Re: Secured credit card
12-29-2012 04:17 PM
I have a student credit card right and it's been past due for a very long time, but I just paid off all of my debts last week, so basically I'm just starting to rebuild my credit again.
I'm planning to get a secured credit to build up my credit making me have 2 credit cards. I was just wondering what company to apply for a secured credit card. My score is at 570 right now. Which credit cards flags a secured credit card and which ones dont?
Capital One doesn't list their secured card as a secured card...most other places do, like Bank of America, Wells Fargo, credit unions, etc....it won't affect your FICO or most card applications, but things requiring further review of your credit report may cause a red flag and make some creditors uneasy...
Bank of America and Wells Fargo and certain CUs are better because they will unsecure your card down the road and give you your deposit back...Capital One is good in that they may grant you a credit limit increase without any additional deposits, but will never unsecure the card!
Are you still a student? Maybe you can try another student card, but since your score is so low due to past due accounts, you may get denied :/
FICOS: EX 779 EQ 730 TU 764 VantageScore 3.0: EX 743 EQ 747 TU 751