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secured cards

New Contributor

secured cards

I currently have one unsecured cap one card with a small limit. I recently apply for a Barclay rewards card and got the 7-10 letter denial . I don't want to keep getting hard pulls so I was thinking about a secure card. I don't know which one to pick and hoped some of you could share your experiences. I prefer one without pulling my credit as I am trying to buy a house sometimes this year.
Message 1 of 15
14 REPLIES
Senior Contributor

Re: secured cards

I havent had a secured CC but most members recommend BofA Secured CC, also US Bank has a variety of secured CC like Skypass, Harley, AeroMexico, and more check it out if youd like.

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
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Message 2 of 15
Established Contributor

Re: secured cards


psjhvac79 wrote:
I currently have one unsecured cap one card with a small limit. I recently apply for a Barclay rewards card and got the 7-10 letter denial . I don't want to keep getting hard pulls so I was thinking about a secure card. I don't know which one to pick and hoped some of you could share your experiences. I prefer one without pulling my credit as I am trying to buy a house sometimes this year.

Can you tell us a bit more about your profile? (average age of accounts, any baddies, length of time since baddies, inqs, etc.)

 

Generally, BofA secured card, particularly if you get the $99 deposit for $500 credit line is the best secured card deal with fairly reliable graduation. It is for people with reasonable credit, but I think with your unsecured cap 1 you'll qualify. Unfortunatley, I think that offer tends to come at the cost of a hardpull by being denied for a BofA Cash rewards card (they sometimes counter with the 99/500 deal, but ymmv).

 

Message 3 of 15
New Contributor

Re: secured cards

I have some paid off credit card C/O. Most recent 2010. I'm in the process of trying to GW to get them removed. My problem is I have two unpaid C/O that were sold to JDB. They have double the amounts they say I owe. My current card I open in 2010,and was floored when I got it in the mail. I have four 30 date lates. The last one a year ago in March . The AAOA of my credit is about 8-9 years on file.
Message 4 of 15
Established Contributor

Re: secured cards


psjhvac79 wrote:
I have some paid off credit card C/O. Most recent 2010. I'm in the process of trying to GW to get them removed. My problem is I have two unpaid C/O that were sold to JDB. They have double the amounts they say I owe. My current card I open in 2010,and was floored when I got it in the mail. I have four 30 date lates. The last one a year ago in March . The AAOA of my credit is about 8-9 years on file.

BofA is a prime lender who reliably unsecures within a year. They are definitley one of the harder secured cards to get. Generally, a relatively clean history with old baddies ( > 4-5 years) will get you in. I have an unpaid C/O from 2009 with deferred student loans, no other credit history and I was preapproved for one. With the recent lates and 2 unpaid C/Os I think it will be hard to get in with BofA secured at this time. If you have an inq to burn, it is certainly worth a try since you do have an unsecured cap 1. Or two inqs f you want to apply for the BofA cash rewards and see if they will counter with the $99/500 deal.

In the meantime, I think your biggest concern is to DV,GW,PFD those baddies. The rebuilding forum here is a great start.

Message 5 of 15
Established Contributor

Re: secured cards

I found this online regarding BofA secured requirements:

 

Thank you for your e-mail. Secured credit cards are accounts with the
credit limit secured by a Bank of America savings account balance. The
Secured Card accommodates customers that ordinarily would not qualify
for an unsecured Credit Card. You are not required to have a
pre-existing relationship with Bank of America to apply for a secured
credit card account.

To be eligible for a secured account, you must meet the following
requirements:

Minimum age 18

Must be an U.S. citizen or permanent resident with a valid social
security number or Tax payer I.D. number with a US mailing address (for
nonresident alien, refer to Non-Resident Alien policy)

No Unpaid Bank of America charge-off

No Bankruptcy

No Repossession (voluntary or involuntary) < 36 months

No Foreclosure (includes deed in lieu) < 36 months

No known unpaid charge-off accounts > $1000 with any financial
institution including retail cards and student loans < 36 months

The Secured Credit Card account will be reviewed for graduation at 12
months. Accounts passing the graduation criteria will be upgraded to an
unsecured account. At that that time, notification is sent to advise you
that the collateral funds (secured savings) have been released.

If the account fails the graduation criteria, the account will be
reviewed against specific policy criteria for graduation twice a year.

If you have any further questions please feel free to contact us from
the web via http://www.bankofamerica.com/contact.

Leesa Kirkland, Credit Card Online

 

 

Message 6 of 15
New Contributor

Re: secured cards

At this point with my scores in the lows 600's, I don't think I could afford and inqs. Are there any decent cards left to choose from. I have reviewed some online but worried about hidden charges later down the road.
Message 7 of 15
Valued Contributor

Re: secured cards


psjhvac79 wrote:
At this point with my scores in the lows 600's, I don't think I could afford and inqs. Are there any decent cards left to choose from. I have reviewed some online but worried about hidden charges later down the road.

This one is highly regarded, and has no fees, income verification, or credit check:

 

https://www.sdfcu.org/emv-creditcards

 

Message 8 of 15
New Contributor

Re: secured cards

Yes, so I called and this card is great so far. Low APR and best of all no credit check. Not sure if this can be reviewed to a unsecured but with it building my score who cares. I will have all the offers I would ever need.plus just like you said no fees ever. I had no clue this card was out there. When you Google secured you don't have any good ones to choose from. Thank you for showing me this option
Message 9 of 15
Moderator

Re: secured cards


user5387 wrote:

psjhvac79 wrote:
At this point with my scores in the lows 600's, I don't think I could afford and inqs. Are there any decent cards left to choose from. I have reviewed some online but worried about hidden charges later down the road.

This one is highly regarded, and has no fees, income verification, or credit check:

 

https://www.sdfcu.org/emv-creditcards

 


+1

 

This is a highly recommended option around here.

 

AFAIK, it doesn't graduate, but it could help you qualify for better CCs in the future, for sure. 



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Message 10 of 15