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a secured card is my only option for now. hopefully that will change within the next year. with that being said should i go with capital one or bank of america. i got approved on the capital one and was getting ready to fund the security deposit but then i started reading several posts that a secured card from them will never graduate where if I go with bank of america I will be better off with them. It also seems from several posts that alot of people who have started with bank of america got moved to an unsecured card within a year with a credit limit increase. anyone with either card secured or unsecured please chime in thanks
Just my opinion, but if you can open a secure account with a local credit union you are going to be in better shape than a secured or partially secured card with Capone or BofA. If you can open an unsecured with Capone or BofA that's cool to rebuilt...but if you can get your foot in the door with a CU you might have a relationship you can build for the long term.
I have both cards (getting ready to dump the Cap One secured one exactly because it doesn't secure). The main differences I'd say are:
I'd say if you already took the HPs for Cap One, you might as well go with that card, unless you have a specific reason you want to use the Bank of America one instead. They don't guarantee that they'll unsecure after 12 months either - they just 'review' it then. So it usually does, but it's not guaranteed. But with Capital One, you're basically guaranteed not to unsecure and that you'll have to apply for another card once you've built enough history with the secured one.
thanks for the advice. im a little new learning about credit so what are the benefits with going with a credit union over going with the 2 companies I mentioned?
thanks for the reply i appreciate it. the reason im leaning more toward BofA is based on posts people talking about better CLI's with BofA. naturaly i dont want a 10k limit right away but I would like a better treatment for staying with them for a long period of time. Ive heard of people being with capital one for several years and only having a 1500 limit. the only issue with BofA is i havent been approved yet first I have to fill out the app then give them my checking account info then if approved they will take whatever security deposit out of my account that i wish to chose. with capital one however they approved me now all i have to do is fund the account. im just worried about funding say 300 to BofA then being denied then what happens???
You have a better chance at developing a lasting relationship with a credit union. Nothing wrong with BofA or Capone...I've had both rebuilding. They serve their purpose. But a credit union is a good place to start building a foundation for something that will grow with you. When I started rebuilding that's pretty much the only thing I would have changed.
@rootpooty wrote:thanks for the reply i appreciate it. the reason im leaning more toward BofA is based on posts people talking about better CLI's with BofA. naturaly i dont want a 10k limit right away but I would like a better treatment for staying with them for a long period of time. Ive heard of people being with capital one for several years and only having a 1500 limit. the only issue with BofA is i havent been approved yet first I have to fill out the app then give them my checking account info then if approved they will take whatever security deposit out of my account that i wish to chose. with capital one however they approved me now all i have to do is fund the account. im just worried about funding say 300 to BofA then being denied then what happens???
They won't actually charge you if they deny you. The first application I sent I had to mail a check (since they didn't have the online funding option available at that point), and when they declined me for lack of credit history (still amusing to me), they said they'd just shred the check. The second time (when I actually got the card) they approved me first, then went to transfer the funds. So I wouldn't be worried about them taking your money and not approving you - if you don't get approved, they're not going to take the money.
But you will take another inquiry for the application. And you're not going to be getting any CLIs while the card is still secured, that'll only happen once your card unsecures and all that.
Honestly, instead of worrying about what kind of limit they'll give you with this card (whether it's Capital One or Bank of America) I'd just build positive history with whichever card (or cards) you go with and once your credit history and scores look better, apply for an unsecured card.
To answer the other question, credit unions are usually more member-friendly, willing to work with you more if you have bad/limited credit history, more likely to unsecure your card, can be more generous with CLIs, etc. Banks exist to turn a profit, credit unions are (technically anyway) owned by their members and they're there more to serve the members. But basically, you might simply have better luck in the long run if you get a card from a CU and build a good relationship with them.
can you suggest any credit unions? i live near 3 big cities in indiana and i will def take the time to look into it
The best ones I keep hearing about are PenFed, PSECU and NFCU.
Navy Federal you need to be in the armed forced/DOD or have a relative that's in.
PSECU you have to be a Pennsylvania resident.
PenFed you have to also be a DOD/Pentagon employee, military, etc - or you can donate to the Red Cross (I think there was some other organization you could pay like $20 to join) to get approved for membership.
But as far as local ones in Indiana goes, I really can't help since I'm in Ohio. I ended up joining Navy Federal and they've been good to me so far. If their online banking was better (like USAA's) I'd probably switch to them as my primary bank.