topic Re: Secured Cards Info... in Credit Cards

Secured Cards Info...

Charmante — Sun, 16 Aug 2020 05:33:36 GMT

So I'm posting a small list of Secured Cards I'm interested in. Plan to choose 2 and open them.

Please tell me if each one DOES or Does Not GRADUATE (and average graduation period) and if they HP or SP to open the card, please.

BoA

SDFCU

Citi

Discover

Wells Fargo

PenFed

Unify CU

THANK YOU!!!

Re: Secured Cards Info...

Anonymous — Sun, 16 Aug 2020 14:58:28 GMT

@Charmante

When I got my secured Disco last summer it was a HP and I opened it for $500 and it graduated in about 7 months with a CLI >$2K. I'm sure you have already tried the prequal site at Discover but it will tell you what you can get. CapOne isn't on your list but their prequal tool is solid for the Platinum. Plus with CapOne you never know, you may not have to go secured. They gave me an unsecured card for $2K when I was hoping for a secured approval.

IMHO a HP isn't a big deal at all when starting out and personally I wouldn't worry about HP vs SP as they will age off as you build. Actually I like HP's so much that I have quite a nice collection of them at this point lol!!

Please let us know what cards you decide to go for and I wish you all the best!

Re: Secured Cards Info...

Jetiquette — Sun, 16 Aug 2020 15:33:47 GMT

My girlfriend had recently moved to the US from Canada and had to go the secured card route to begin her credit history. We had her open the Discover card and they graduated her to a line of credit after 6 months.

Re: Secured Cards Info...

HeavenOhio — Sun, 16 Aug 2020 15:49:30 GMT

@Charmante, could you give us a list of your current cards, their limits, and their ages in months (or dates opened)? This would include cards on which you're an authorized user (please note AU on these). Also, could you recap your baddies along with any lenders you might have burned in the past?

It seems to me that we've been answering a lot of your questions within pretty narrow contexts, and I think that seeing the big picture would help us give you better advice.

Re: Secured Cards Info...

Anonymous — Sun, 16 Aug 2020 16:15:14 GMT

@Jetiquette

Welcome to the community and congrats to your GF on the graduation!

Re: Secured Cards Info...

Anonymous — Sun, 16 Aug 2020 16:42:35 GMT

@HeavenOhio wrote:
@Charmante, could you give us a list of your current cards, their limits, and their ages in months (or dates opened)? This would include cards on which you're an authorized user (please note AU on these). Also, could you recap your baddies along with any lenders you might have burned in the past?

It seems to me that we've been answering a lot of your questions within pretty narrow contexts, and I think that seeing the big picture would help us give you better advice.

Opps so sorry @HeavenOhio my bad! I thought that @Charmante was just looking for some broad strokes on HP/SP/Graduation experiences of others. Guess I'd better have some more coffee before I start posting.

Re: Secured Cards Info...

Charmante — Sun, 16 Aug 2020 19:51:17 GMT

@Anonymous I was just looking for general advice about the specific cards I listed.

I'm sick of getting HP's and then either receiving a DENIAL -- OR a tiny $300-750 card... Waste of my time and Inquiry...

So I've decided to just open 2 LARGE Secured Cards so I can just put $5,000 - $15,000 on each and finally have 2 cards I can USE...

BUT I want to make sure they WILL graduate and are good cards!

Re: Secured Cards Info...

BmoreBull — Sun, 16 Aug 2020 20:00:15 GMT

@Charmante wrote:
@Anonymous I was just looking for general advice about the specific cards I listed.

I'm sick of getting HP's and then either receiving a DENIAL -- OR a tiny $300-750 card... Waste of my time and Inquiry...

So I've decided to just open 2 LARGE Secured Cards so I can just put $5,000 - $15,000 on each and finally have 2 cards I can USE...

BUT I want to make sure they WILL graduate and are good cards!

Discover graduates, has rewards, but I think max limit is $2500. I think you really need to look into a credit union if you want to get a secured card that allows you to make that big of a deposit.

Re: Secured Cards Info...

Charmante — Sun, 16 Aug 2020 20:09:12 GMT

@HeavenOhio Well, I'm going to list everything, but it seems Secured is my only options anyway. But here you go.

Chevron (2002) Closed (AU) $0 of $300 Never Late

CapitalOne (2016) Open $0 of $500 (90 Day Late in May 2019)

CapitalOne (2017) Open $0 of $500 Never Late

CFNA Firestone (March 2020) $0 of $750 Never Late

PenFed ODLOC (March 2020) $0 of $500 Never Late

Macy's Store Card (March 2020) $46 of $16,000 Never Late

PenFed SL (May 2020) $1,200 of $1,250 Never Late

5 Student Loans (2011) totaling $20,000 all maxed loans (never made a payment -- on deferral)

2 Collections Accounts totaling $2,000 each 6.5 years old. One ages off December and the last one ages off February.

Approximately 3 inquiries per bureau.

FICO is 699 on Exp. And about 640-650 on the other 2.

Re: Secured Cards Info...

K-in-Boston — Sun, 16 Aug 2020 20:18:26 GMT

@Charmante wrote:
@HeavenOhio Well, I'm going to list everything, but it seems Secured is my only options anyway. But here you go.

Chevron (2002) Closed (AU) $0 of $300 Never Late

CapitalOne (2016) Open $0 of $500 (90 Day Late in May 2019)

CapitalOne (2017) Open $0 of $500 Never Late

CFNA Firestone (March 2020) $0 of $750 Never Late

PenFed ODLOC (March 2020) $0 of $500 Never Late

Macy's Store Card (March 2020) $46 of $16,000 Never Late

PenFed SL (May 2020) $1,200 of $1,250 Never Late

5 Student Loans (2011) totaling $20,000 all maxed loans (never made a payment -- on deferral)

2 Collections Accounts totaling $2,000 each 6.5 years old. One ages off December and the last one ages off February.

Approximately 3 inquiries per bureau.

FICO is 699 on Exp. And about 640-650 on the other 2.

Rather than opening two secured cards with $5-15k each, why not pay off your student loans? (Especially If they are not subsidized federal loans, as they are still accruing interest.) While only you can decide if it's worth it to you to pay off the two collections before they are aged off, and there's not much you can do about the late payment at this point, having 5 loans at 100% or more of the original loan amount is something affecting you that you seem to have control over and the means to pay.

Re: Secured Cards Info...

JohnSnow — Sun, 16 Aug 2020 20:58:49 GMT

@Charmante wrote:
So I'm posting a small list of Secured Cards I'm interested in. Plan to choose 2 and open them.

Please tell me if each one DOES or Does Not GRADUATE (and average graduation period) and if they HP or SP to open the card, please.

BoA
SDFCU
Citi
Discover
Wells Fargo
PenFed
Unify CU

THANK YOU!!!

I got my BoA secured card last chrismas with $300. I upped the CL to $1000 last month and graduated this month with an additional $1500.

edit: forgot to mention the first application was a HP but everything after has been a SP for me.

Re: Secured Cards Info...

Charmante — Sun, 16 Aug 2020 23:23:16 GMT

I'll likely never pay the loans. Ever. The way my income is structured, I'll receive a lifetime deferment. And even if I did pay them off, what do you predict the score increase would be? I've been told VERY little.

It would still leave me with no card for everyday use.

Re: Secured Cards Info...

Remedios — Mon, 17 Aug 2020 00:10:39 GMT

@Charmante wrote:
I'll likely never pay the loans. Ever. The way my income is structured, I'll receive a lifetime deferment. And even if I did pay them off, what do you predict the score increase would be? I've been told VERY little.

It would still leave me with no card for everyday use.

Could you help me understand why someone who makes $100,000.00 (I think that's what you stated), would have loans deferred forever due to income structure?

What kind of structure are we talking about here?

Re: Secured Cards Info...

Red1Blue — Mon, 17 Aug 2020 00:19:08 GMT

@Charmante wrote:
@Anonymous I was just looking for general advice about the specific cards I listed.

I'm sick of getting HP's and then either receiving a DENIAL -- OR a tiny $300-750 card... Waste of my time and Inquiry...

So I've decided to just open 2 LARGE Secured Cards so I can just put $5,000 - $15,000 on each and finally have 2 cards I can USE...

BUT I want to make sure they WILL graduate and are good cards!

You got to be cautious when you want secured card with large limits? Are you planning on putting a single deposit and request large limit or are you planning on making monthly deposit into deposit and ask for CLI ? Some cards are very picky when you try to make several deposits and ask for CLI. Also many of them do hard inqs each time you request a CLI. For instance US Bank trigger hungry for hard pulls. Just be cautious. Save the entire deposit amount and apply for the card. For instance OpenSky and Merrick did not mind when I send them check for $500 every other week and ask for CLI. But First Progress was very touchy about CLI. US Bank does not give any CLI in the first 6 months. So be cautious where you apply and how you apply for secured credit cards especially with large amounts. Also the large amount cards might be hard to graduate to unsecured cards. Trust me I went through the jungle of secured cards and learned all the ropes.

Re: Secured Cards Info...

Charmante — Mon, 17 Aug 2020 17:35:24 GMT

Because legally I am unemployed and file no taxes. Have never had a legal job or filed a tax return. But am legally listed as an authorized user on my family's business accounts. So I take out money as I need it. My family gives each child permission to draw up to $100,000 - $125,000 annually.

From what they tell me, although I'm unsure the specifics truthfully, they told me it's structred where upon their death's, it's set up to be managed by their accounting and legal teams, and the attorney's will issue checks as needed.

I may end up receiving a trust fund, I don't know... If so, would that cancel out my deferment?

I'm not familiar with this stuff other than I have no taxes, income, etc.

I really hate thinking about this, because I'm so disappointed in my old self...

I've received this income since I was 21 years old -- 15 years -- and I've so recklessly squandered it away...

Barely have $25,000 in bank. No investments. No IRA's.

It makes me mad at myself!!!

Last year, when I turned 35, things changed (mentally) and now I'm on a mission to grow up and build my finances, credit, and future up.

Re: Secured Cards Info...

Remedios — Mon, 17 Aug 2020 18:09:48 GMT

@Charmante those are noble goals and you should continue with them, but what you are describing does not constitute income.

What are you putting on the applications employment and income wise?

Re: Secured Cards Info...

Charmante — Mon, 17 Aug 2020 20:09:37 GMT

I list OTHER and list 100,000.

Re: Secured Cards Info...

simplynoir — Mon, 17 Aug 2020 19:47:13 GMT

@Charmante wrote:
I list OTHER and list 100,000. I list my Dad's phone number and name as contact.

I'm trying to understand this correctly. So when you fill out applications for cards you're doing it on his behalf and not your own information/credit?

Re: Secured Cards Info...

Charmante — Mon, 17 Aug 2020 20:07:04 GMT

No. My own. I list him as person to contact about my income.

Re: Secured Cards Info...

Charmante — Mon, 17 Aug 2020 20:13:14 GMT

I've spoken with a few institutions. Such as Discover, and a few others and they told me it's fine to list income that is not specifically my own, or earned by working, so long as it is income I do TRULY have access to OR is a person's whom DOES support me.