topic Re: Secured Card in Credit Cards

Secured Card

Anonymous — Wed, 11 Nov 2020 17:46:28 GMT

I'm wanting to add a Secured Card to my profile. HOWEVER I want to add one that WILL graduate AND grow!

I'm considering these 3:

Citi

BoA

BECU

Any info on those 3 (time frames for graduation, typical limit increases from graduation, etc...)

Plan to only secure about $500, maybe $1,000.

Will opening a Secured Citi or BoA get me in their doors?

Re: Secured Card

Girlzilla88 — Wed, 11 Nov 2020 19:08:15 GMT

@Anonymous You could throw Cap1 into the mix as well if you are new new to Credit. I know Citi can be picky, but I'm not sure on BOA or BECU do you have a relationship with any already?!

Re: Secured Card

Remedios — Wed, 11 Nov 2020 19:22:53 GMT

@Girlzilla88 wrote:
@Anonymous You could throw Cap1 into the mix as well if you are new new to Credit. I know Citi can be picky, but I'm not sure on BOA or BECU do you have a relationship with any already?!

OP said they want card that graduates.

Cap One secured cards don't.

Re: Secured Card

Girlzilla88 — Wed, 11 Nov 2020 19:24:25 GMT

@Remedios I could have sworn my DH card started secured but I could be mistaken.

Re: Secured Card

Anonymous — Wed, 11 Nov 2020 19:28:09 GMT

@Girlzilla88

My profile is as follows:

750's scores.

Less than 1% Utilization.

About 5 Inquiries.

$75k Annual Income (will hit $100k+ in 2021)

1 NFCU $800 Opened 04/2020

1 Discover $2,000 Opened 10/2020

1 Sync/Chevron $300 Opened 03/2020

1 Dell $3,000 (should be $4,500 any day) Opened 03/2020

I am avoiding Cap1.

I have a small savings with BECU ($250) just to be part of them.

I thought Citi would be a great way in their door (could be wrong?).

Re: Secured Card

Remedios — Wed, 11 Nov 2020 19:28:14 GMT

@Anonymous secured card will get you "through the door" but only as far as getting approved for secured card.

Any subsequent application would be evaluated on its own merit.

There are plenty of decent secured cards, you've listed some, there are also Discover (unless you burned them) and US Bank, both offer secured cards that graduate.

Plenty of CUs offer them, in addition to unsecured, albeit low limit cards.

If you are in WA state, in addition to BECU, you might want to look into joining Twinstar. If approved, it would be probably $500.00, but good enough to get you started.

Re: Secured Card

Remedios — Wed, 11 Nov 2020 19:30:11 GMT

@Girlzilla88 wrote:
@Remedios I could have sworn my DH card started secured but I could be mistaken.

He could have, if he applied prior to December 2017 or January 2018.

Cannot remember exact date, but Cap One stopped graduating cards mid 2018

Re: Secured Card

spiritcraft1 — Wed, 11 Nov 2020 19:49:45 GMT

@Anonymous wrote:
@Girlzilla88
My profile is as follows:

750's scores.
Less than 1% Utilization.
About 5 Inquiries.
$75k Annual Income (will hit $100k+ in 2021)

1 NFCU $800 Opened 04/2020
1 Discover $2,000 Opened 10/2020
1 Sync/Chevron $300 Opened 03/2020
1 Dell $3,000 (should be $4,500 any day) Opened 03/2020

I am avoiding Cap1.

I have a small savings with BECU ($250) just to be part of them.

I thought Citi would be a great way in their door (could be wrong?).

Do you not think you could get a straight up approval from BECU? It would seem that you have a good shot.

Have you tried for a SP CLI on that NFCU card?

Re: Secured Card

Girlzilla88 — Wed, 11 Nov 2020 19:55:05 GMT

@Anonymous I agree with above though you may have a great shot at not only a CLI but a second card with Navy as well but if you do that route then I would ask for the second card first, then go online and request a CLI on your current card for a possible SP on the CLI

Re: Secured Card

FishingGuy — Thu, 12 Nov 2020 00:59:34 GMT

I would also consider Discover..... they often graduate in 7 months, and increase the line to $1,500- $2,000, which will grow with use and on- time payments to higher limits..... then possibly a second card Discover card after awhile as well.

@Anonymous wrote:
I'm wanting to add a Secured Card to my profile. HOWEVER I want to add one that WILL graduate AND grow!

I'm considering these 3:

Citi
BoA
BECU

Any info on those 3 (time frames for graduation, typical limit increases from graduation, etc...)

Plan to only secure about $500, maybe $1,000.

Will opening a Secured Citi or BoA get me in their doors?

Re: Secured Card

dacv01 — Thu, 12 Nov 2020 04:36:52 GMT

@Anonymous I have had great luck with my Citi secured card. 1k Line, and Rep last week said I qualify for early review for upgrade/ increase in 2 weeks when my 12 months hits ( instead of 18)

Re: Secured Card

Anonymous — Thu, 12 Nov 2020 16:01:15 GMT

My vote is for BECU. I got a secured card with them for $500 and two years later applied for a CLI to unsecure it and got a SL of $7500.

For what it's worth I've been with becu for nearly 15 years, but only with basic checking and savings, this is my first credit product with them.

Re: Secured Card

sjt — Sun, 15 Nov 2020 18:49:02 GMT

Citibank - Generally unsecured within 18 months. Some graduate after 11 months. YMMV.

Bank of America - They start reviewing for unsecured after 7 months.

BECU - Unknown

State Dept Federal CU (SDFCU) - Will review for unsecured status after 12 months.

Discover - Will review after 7 months.

Also, look into credit unions both locally and nationally.

Always inquire about the approval criteria.

Re: Secured Card

Anonymous — Sun, 15 Nov 2020 23:59:14 GMT

@Anonymous Based on the provided details, I don't really see the point of opening a secured card especially since you already have unsecured ccs with other lenders.

IMO I think you should garden and let all of your accounts age as most of them were opened this year, then you could just apply for an unsecured card at whichever lender you prefer.

You also have an account with NFCU, it might be worth requesting a CLI (currently they are handing out UP TO $4000 CLIs). If any of their cards interest you, you could app and likely be approved.

Personally I would hold off applying till your youngest account hits 6 months.

Re: Secured Card

Kforce — Mon, 16 Nov 2020 00:31:28 GMT

@Anonymous wrote:
@Anonymous Based on the provided details, I don't really see the point of opening a secured card especially since you already have unsecured ccs with other lenders.

IMO I think you should garden and let all of your accounts age as most of them were opened this year, then you could just apply for an unsecured card at whichever lender you prefer.

You also have an account with NFCU, it might be worth requesting a CLI (currently they are handing out UP TO $4000 CLIs). If any of their cards interest you, you could app and likely be approved.

Personally I would hold off applying till your youngest account hits 6 months.

+100

Why waste a new account on a secured.?

Wait and get a card with better benefits in a year.

You have plenty for FICO and ageing

A secured just ties up money.

My answer: Don't get a secured card

Re: Secured Card

designated_knitter — Tue, 17 Nov 2020 23:02:33 GMT

I would avoid Citi...

They seem to be sending out lots of letters at the 18 month mark saying they aren't going to return your security deposit and you have to wait another 12 months.

I just got my letter yesterday... have 1000 deposit with them and my scores have improved 80 points across the board since I got the card. Not happy at all.

Re: Secured Card

Anonymous — Sun, 11 Apr 2021 01:55:35 GMT

@designated_knitter wrote:
I would avoid Citi...

They seem to be sending out lots of letters at the 18 month mark saying they aren't going to return your security deposit and you have to wait another 12 months.

I just got my letter yesterday... have 1000 deposit with them and my scores have improved 80 points across the board since I got the card. Not happy at all.

Oh THAT is good to know about CITI because they are on my short list which I'm considering for next. With exactly what you're saying, I'm thinking by the time which I'm waiting between applications and doing some tidying up, my score will be better, my AAoA will also be better. I'm so bad about the waiting, but it's only a few more months from now. Thx. This helps. 🙏🏻