12-19-2011 11:35 PM
I am looking for some suggestions about secured cc's that will graduate to unsecured. I was just approved for a cap 1 unsecured cc. I want to have a mix of 3 to rebuild my credit. Any suggestions on which cards I should apply for....thanks in advance for the replies!!!!!
12-19-2011 11:41 PM
Keep in mind that most secured cards aren't guaranteed to unsecure, they just eventually get reviewed for it. But some, like Cap One secured, just flat out won't unsecure.
As far as the big banks go, Cap One doesn't. Not sure about Orchard - but since they're gonna be Cap One soon enough, I'd assume the same. Citi's card takes 18 months before it can unsecure. Bank of America's is 12. I don't think Chase has a secured card. Not sure about US Bank and Wells Fargo, although I seem to remember a lot of negative comments about the WF secured card before.
If you're eligible, NFCU has probably the best secured card I can think of - you get rewards and there's no annual fee, and NFCU is reliable. Not sure if/how/when their secured card unsecures, though.
Have you thought about asking a local credit union about one? They might have faster unsecuring terms.
12-19-2011 11:53 PM
The best way to unsecured a card imo is to app with another bank. But you want to let the secured card report on all 3 reports for at least 6 months to maybe a year before you app for a unsecured card with another bank. AND make sure the secured card reportings are in perfect standing for 6 solid months. App with another bank (their rival being the best) and you will get it imo. It may be a low CL but at least you get in the door Than 2-3 yrs down the road...you can get yourself a prime card with generous starting CL. Takes work but you are on track. GL ....2012 will be great for consumers w/good credit.
12-20-2011 12:44 AM