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secured cards that graduate

Regular Contributor

secured cards that graduate

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!!!!!


Starting Score: EQ 564, TU 560
Current Score: EQ 724, TU 770, EX 789
Goal Score: 740


Take the FICO Fitness Challenge
4 REPLIES
Established Contributor

Re: secured cards that graduate

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.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Regular Contributor

Re: secured cards that graduate

I would love a card with NFCU... but I am not eligible.


Starting Score: EQ 564, TU 560
Current Score: EQ 724, TU 770, EX 789
Goal Score: 740


Take the FICO Fitness Challenge
Valued Contributor

Re: secured cards that graduate

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 Smiley Happy 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 Smiley Happy ....2012 will be great for consumers w/good credit.

Regular Contributor

Re: secured cards that graduate

And if the world doesn't end 2013 will be amazing for me because all inq fall off and I will be getting a real credit limit and will be getting rid of toy cards
Fico's in 500s across all three and one nfcu nrewards card with 2k limit for rebuilding