topic Re: Best secured CC. in Credit Cards

Best secured CC.

Cheryla18 — Tue, 05 May 2015 22:21:01 GMT

Needing to know which secured CC would be the best to apply for.

Re: Best secured CC.

Scupra — Tue, 05 May 2015 22:22:02 GMT

Are you able to join NFCU?

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 22:23:37 GMT

Here's a chart I made a while back with a lot of the national ones.

"Best" is subjective but some of them are crummy. I'd stick to the lower annual fee ones and the ones that graduate, personally. Rewards are nice too, so I've detailed those as well.

http://ficoforums.myfico.com/t5/Credit-Cards/Updated-for-2015-Secured-Credit-Card-List/m-p/3856240

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 22:41:58 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Secured-cards-my-experience/m-p/3696888

Heres my review of the 5 secured cards I used to build up my file. Hopefully between those two threads you will find something that works well for you.

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 22:45:42 GMT

Very good responses.. I hope it helps OP..

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 22:47:01 GMT

I shopped around last year at this time and settled on USAA, because:

1. You can choose an AmEx, MasterCard or Visa version of the card

2. APR is set at 9.9%

3. Annual fee is only $35

4. Your money goes into a CD that earns a little bit of interest

The only drawback is the card does not graduate.

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 23:11:59 GMT

@Anonymous wrote:
I shopped around last year at this time and settled on USAA, because:

1. You can choose an AmEx, MasterCard or Visa version of the card
2. APR is set at 9.9%
3. Annual fee is only $35
4. Your money goes into a CD that earns a little bit of interest

The only drawback is the card does not graduate.

Out of all the choices, u settled with one that doesn't graduate......makes no sense. I would highly suggest boa, my card went from a $300 secured card to a $6600 cash reward in about 1 year 4 months. Open secure card, wait til it graduate at 1 yr mark, PC to cash reward, take a hp for CLI.

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 23:15:45 GMT

@Anonymous wrote:
@Anonymous wrote:
I shopped around last year at this time and settled on USAA, because:

1. You can choose an AmEx, MasterCard or Visa version of the card
2. APR is set at 9.9%
3. Annual fee is only $35
4. Your money goes into a CD that earns a little bit of interest

The only drawback is the card does not graduate.
Out of all the choices, u settled with one that doesn't graduate......makes no sense. I would highly suggest boa, my card went from a $300 secured card to a $6600 cash reward in about 1 year 4 months. Open secure card, wait til it graduate at 1 yr mark, PC to cash reward, take a hp for CLI.

BofA will let you add 321 rewards to the secured card

Re: Best secured CC.

Anonymous — Tue, 05 May 2015 23:45:53 GMT

I used/using capital one, limit 200$, I deposited 200$ more and they gave me 300$ more on 6 months mark.
After 3 months having C1 I got walmart store card with 300$.

And on 6 months mark with C1 I applied for AMEX BCE, and got 3000$ limit.

So go with C1

Re: Best secured CC.

Anonymous — Wed, 06 May 2015 01:41:41 GMT

@Anonymous wrote:
@Anonymous wrote:
I shopped around last year at this time and settled on USAA, because:

1. You can choose an AmEx, MasterCard or Visa version of the card
2. APR is set at 9.9%
3. Annual fee is only $35
4. Your money goes into a CD that earns a little bit of interest

The only drawback is the card does not graduate.
Out of all the choices, u settled with one that doesn't graduate......makes no sense. I would highly suggest boa, my card went from a $300 secured card to a $6600 cash reward in about 1 year 4 months. Open secure card, wait til it graduate at 1 yr mark, PC to cash reward, take a hp for CLI.

True, I was a little naive. I hadn't found this website til 4 months after I got the card. But I went with USAA because my husband is a veteran and it was the lowest APR. I have always PIF since getting the card but I thought, at the time, that that was an important factor. My final choice was between USAA and BoA (the APR was the deciding factor). And Cap1 had just denied me a secured card because my CO with them was still showing on my CR at the time of the app.

Regardless, just because the card does not graduate does not mean it doesn't have ANY benefits. So I cancel it at the 2 year mark and it still appears for a total of 12 years and still factors into my AAoA and my payments are still there. There are pros and cons to each card we encounter. I was merely trying to be helpful.

Re: Best secured CC.

Scupra — Wed, 06 May 2015 02:22:56 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I shopped around last year at this time and settled on USAA, because:

1. You can choose an AmEx, MasterCard or Visa version of the card
2. APR is set at 9.9%
3. Annual fee is only $35
4. Your money goes into a CD that earns a little bit of interest

The only drawback is the card does not graduate.
Out of all the choices, u settled with one that doesn't graduate......makes no sense. I would highly suggest boa, my card went from a $300 secured card to a $6600 cash reward in about 1 year 4 months. Open secure card, wait til it graduate at 1 yr mark, PC to cash reward, take a hp for CLI.
True, I was a little naive. I hadn't found this website til 4 months after I got the card. But I went with USAA because my husband is a veteran and it was the lowest APR. I have always PIF since getting the card but I thought, at the time, that that was an important factor. My final choice was between USAA and BoA (the APR was the deciding factor). And Cap1 had just denied me a secured card because my CO with them was still showing on my CR at the time of the app.

Regardless, just because the card does not graduate does not mean it doesn't have ANY benefits. So I cancel it at the 2 year mark and it still appears for a total of 12 years and still factors into my AAoA and my payments are still there. There are pros and cons to each card we encounter. I was merely trying to be helpful.

Your post was helpful! Like you said, there is not one option that fits everyone. A secured card is a rebuilder card and used for a purpose

Re: Best secured CC.

Anonymous — Wed, 06 May 2015 02:25:22 GMT

Any of them that can be unsecured after a year or two. Look onto fnbo, boa or wells fargo. Capital one is good too, but it does not unsecure.

Re: Best secured CC.

Anonymous — Wed, 06 May 2015 21:28:23 GMT

As my review thread states later, SDFCU (state dept federal credit union) may have the best program. Wish I would have found that before I got stated. join the american consumer council tobe SDFCU eligible. (Enter CONSUMER) in the promo code of the ACC app to beome a member for free!

Re: Best secured CC.

Cheryla18 — Fri, 08 May 2015 16:49:20 GMT

Very Good Information...Thank you to everyone!!

Re: Best secured CC.

Cheryla18 — Fri, 08 May 2015 16:58:25 GMT

@Anonymous wrote:
http://ficoforums.myfico.com/t5/Credit-Cards/Secured-cards-my-experience/m-p/3696888

Heres my review of the 5 secured cards I used to build up my file. Hopefully between those two threads you will find something that works well for you.

Thank you for sharing your exp with these cards. I will app for the Discover IT card soon.

Re: Best secured CC.

Cheryla18 — Fri, 08 May 2015 16:59:56 GMT

@Anonymous wrote:
Very good responses.. I hope it helps OP..

Yes Thank You all so very much. Been away busy with life. Sorry for the delay

Re: Best secured CC.

northface28 — Fri, 08 May 2015 17:03:48 GMT

The BOA $99/$500 secured is literally, MONEY!!!!

Re: Best secured CC.

Cheryla18 — Fri, 08 May 2015 17:25:37 GMT

@northface28 wrote:
The BOA $99/$500 secured is literally, MONEY!!!!

I went to the BOA site and cannot locate the secured card. Any helpful hints?

Re: Best secured CC.

newhis — Fri, 08 May 2015 18:28:50 GMT

@Cheryla18 wrote:
@northface28 wrote:
The BOA $99/$500 secured is literally, MONEY!!!!
I went to the BOA site and cannot locate the secured card. Any helpful hints?

https://www.bankofamerica.com/credit-cards/products/secured-credit-card.go

You can't apply for the $99/$500 secured card, you need to apply for a regular card and they may deny the regular card and show you the 99/500 one. I did it in a branch, just to talk with someone so they can help to get what you want.

Good luck

Re: Best secured CC.

itgirl74 — Fri, 08 May 2015 19:00:17 GMT

@Cheryla18 wrote:
@Anonymous wrote:
http://ficoforums.myfico.com/t5/Credit-Cards/Secured-cards-my-experience/m-p/3696888

Heres my review of the 5 secured cards I used to build up my file. Hopefully between those two threads you will find something that works well for you.

Thank you for sharing your exp with these cards. I will app for the Discover IT card soon.

Be careful with Discover - they will not always counter with the secured card offer. I applied last May thinking this would happen, but instead I was asked to add a co-applicant. If you can afford the HP, though, it does sound like the card might be good enough to be worth the risk.