topic Re: First Progress secured card in Credit Card Applications

First Progress secured card

Anonymous — Mon, 06 Mar 2017 04:18:25 GMT

I applied for a 200 secured credit card from First Progress secured card $200 and processing fee $49.00. The have with drew my money.

I am not yet approved aftera week. How long is rheir process.

Thanks,

Chris

Re: First Progress secured card

creditguy — Mon, 06 Mar 2017 05:39:50 GMT

I can't speak to this particular card, but I'm just curious if you have tried other secured cards like Cap One or Discover? This $49 processing fee seems a little ridiculous for a secured card.

Re: First Progress secured card

Anonymous — Mon, 06 Mar 2017 06:16:11 GMT

I had been turned down by Capital and Citbank. I was tired and choose this one. My mistake. I wanted to move on doing other stuff I need to do

Re: First Progress secured card

creditguy — Mon, 06 Mar 2017 06:19:54 GMT

@Anonymous wrote:
I had been turned down by Capital and Citbank. I was tired and choose this one. My mistake. I wanted to move on doing other stuff I need to do

Nothing wrong with doing what you gotta do. Just curious if you had tried other avenues. Hopefully someone with experience with this card will answer your question. I hope this card serves you well as a good stepping stone to better options down the road.

Re: First Progress secured card

Anonymous — Mon, 06 Mar 2017 08:06:37 GMT

1) I'll admit I'm No Fan of FP type products...If you get it use it and dump

If you don't, no big deal IMO

2) My suggestion would be ....
Obviously there needs to be some clean up on your profile.

However if you have $250 to play around 'security' that type of product

I'd much prefer you grab a credit builder share secured loan, allow a few of the small payments to build payment history as
You save say $50 buck per month, then use both the payment history and the funds you just save to secure a CC

You see the credit juice gained by making the secured loan help create a positive enough credit profile to get the secured CC approved ( or perhaps an unsecured one) but even if your step 2 is secured as well, no biggie, its progress.

The secured loan (or credit builder, for some) is easier to obtain, than the CC accounts sometimes but so what stroke say 6 payments, allowing the HPs to age but more importantly 6 months of positive payment history will bolster the credit profile that's getting No's today

While, allowing one to save money every month treating each savings put aside as a 'credit building' serious exercise....Within months you've got several hundred dollars to secure a CC account or 2 and you've built the discipline required to win at the credit and emergency fund set aside game, so keep the savings going until you at least have a basic freaking $500 towards life's mini emergencies

Good Luck