topic Re: I think I have found the new holy grail of secured cards for BK's in Bankruptcy

I think I have found the new holy grail of secured cards for BK's

kr43002 — Wed, 06 Oct 2021 14:28:58 GMT

I was looking through the forums and saw US Bank pop up about someone not liking they did not unsecure their credit card past 4 years DC.

Are they BK friendly enough to open a Secured Card with?

I was looking through their line up and they have a decent Secured card, the Cash+ Secured.

Would this be a good card to get? I wouldn't mind starting relationships with more than just Discover and NFCU.

Edit:

US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.

After researching on the forum, this page has inforomation on increasing your security deposit: "Also, please include the following in your request: your name, account number, address, individual annual income, your monthly housing payment, whether you own or rent your home, signature, and the dollar amount of the requested increase."

The limits are from $300 to $5000 with $100 increments.

No Annual Fee

A rep told me after responsible credit use and a reasonable ammount of time your account can be automatically graduated

Some Features that are good about this card, espicailly if you are right out of Bankruptcy are:

5% cash back on first $2,000 worth of purchases in certain categories, which you choose. You can select 2 categories.

2% Cash Back on gas station/grocery stores/restaurants

1% Cash back on everything else.

Categories are found here

Choose Payment Due Date/ Contactless Payments

I honestly feel like this blows the nRewards out of the waters, increasingly so when you consider you have to spend $5000 in order to redeem rewards until you are graduated.

I don't know of any other card like this that accepts people with BK. I got approved today for the card.

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

let me know what you guys think.

Re: How friendly is US Bank to BK7

FireMedic1 — Tue, 05 Oct 2021 17:17:44 GMT

How long ago was your DC. Disco will graduate a whole lot sooner than US Bank. You can check out some banks and discussion here:

https://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

Re: How friendly is US Bank to BK7

kr43002 — Tue, 05 Oct 2021 17:48:28 GMT

I was discharged in June. Discover IIB so they are a no go atm. I ended up pulling the trigger and opening a checking account with US Bank, because I wanted to have a bank with a local branch.

Re: How friendly is US Bank to BK7

kr43002 — Tue, 05 Oct 2021 17:55:34 GMT

I also checked the BK friendly list and USBank isn't listed

Re: How friendly is US Bank to BK7

FireMedic1 — Tue, 05 Oct 2021 18:44:24 GMT

They have a secured but averages graduation at 5yrs. Unsecured is like AMEX. 5 yrs post BK. Depends how your rebuild goes. @Red1Blue is very rehearsed on secured cards. Been thru many.

Re: How friendly is US Bank to BK7

kr43002 — Tue, 05 Oct 2021 18:58:43 GMT

So I did end up getting a checking account and applying for the Cash + Secured Card. Called in and was told the application recomended for Approval, now it just is pending on the withdrawl of funds from my checking and then for me to get the card. I asked the rep more about the card and she said its a brand new card today. I am going to make a forum post about it because it is honestly a decent bk rebuilding card.

Re: How friendly is US Bank to BK7

Red1Blue — Tue, 05 Oct 2021 19:05:22 GMT

@FireMedic1 wrote:
They have a secured but averages graduation at 5yrs. Unsecured is like AMEX. 5 yrs post BK. Depends how your rebuild goes. @Red1Blue is very rehearsed on secured cards. Been thru many.

I have not filed for BK so I have no idea if US Bank is BK friendly or not. Yesterday US Bank did upgrade 2 of security cards. They said they are doing conversion now and I can call back in 3-5 days and ask for CLI and Product Change. US Bank has been very good to me. I have about 8 secured cards and US Bank is the first company to show me love and upgrade my secured cards.

To be honest if some one wants a secured card they should get one. If it graudates it will and if not not. US Bank offers many secured cards with AF and with out AF. After 12 months they are eligilbe to upgrade. They have been very good. Worst case one can always cancel the card and get the money back. I have SDFCU secured card which is supposed to graduate after 12 months but they are playing games and asking me to open a new card with them. I would highly recommend US Bank secured cards. They are easy to get approved. Some has no AF.

Re: How friendly is US Bank to BK7

Red1Blue — Tue, 05 Oct 2021 19:08:00 GMT

@kr43002 wrote:
So I did end up getting a checking account and applying for the Cash + Secured Card. Called in and was told the application recomended for Approval, now it just is pending on the withdrawl of funds from my checking and then for me to get the card. I asked the rep more about the card and she said its a brand new card today. I am going to make a forum post about it because it is honestly a decent bk rebuilding card.

Hi @kr43002 congrats on your Cash + Secured Card. I am sure you'll be happy with US Bank. They have been very good to me so far.

I think I have found the new holy grail of secured cards for BK's

kr43002 — Wed, 06 Oct 2021 13:57:03 GMT

US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.

The limits are from $300 to $5000 with $100 increments.

No Annual Fee

A rep told me after responsible credit use and a reasonable ammount of time your account can be automatically graduated

Some Features that are good about this card, espicailly if you are right out of Bankruptcy are:

5% cash back on first $2,000 worth of purchases in certain categories, which you choose. You can select 2 categories.

I can't remember all the categories the rep told me but to name a few: Fast Food, Gas Stations, Subscriptions, Phone/Utilities, and Grocery Stores

2% Cash Back on gas station/grocery stores/restaurants

1% Cash back on everything else.

Choose Payment Due Date/ Contactless Payments

I honestly feel like this blows the nRewards out of the waters, increasingly so when you consider you have to spend $5000 in order to redeem rewards until you are graduated.

I don't know of any other card like this that accepts people with BK. I got approved today for the card.

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

let me know what you guys think.

Re: I think I have found the new holy grail of secured cards for BK's

Red1Blue — Tue, 05 Oct 2021 19:18:25 GMT

@kr43002 wrote:
US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.
I asked the rep if I could increase the credit limit later with an additional deposit and she said I would need to call the number on the back of the card to get that process started.
The limits are from $300 to $5000 with $100 increments.
No Annual Fee.

Hi @kr43002 Congrats on your approval for the new secured card. US Bank is trigger hungry for Hard inquiries. Every time you ask for CLI even on the secured card they will do a Hard on your report. After 2 CLIs and 2 Hard Inquires I have decided not ask them for any more CLIs. Be cautious and put what ever you want into security deposit at once and leave it alone unless you want endure hard inqs with each CLI request.

Re: I think I have found the new holy grail of secured cards for BK's

FireMedic1 — Tue, 05 Oct 2021 19:19:43 GMT

Congrats. Discover secured you can get all the benefits as a regular holder with cash back match. Thats is if they werent burned. Graduates sooner with a CLI.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Tue, 05 Oct 2021 19:25:00 GMT

@FireMedic1 wrote:
Congrats. Discover secured you can get all the benefits as a regular holder with cash back match. Thats is if they werent burned. Graduates sooner with a CLI.

Discover was burned, and their cash back for their secured card isn't as good as this. That was my very first ever credit card and It was 1.5% cash back with a match at the end of the year making it 3% for the first year. When it does graduate you *might* be allowed to request a product transfer to their IT card for 5% categories, but even still I think the categories for the Cash+ Card are better, considering you get to select them and from the list the phone rep gave me, it covers anything I can think of. And this is a Visa card, which makes it good for costco.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Tue, 05 Oct 2021 19:29:23 GMT

@Red1Blue wrote:
@kr43002 wrote:
US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.
I asked the rep if I could increase the credit limit later with an additional deposit and she said I would need to call the number on the back of the card to get that process started.
The limits are from $300 to $5000 with $100 increments.
No Annual Fee.
Hi @kr43002 Congrats on your approval for the new secured card. US Bank is trigger hungry for Hard inquiries. Every time you ask for CLI even on the secured card they will do a Hard on your report. After 2 CLIs and 2 Hard Inquires I have decided not ask them for any more CLIs. Be cautious and put what ever you want into security deposit at once and leave it alone unless you want endure hard inqs with each CLI request.

Thanks for letting me know that. I have started with just a $300 Line, which I am a-o-k with as this money is going to be tied up for the next 5 years. I am going to save up some more cash over the next few months and bump it to a $1000 credit line. At that point I wouldn't want to have more cash tied up for that long.

Re: I think I have found the new holy grail of secured cards for BK's

Red1Blue — Tue, 05 Oct 2021 19:35:27 GMT

@kr43002 wrote:
Thanks for letting me know that. I have started with just a $300 Line, which I am a-o-k with as this money is going to be tied up for the next 5 years. I am going to save up some more cash over the next few months and bump it to a $1000 credit line. At that point I wouldn't want to have more cash tied up for that long.

From what I read on this forum Fico does not care about the credit limit. You can increase the limit to suit your life style. Jut keep in mind US Bank is very trigger hungry for hard inq and be cautious and plan accordingly. I am not sure where you read that you have to keep deposit for 5 years. Normally US Bank considers to upgrade after 12 months so you might be able to get your card upgraded in 12 months. Also US Bank is very loyal to customers. It is good you opened a bank account with them.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Tue, 05 Oct 2021 19:54:10 GMT

@Red1Blue wrote:
@kr43002 wrote:
Thanks for letting me know that. I have started with just a $300 Line, which I am a-o-k with as this money is going to be tied up for the next 5 years. I am going to save up some more cash over the next few months and bump it to a $1000 credit line. At that point I wouldn't want to have more cash tied up for that long.
From what I read on this forum Fico does not care about the credit limit. You can increase the limit to suit your life style. Jut keep in mind US Bank is very trigger hungry for hard inq and be cautious and plan accordingly. I am not sure where you read that you have to keep deposit for 5 years. Normally US Bank considers to upgrade after 12 months so you might be able to get your card upgraded in 12 months. Also US Bank is very loyal to customers. It is good you opened a bank account with them.

From what I have read, they hold the deposits for 5 years out on BK. This is from a post in 2018 so I am unsure how current that information is. The reason why I want to get my limit up to $1000 is because I want to have a bit more flexibiltity with my credit line, so I can have a $300 balance without it exceeding the 30% util limit.

Re: I think I have found the new holy grail of secured cards for BK's

Red1Blue — Tue, 05 Oct 2021 20:00:07 GMT

@kr43002 wrote:
From what I have read, they hold the deposits for 5 years out on BK. This is from a post in 2018 so I am unsure how current that information is.

Why not call and ask US Bank what their current policy is. They will let you know. I am pretty sure it is 12 months to upgrade. Ask them any way insted of assuming.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Tue, 05 Oct 2021 20:51:57 GMT

@Red1Blue wrote:
@kr43002 wrote:
From what I have read, they hold the deposits for 5 years out on BK. This is from a post in 2018 so I am unsure how current that information is.

Why not call and ask US Bank what their current policy is. They will let you know. I am pretty sure it is 12 months to upgrade. Ask them any way insted of assuming.

That is a good idea. When i get off from work I will call and ask. I didn't think I was assuming considering I have a source

Re: I think I have found the new holy grail of secured cards for BK's

Horseshoez — Tue, 05 Oct 2021 21:01:48 GMT

@kr43002 wrote:
US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.
I asked the rep if I could increase the credit limit later with an additional deposit and she said I would need to call the number on the back of the card to get that process started.
The limits are from $300 to $5000 with $100 increments.
No Annual Fee.
What sucks about this card is the fact US Bank is known to not release Security deposits for until 5 years post BK.

Some Features that are good about this card, espicailly if you are right out of Bankruptcy are:
5% cash back on first $2,000 worth of purchases in certain categories, which you choose. You can select 2 categories.
I can't remember all the categories the rep told me but to name a few: Fast Food, Gas Stations, Subscriptions, Phone/Utilities, and Grocery Stores
2% Cash Back on gas station/grocery stores/restaurants
1% Cash back on everything else.
Choose Payment Due Date/ Contactless Payments

I honestly feel like this blows the nRewards out of the waters, increasingly so when you consider you have to spend $5000 in order to redeem rewards until you are graduated.
I don't know of any other card like this that accepts people with BK. I got approved today for the card.

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

let me know what you guys think.

I opened a $5,000 secured card last year with TDBank and I have to tell you, I'd be seriously ticked off if it took 5 full years for the card to graduate, that sounds like a totally raw deal to me. The good news, for me at least, was my TDCash card graduated to unsecured in exactly 6-months and was promoted to a Signature Visa at the same time.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Tue, 05 Oct 2021 21:36:44 GMT

I wish I could open a TDBank secured card, but they don't operate in my area. I still think having some cash tied up isn't a "bad" thing. If you are putting a deposit into a card with the exspectation that you should get your deposit back very soon, maybe it's not wise to put that money in a deposit.

Re: I think I have found the new holy grail of secured cards for BK's

kr43002 — Wed, 06 Oct 2021 01:03:59 GMT

After calling the Rep, That 5 year rule isnt true. Its just after a reasonable ammount of time with responsible use. there is not set time period