Intro/Rebuilding credit. Signed up for secured cc but realized it had annual fee!

[Anonymous]

Hello everyone!

First time poster here but I have been lurking for a while.  About six months ago I settled all of my cc debt yay!  Now that a let a few months pass i figured I would sign up for a secured cc.  I signed up for one but I just realized it has a annual fee of $29.00/year.  Now I don't want the credit card.  I want to try to find something without an annual fee.  Any sugesstions about the correct next step would be appreciated.  Thank you in advance!

[Pway]

Welcome, Welcome, Welcome.  This is the place for all credit advice needed.  I would suggest you trying at your local credit if you are a member if not I would get a membership.  It does not take much to qualify. 

[Anonymous]

Virtually all of your 'starter' or rebuilding cards are going to be fee cards. That just comes with the territory. The idea is to use them to 'bootstrap' yourself up to where you can get the better cards then close them before fee time rolls around

[Anonymous]

I believe most of the good Secured CCs have an AF, Capital one BOA and First Progess. The only one I know that doesn't is the Discover it Secured but there's no direct way to apply for it, you usually are counteroffered with the secured version if you don't qualify for the unsecured, but it doen't happen to everyone.

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@Anonymous wrote:

Hello everyone!

First time poster here but I have been lurking for a while.  About six months ago I settled all of my cc debt yay!  Now that a let a few months pass i figured I would sign up for a secured cc.  I signed up for one but I just realized it has a annual fee of $29.00/year.  Now I don't want the credit card.  I want to try to find something without an annual fee.  Any sugesstions about the correct next step would be appreciated.  Thank you in advance!

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[Anonymous]

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@Anonymous wrote:

Virtually all of your 'starter' or rebuilding cards are going to be fee cards. That just comes with the territory. The idea is to use them to 'bootstrap' yourself up to where you can get the better cards then close them before fee time rolls around

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I agree with this post.  They the CCC know you need them and have you by the b...  So you have to pay to get to where you want your credit at.  I suggest you have it for a year and then ditch cards with AFs.

[Anonymous]

The Harley Davidson secured card through US Bank does not have any fees. It also offers rewards in the way of HD points if you're into them.

[Anonymous]

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@thepanttherlady wrote:

The Harley Davidson secured card through US Bank does not have any fees. It also offers rewards in the way of HD points if you're into them.

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I've been thinking of getting one of these since I already have a US Bank account. Do you happen to know if they will graduate them to unsecured?

[Anonymous]

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@Anonymous wrote:

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@thepanttherlady wrote:

The Harley Davidson secured card through US Bank does not have any fees. It also offers rewards in the way of HD points if you're into them.

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I've been thinking of getting one of these since I already have a UB Bank account. Do you happen to know if they will graduate them to unsecured?

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I think so after 12 months. It's not guaranteed though. 

[Anonymous]

@Anonymous wrote:

Virtually all of your 'starter' or rebuilding cards are going to be fee cards. That just comes with the territory. The idea is to use them to 'bootstrap' yourself up to where you can get the better cards then close them before fee time rolls around

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+1
I think of it like an investment. I'm also paying for the 3B monthly reporting. Sure, it costs me a little money, but it is going to enable me to save money in the long run. Small price to pay.

There are also secured and rebuilder cards with much, much higher AF than $29, so it isn't so bad in context.

[MortgageMinded]

I've been working on rebuilding my credit and noticed that you are applying for a secured card first. I did the same, I got both the Wells Fargo and Cap1 secured. After only 6 mos, I apped and was approved for a non-secured Cap1 Quick Silver. It's worth the $29 AF!!! Today, I am around $10k total credit, but it started with a secured card I paid in full and on time each month. Also, just an fyi, Capital One gives credit limit increases on their card, but it does not graduate. Wells Fargo graduates, but it hasn't happened for me there yet. There are many others, you will just have to figure out which one works best for you. I'd stick to the popular ones and pay it on time and raise the limit as high as you can. That limit will predicate all future offers if they see you pay it on time. Plus increasing your CL will ultimately increase your score.

Good luck!!!!