@coachb123 wrote:I need one to help build my credit. Which one is the best to use? One that reports to all the credit bureaus and perferably on that will graduate. Non-military person.
There's an interesting list on cnnmoney's page: http://money.cnn.com/galleries/2011/pf/1104/gallery.best_credit_cards_bad_credit/index.html
It does a pretty good survey of various options, though some of them (Orchard, Cap One) can be notoriously annoying to work with... but we're not granted lots of options.
That said, I look at it from a slightly different, longer, perspective: I want a card with a lender who I'm looking to use in the future. I not a huge fan of BOFA recently, but their secured card does report, does graduate, and is hassle-free if you pay on time. BofA is a prime lender first, and currently pretty much only, and if you try more complicated things, sigh. Definitely a long-term account.
Wells is another option: they report, from what I've read they will graduate, and they have an extensive sub-prime suite of products; however, I don't see anyone on this forum ever wanting a card from them in the prime folks, but they do fund auto loans to people like me. More of a mid-term play. Edit: from another reviewer, they don't graduate on a regular basis, may be an issue.
Edit: again from another recent thread, USBank apparently has good reviews as well for their secured product.
If Chase / Amex did (or still did) a secured card I'd be all over those, especially the Amex. Citi is similar option, and the list states they're pretty solid.
Orchard is the short-term play: their unsecured card is one of the easiest to get, heck, even I got approved for one.. If you're borderline you might sneak right into an unsecured card from the get go, which has some advantages.
USAA doesn't graduate, but they do put your money in a CD which at least reduces the cost somewhat. I'd suggest that you want two secured cards if you're building credit history, you absolutely want one that graduates in my opinion, but the other one, just get what you can and what makes sense for you, you're almost certainly dumping one if not both in the future. If you have a checking account somewhere already, go see what they offer too, never discount good infrastructure and a common one to make things easier for you.
I was searching for a secured card about a month ago. I contacted my bank (Bank of the West) but they do not offer secured. After reading on here that a lot of people recommend a CU I called a local one. I told them I was interested in opening a secured card to rebuild my credit but I'm not sure if I'm eligible since I'm not a member.
In order to become a member I have to live or work in any of the 4 surrounding counties.... Easy! Their customer service is amazing and the interest rate is 14.9. Better than I saw with Wells, US Bank.
Long story short... Find a CU.
Edited because I can't spell
In order to become a member I have to live or work in any of the 4 surrounding counties.... Easy! Their customer service is amazing and the interest rate is 14.9. Better than I saw with Wells, US Bank.
Long story short... Find a CU.
Edited because I can't spell
Starting Score: EX: 560 on 11/1/11