@pisspoorcredit wrote:
So when searching for a secured cerdit card, go for one that does not do the hard pull or thru a credit union?
PissPoorCredit,
It depends on your concerns. Do you care whether your credit request requires a hard pull or not? Do you care whether your card will graduate over time?
You should inquire first if you choose the credit union route and you are concerned about inquiries. Not all credit unions use soft pulls. Some require hard pulls. If you are concerned about your card graduating, then you may need to choose a bank such as Bank of America, in lieu of some credit unions. For example, while SDFCU and Affinity Federal Credit Union secured cards may not require hard pulls, those cards do not graduate to unsecured. Your money will be tied up there as long as you maintain that card. On the other hand, developing a relationship with a credit union can be advantageous because their service fees aren't typically inflated, lending rates tend to be lower and their savings and CD rates tend to be higher/more competitive than prime banks.
Note that choosing Bank of America's secured card will also require a hard pull if you choose to increase your deposit after opening.
Hapy researching!
** Edited to reflect that SDFCU may not require a hard pull. I have no personal experience there. It's my understanding from these boards that hard pulls aren't required if money is already ina savings acoount with SDFCU and you make a phone call request for the secured card. Again, I have no personal experience here.
Cool...thanks
Starting Score: 503