Rebuilding Your Credit

[Matisyahu]

so they say guaranteed approval but I want your opinion. I just got approved for cap 1 with just a $49 deposit. would the applied bank be a good choice or no?

thanks

[adio413]

they will approve you........ but it will never flip over into an unsecured card. i called them last week to ask

[sybo40]

I actually got in with an unsecured card with them last year somehow.  Was easily approved for it, but the interest rate on this thing is a KILLER!  33% and it begins from the first day you purchase something and is applied on a daily basis.  They also began applying a $15.00 monthly maintenance fee to my account after about 8 months of having it.  It's been about 4 months since I've had the account and IHATE them!  Service is awful, too.  Planning to pay them off next month and close this account ASAP!  To me, they are just as bad as First Premier. 

[Jaguars28fan]

I had them and cancelled them.  They don't report to all 3 credit bureaus

[MarcinXP]

Had them for 9 months. They were okay, nothing too special. They don't report to Equifax so be aware of that, other than that I PIF every month, first year was No Annual Fee or Maintenance Fees..used it to rebuild my credit. They were also quick to send me my deposit back which is something I was fearful whether I would have to chase them for it or not, but it took about 2 weeks or so. Overall they bumped my scores on EX and TU and helped me get better cards so it was worth it for me. Also their APR is 9.99%. You could do a lot worse by going FP route.

[KevinBlock55]

I too had the Applied Bank Secured Card. I opted for the card with the monthly maintenence fee of $10/per mo but it carried a 0% interest rate. I recall I had to have a minimum deposit of $500.00. The card itself is convenient and really, I can't recall ever having a problem with the card. It is true, I never saw the acct. hit my Equifax but I did see a significant jump of about 20 points having this card on Transunion and Experian. I used the card for approximately one year to help re-establish myself in the eyes of creditors. While the card never becomes unsecure, nor do you get unsecured credit limit increases like with Cap1, the card is relatively low maintenance and pretty straightforward with fees. $10 a month equates to an annual fee of $120 but I really liked the fact that IF I chose to tap into that card, I wouldn't be paying interest on MY money. Cap1 has an interest rate on me of like, 26.99% on a SECURED card. Just my 2 cents..