topic another secured CC question in Credit Cards

Secured Credit Cards

Anonymous — Sun, 23 Aug 2009 08:23:30 GMT

Hello another question regarding secured credit cards.. are all secured CC a mail in process ? e are tyringto re establsh my wifes credit which is basically none, and have been turnd down 2 times all ready for CC with USAA, american Dream HSBC, and one pending approval with Capital one, none of these were the secured type so nw i am figuring before i get to many inquires I should go Secured but almost half are mail in apps with the standard 200 dollar check still feel uncomfortable though so any suggestions ? also what is a good one that will help repair and build her credit history back up ? thank you for all your questions i enjoy the knowledge you all provide.

V/R

SSG Naccarato

Re: Secured Credit Cards

ShowCredit — Sun, 23 Aug 2009 12:25:51 GMT

I have had a secured CC with Orchard Bank for 6 years. I had to send my deposit in, make sure I keep my utility betwee1% and 9%, and they report to all 3 credit bureaus. It shows great on my CR. I am not sure why you feel uncomfortable about mailing it in. If you send a check and it is cashed, then you have your cancelled check as proof. If you are not approved for a secured CC then they will send your check back.

Re: Secured Credit Cards

Anonymous — Sun, 23 Aug 2009 12:31:15 GMT

Thank you very much I appreciate your time and advice, I am really new to this and teaching my self as I go, so actually how does the secured card work say it is 200 minnium deposit is that my credit limit? or do they say give you $ 500 and your secured for 200 of that ? i really just dont know but thank you for your time

Re: Secured Credit Cards

Scamp — Sun, 23 Aug 2009 13:28:11 GMT

nacc0331 wrote:
Thank you very much I appreciate your time and advice, I am really new to this and teaching my self as I go, so actually how does the secured card work say it is 200 minnium deposit is that my credit limit? or do they say give you $ 500 and your secured for 200 of that ? i really just dont know but thank you for your time

It depends on the lender. BofA, for example, has both fully-secured cards (your depost = your credit limit) and their 99/500 partially-secured card, which is available only as a possible counter-offer if you're turned down on an app for one of their unsecured cards.

Most secured cards are the fully secured type, though, so that whatever you put down is your credit limit. Typical timeline for being converted to unsecured (provided, of course, that you've shown good behavior with the secured account) is about a year, though BofA cards start being reviewed for graduation at 9 mos., and some lenders require a longer secured timeline. Often, a credit line increase also is granted upon graduation.

Hope this helps, and thank you for your service to the country!

another secured CC question

Anonymous — Sun, 23 Aug 2009 12:45:51 GMT

I dont fully understand what they mean when they say choose your Credit Limit up to $5000 on a secured card is that the amount I would need to put on the card ? it says that it is not a pre-paid card but the terms are still confusing it is an Applied Bank secured CC and made the minnium deposit of $200 but it still sounds like that is my Credit limit ? has anyone any info

Re: another secured CC question

Anonymous — Sun, 23 Aug 2009 13:11:52 GMT

Hi nacc0331!

With the Applied Bank secured card, your credit limit will equal your deposit, and that's what they mean when they say that you can "...choose your credit limit up to $5000," etc...

However, if you've had clean reports since your bankruptcy, I'd establish a relationship with Navy Federal Credit Union (if you've not done so already) and apply for their secured credit card. All active duty branches are eligible for membership.

Re: another secured CC question

credit911 — Mon, 24 Aug 2009 04:42:22 GMT

nacc0331,

I have a orchard bank secured card for $200. Basically I sent them a check for the $200 and that is the limit I get. It is just like a regular credit card but they have the money in a savings account in case you default, then they just take what is owed to them and give you the rest back. It is not a prepaid card.

Re: another secured CC question

Anonymous — Mon, 24 Aug 2009 12:22:10 GMT

The main benifit of puting up large deposit like $5k is make more like to recive larger credit lines in future.

credit cards are high risk and abilty to pay doesn't always willness to pay. so in addtion income credit card companies consider your cls on exsiting revovling accounts, and if you only one there be a big diffrence between a $5000 tradeline and a typical $300-500 that is typical of secured card deposits

Re: Secured Credit Cards

Anonymous — Mon, 24 Aug 2009 12:29:35 GMT

Hold the Bus.

If you have good credit, add her to a few of your cards as a JOINT user, and you are DONE!

Re: Secured Credit Cards

Anonymous — Mon, 24 Aug 2009 13:00:53 GMT

@Anonymous wrote:
Hold the Bus.

If you have good credit, add her to a few of your cards as a JOINT user, and you are DONE!

The only joint credit you should have is a mortgage. AU is one thing - joint is another altogether.

Re: Secured Credit Cards

Anonymous — Mon, 24 Aug 2009 14:40:41 GMT

@Anonymous wrote:
@Anonymous wrote:
Hold the Bus.

If you have good credit, add her to a few of your cards as a JOINT user, and you are DONE!

The only joint credit you should have is a mortgage. AU is one thing - joint is another altogether.

+1

One should only consider adding somone else as an AU and not as a joint user of a CC!

Re: Secured Credit Cards

ronq — Tue, 25 Aug 2009 13:59:11 GMT

nacc0331,

Since you are in the service you should check out Navy Federal Credit Union. I started with a secured card from them a long time ago. They usually only require a year of good payments to convert it to an unsecured card.