HP to open the account. Have you tried your local CU where you live?

Ron.

joedtx · ‎01-30-2012

@Ron1 wrote:
joe,

I prefer US Bank over BofA and I have both personal card and business card from them. I didn't have any problem. My brother didn't have US Bank secured card and he looked into it. I don't know how hard to get approved. It depends on your score you got. I do know one thing they HP to open the account. Have you tried your local CU where you live?

Ron.

Ron,

If I may has your brother mentioned whether US Bank has graduated his card? It's amazing how much information is out there I came across a thread on another credit board where the member stated he was told you would need a credit score of 680 to qualify for an unsecured product which sounds a bit lofty considering most of us out there are just starting to get back financially on our feet responsibly. I've been scrutinizing these cards only because it was a bear to get my finances in order and save up money to start over. I'm somewhere in the lower 500's at this point. I was originally looking at just two cards: Navy Federal Secured and USAA secured until I found out that it would not graduate and for a 2 year commitment doesn't seem the best fit for me to build history. But honestly i'm still learning just hoping to make the right choices. Thanks Ron.

Anonymous · ‎01-30-2012

@Ron1 wrote:
joe,

My brother asked both of them about their secured cards.

First, US Bank don't have any branch in Texas. They cannot issue US Bank secured card, buy you can get Harley Davidson Secured Card. You cannot graduate after a year. Second, BBVA Compass only give you 10% of secured deposit to be you CL of your card.

Ron.

10%? Are you serious? That's probably the worst ripoff I've heard of so far with secured cards. It's bad enough that lenders will sit on your security deposit and not give you any interest for it (some will, but plenty of them won't). But only giving you access to 10% of your deposit? That's absurd.

Ron1 · ‎01-30-2012

I'm sorry. I mean you can only use 90% of secured deposit as the CL of your card.

Ron.