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Updated for 2015: Secured Credit Card List

Community Leader
Valued Contributor

Re: Updated for 2015: Secured Credit Card List

Counter offer is when you apply for a non secured card but do not qualify, you are then offered a secured version. Discover for example offers a secured version of the 'it' card if you apply for a unsecured 'it' and are rejected, but keep in mind not everyone is offered the counter offer.
Message 41 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List

Thanks guys for the additional comments and info over the past few months. I'll scroll through my OP when I get to a computer and make some tweaks.

 

Edited to add: I've fixed Citi to show it allows online applications and added a note about US Bank Skypass being shady about unsecuring - their website mentions an eligibility but I know that particular bank likes to be a little fussy.

Message 42 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List


rousseau31 wrote:

Just a data point... my secured FNBO Visa unsecured at 10 months, not 15. I got two unsecured CLIs. From $300 to $400, then from $400 to $700. Both happened before the graduation, but I can't remember exactly how old the card was when I got them.


I know it's been AGES since you said this, but did you have the Kickstart Visa?  That one according to their website states eligibility to unsecure begins at 11 months which happens to align closely to your data point here (I have both of the cards on the chart and they're similar but have different APRs and eligibility from what I could find).

Message 43 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List

could you add the following to the list:

 

-who they pull

 

-minimum deposit or deposit range

 

Might be helpful to others...Smiley Tongue


I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 44 of 53
New Contributor

Re: Updated for 2015: Secured Credit Card List

I see that it has been asked a few times but i cannot find an answer.  Can some of you share what your scores and also any baddies you had when you got a specific secured card ?   Thank you

Message 45 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List


Schoolbuskid wrote:

could you add the following to the list:

 

-who they pull

 

-minimum deposit or deposit range

 

Might be helpful to others...Smiley Tongue


I'll work on the deposit range over the next couple days BUT who they pull is harder.  Some companies pull differently depending on location rather than company itself (Discover is a big one I can give an example for - they ONLY pulled TU for me but a lot of people report EX or EQ or a double pull out of them, and so far as I can tell it's the applicant's location that is the factor).

 

The biggest advice I can give on something like this is to check a credit pull database to see what others have reported.  I have noted if it's a hard pull or a soft pull but so far as who they pull is really a hard question to answer with the exception of someplace like Capital One, which is a known triple pull.

Message 46 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List

Excellent, thanks for the consideration!


michikade wrote:

Schoolbuskid wrote:

could you add the following to the list:

 

-who they pull

 

-minimum deposit or deposit range

 

Might be helpful to others...Smiley Tongue


I'll work on the deposit range over the next couple days BUT who they pull is harder.  Some companies pull differently depending on location rather than company itself (Discover is a big one I can give an example for - they ONLY pulled TU for me but a lot of people report EX or EQ or a double pull out of them, and so far as I can tell it's the applicant's location that is the factor).

 

The biggest advice I can give on something like this is to check a credit pull database to see what others have reported.  I have noted if it's a hard pull or a soft pull but so far as who they pull is really a hard question to answer with the exception of someplace like Capital One, which is a known triple pull.


 


I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 47 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List


michikade wrote:

Thanks guys for the additional comments and info over the past few months. I'll scroll through my OP when I get to a computer and make some tweaks.

 

Edited to add: I've fixed Citi to show it allows online applications and added a note about US Bank Skypass being shady about unsecuring - their website mentions an eligibility but I know that particular bank likes to be a little fussy.


I spoke with US Bank underwriting and their secured card and graduation. They stated that after one year you can call and make the request. They will review the request and go through the normal application process. If you are approved they will convert the account but issue you a new card. They also stated that if you have a BK they require 5 years post discharge before they would consider unsecuring the card.

 

 

Message 48 of 53
Valued Contributor

Re: Updated for 2015: Secured Credit Card List

I have been hearing that Discover is going to let folks apply directly for their secured card in the first quarter of 2016. I called their New Accounts department and the rep would not confirm or deny this but highly encouraged people to regularly check out their webbsite to see new product offerings.

Message 49 of 53
Contributor

Re: Updated for 2015: Secured Credit Card List


sjt wrote:

I have been hearing that Discover is going to let folks apply directly for their secured card in the first quarter of 2016. I called their New Accounts department and the rep would not confirm or deny this but highly encouraged people to regularly check out their webbsite to see new product offerings.


If so, that would be amazing.  If they keep the same terms otherwise (basically identical reward structures with the unsecured card and no annual fee) and they guarantee graduation (like they currently do), they would be a great choice for those starting off without any credit and for those who are rebuilding.  Especially for the graduation, because the card will be useful even down the line.  If only other lenders like Capital One would follow suite and uncesure their secured members Smiley Wink


Message 50 of 53