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Contributor
kiasmith1974
Posts: 93
Registered: ‎10-10-2012
0

more advice on secured cards please

So the boards have given the advice that I should add a secured cc to my rebuilding efforts....first a little background on me...

 

active rebuild just began 5 months ago with my cap 1 card (300) i just added a cap 1 cash rewards card this month (500)as well as the Fingerhut fresh start program (250)

 

I am in a repayment program for 2 student loans that are reporting closed non paid with 180 lates. also have a bk from 2008, a judgement, and a charged off first premier card that is being reported by oc and ca (disputing and dv as we speak)

 

the current card is reporting at %30 uti and the other two cards are not reporting yet

 

I have an extra $500 coming to me in a couple weeks and the plan was to open a secured loan at my credit union....i posted this in another thread and the feedback was that i should go with a secured card instead. I checked with the cu and although this is an option, they only report to equifax! no good to me as i need it to report to all three.

 

my second thought was to go through my bank wells fargo, but i have also been hearing negative things about them not doing cli's.

 

the only other options would be to try B of A or CAP 1.

 

I've had a bad relationship with b of a in the past and they reported me to chex systems, but i still have a savings account open with them....since both of my other cc's are cap 1 is this a good, bad or null idea???

 

i don't want to waste any inq's and need to know what to do with the $$ once it is in my hand so i make sure it is put to good use....

 

any advice??? My Fico is around 600 TU is 565 and EX is 575

 

Starting FICO 485
Myfico 635 (3/01/14)
EX FAKO 667 EQ 697 Barclaycard TU 707 4/27/14 (yea!)
Mortgage Ready End of 2015
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: more advice on secured cards please

Digital credit union. www.DCU.org  you need to do a $10 donation to go in, but they're a great credit union that'll rebuild with you. also best part is you get a 100% FREE Fico04 score (same one they sell on here) every month with your monthly statements. potentially saving you $240 a year (if scorewatch or pulled once a month)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
kiasmith1974
Posts: 93
Registered: ‎10-10-2012
0

Re: more advice on secured cards please

wow the score is a plus! thank you i will look into this

Starting FICO 485
Myfico 635 (3/01/14)
EX FAKO 667 EQ 697 Barclaycard TU 707 4/27/14 (yea!)
Mortgage Ready End of 2015
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: more advice on secured cards please


kiasmith1974 wrote:

So the boards have given the advice that I should add a secured cc to my rebuilding efforts....first a little background on me...

 

active rebuild just began 5 months ago with my cap 1 card (300) i just added a cap 1 cash rewards card this month (500)as well as the Fingerhut fresh start program (250)

 

I am in a repayment program for 2 student loans that are reporting closed non paid with 180 lates. also have a bk from 2008, a judgement, and a charged off first premier card that is being reported by oc and ca (disputing and dv as we speak)

 

the current card is reporting at %30 uti and the other two cards are not reporting yet

 

I have an extra $500 coming to me in a couple weeks and the plan was to open a secured loan at my credit union....i posted this in another thread and the feedback was that i should go with a secured card instead. I checked with the cu and although this is an option, they only report to equifax! no good to me as i need it to report to all three.

 

my second thought was to go through my bank wells fargo, but i have also been hearing negative things about them not doing cli's.

 

the only other options would be to try B of A or CAP 1.

 

I've had a bad relationship with b of a in the past and they reported me to chex systems, but i still have a savings account open with them....since both of my other cc's are cap 1 is this a good, bad or null idea???

 

i don't want to waste any inq's and need to know what to do with the $$ once it is in my hand so i make sure it is put to good use....

 

any advice??? My Fico is around 600 TU is 565 and EX is 575

 


You already have 3 CC's.   There is no point in opening a securd CC for credit building.   If you are planning a big deposit to help with future CL, that helps some of the time.    A secured loan can help if you have no installment loans on your CR.  if so I would consider that with someone who reports to all 3.  I think that money could be better spent on other things(open a IRA maybe)


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