Why All The Hate Towards Secured Cards?

[Anonymous]

That's it! That's THE place to be these days. Count me in!

[ddemari]

I also agree with what everyone is saying. I think also secured cards get a bad rap because every pre-paid debit card out there wants to tout it self as a reloadable card you can use for purchases like a credit card. 

When a prepaid debit card is nothing but a tool. At least a secured card can possibly unsecure and will benefit you. Its just choosing the right secured card and lender and of course having the funds to put down for the card. 

[tiger_uppercut]

I loved my secured card with Merrick Bank. They had a decent app, free FICO score, and helped me start the rebuild process when BoA and others told me to pound sand. It was also a foolproof way for me to save $500 lol. There are some really good ones out there (BoA comes to mind, if you qualify). They definitely serve a purpose if you're rebuilding.

[tiffjtiffj]

I want BOA secured so bad .. Will apply in 2016 after I pay down current utility.

[Anonymous]

There ppl that are either too proud or are unwilling to dish out money to fix their past mistakes. In either case, credit building is not for you. This is the place I came to when I finally was willing to admit I Fd up, I need help and am willing to do anything to rectify the situation. I gave up what little savings I had and have been eating peanut butter and jelly for dinner every night so that I can improve my quality of life in the long term.

P.S. I thank all of you because I have spent the past few years embarrassed about the fact that I couldn't get a car, most apartments or even a checking account near the age of 30 and you all showed me this is more than common and nothing to be ashamed of as long as you want to make a change and are willing to put in work.

[Anonymous]

They're*... talkin too fast lol

[Anonymous]

I never envisioned having not 1, but 2 secured cards.  After 2009, I primarily used a debit card to pay for everything.  Reality really didn't sink in until 2013 when I needed to buy a reliable car and financed a new car at an outrageous interest rate (am still paying it because the car is my oldest TL).  Even then I stayed in denial for a another year and a half.  It was when I decided that I needed to improve my credit and got turned down on numerous occasions, that I applied with Cap 1 and was denied a regular Platinum, but offered a secured card that I first started contemplating getting one. I fought it at first, but since I had found myfio and read others stories, I realized there was no shame in putting down a deposit on a card to start the rebuilding process.  I have $2500 invested in 2 secured cards and from that I have over $55K in credit limits.  Although a lot of it is in store cards, it's cards that I use regularly.  Discover and Amex are my two favorite cards, and I look forward to the day Discover unsecures.  When my last collection falls off, then I will have reached a milestone, and only thing at that point will be some lates that will fall off in time too. 

[Anonymous]

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@Anonymous wrote:

I never envisioned having not 1, but 2 secured cards.  After 2009, I primarily used a debit card to pay for everything.  Reality really didn't sink in until 2013 when I needed to buy a reliable car and financed a new car at an outrageous interest rate (am still paying it because the car is my oldest TL).  Even then I stayed in denial for a another year and a half.  It was when I decided that I needed to improve my credit and got turned down on numerous occasions, that I applied with Cap 1 and was denied a regular Platinum, but offered a secured card that I first started contemplating getting one. I fought it at first, but since I had found myfio and read others stories, I realized there was no shame in putting down a deposit on a card to start the rebuilding process.  I have $2500 invested in 2 secured cards and from that I have over $55K in credit limits.  Although a lot of it is in store cards, it's cards that I use regularly.  Discover and Amex are my two favorite cards, and I look forward to the day Discover unsecures.  When my last collection falls off, then I will have reached a milestone, and only thing at that point will be some lates that will fall off in time too. 

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Terrible reason to keep a bad loan. It will STILL be your oldest tradeline (and add to your AAoA) when you pay it off - for ten years from its closing.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I never envisioned having not 1, but 2 secured cards.  After 2009, I primarily used a debit card to pay for everything.  Reality really didn't sink in until 2013 when I needed to buy a reliable car and financed a new car at an outrageous interest rate (am still paying it because the car is my oldest TL).  Even then I stayed in denial for a another year and a half.  It was when I decided that I needed to improve my credit and got turned down on numerous occasions, that I applied with Cap 1 and was denied a regular Platinum, but offered a secured card that I first started contemplating getting one. I fought it at first, but since I had found myfio and read others stories, I realized there was no shame in putting down a deposit on a card to start the rebuilding process.  I have $2500 invested in 2 secured cards and from that I have over $55K in credit limits.  Although a lot of it is in store cards, it's cards that I use regularly.  Discover and Amex are my two favorite cards, and I look forward to the day Discover unsecures.  When my last collection falls off, then I will have reached a milestone, and only thing at that point will be some lates that will fall off in time too. 

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Terrible reason to keep a bad loan. It will STILL be your oldest tradeline (and add to your AAoA) when you pay it off - for ten years from its closing.

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Maybe so Norman, but I need my last collection to fall off before I make some more changes.  Let's just say it is a constant reminder that I took for granted having decent credit, and am paying the price.  I could probably refinance it through BBVA, but my goal is to reach 700 and I don't want to lose the progress I am making.  I expect my UTI to be under 10% in December (at 11% now) and by March the collection should be gone, so I'm bidding my time and then I can make my move).