US Bank Secured Card

[NewYxox]

So about a week or two ago when I was applying for secured cards I was only approved for Cap 1 again, the rest I either got straight up denied or the 7-10 day msg. That's what happened with US bank they gave me that message but this morning $500.00 was taken out of my account for them..so I guess I got approved. That'll be two revolving accounts on my reports plus the fingerhut fresh start program (Do I count that as well?) Can anyone give me some information about this card besides what is on their website since I read all that. How was your experience with them and so on..

[starry1]

Fresh Start reports as installment, once you pay that off and get a regular fingerhut then it counts as a revolver.

[NewYxox]

Ok thanks! Nothing is reporting as of yet should I expect it to maybe next month? I don't have either cards yet..and my $30 down for fingerhut just cleared the other day and they were shipping my first order.

[randyrhodes]

Remember this about the fresh start program. You needs to make at least 2 monthly payments on the account before you pay it off. If not they won't give you the revolving account. Also...they won't send you the card until after you graduate to revolving. But once you graduate they review accounts 10 times a year for CLIs so you could have a nice credit limit in a short amount of time. Good luck

[NewYxox]

Yes I have read a lot about the fingerhut fresh start program and to make SURE not to pay in full and just pay the minimum balance to establish good payment history with them. Now it says to spread it out over 6 months..that means I'll be required to pay around $7 a month to them I was hoping to make those payments for the 1st 3 months and then pay in full? 6 months just seems forever for such a low payment lol.

[starry1]

When I had the fresh start, I paid it off in 3 payments (paying more than minimum the first two payments and then paying it off on the third).  They gave me the revolver without making me pay for 6 months.

[NWintellectual]

With regard to US Bank secured cards, that sounds about right (I have two of them right now). You should be receiving your card in about 2-3 weeks. They are really slow in processing secured cards. Once the funds have been deducted, it takes about a week on their end to "verify" the funds (i.e. make sure the check clears). Once they verify, the card should arrive 7-10 days later. You can call the underwriting department (800-777-4444) and ask them to "rush" your card once funds are verified. They will send the card UPS overnight, for a fee of $15 charged to the account.

From my experience, US Bank is pretty easy to work with on the CS side but very stingy when it comes to CLIs and graduation. From what I have been told, there is no auto graduate with their cards and you will need a 650+ to get approved for a unsecured card. Also they will not allow you to increase your deposit for 6 months from the time the card was opened, and then only every 3 months thereafter.

[NewYxox]

As for the fresh start program I will do that thanks for the advice!

Also thanks for that information about US Bank I will also give them a call and tell them to rush it for me. I'm really excited to start my credit journey using my cap 1 secured and this one and I can't wait to finally start seeing some changes!! Ah

[Whitneyy]

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@NewYxox wrote:
As for the fresh start program I will do that thanks for the advice!

Also thanks for that information about US Bank I will also give them a call and tell them to rush it for me. I'm really excited to start my credit journey using my cap 1 secured and this one and I can't wait to finally start seeing some changes!! Ah

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Also, your fingerhut account will not report until AFTER the first payment is due. I pay double the asking price, and when my third month hits, I'm going to pay it off. Good luck. I'm going to try for a US Bank account as well.