topic Re: Anyone know any good secured credit cards? in Credit Cards

Anyone know any good secured credit cards?

clemente21 — Thu, 17 Jun 2010 18:16:35 GMT

I've read some horror stories about really shady secured credit cards. I'm looking to get one to begin rebuilding my credit. Anyone have any recommendations for cards i should check out before I start applying?

Re: Anyone know any good secured credit cards?

Gibran — Thu, 17 Jun 2010 18:43:27 GMT

Have you tried a local CU to see if they offer secured CC's?

Re: Anyone know any good secured credit cards?

clemente21 — Thu, 17 Jun 2010 19:12:37 GMT

I haven't. But I was looking into Orchard Bank. Looks like they have a solid car, low fee, that I can set up for about $200.

Re: Anyone know any good secured credit cards?

smc733 — Thu, 17 Jun 2010 19:17:07 GMT

A lot of people like Orchard Bank. If you're rebuilding, I'd recommend Citi's Secured MasterCard or Bank of America's Secured Visa, both mature after 18 and 12 months respectively. Though, if you're looking to START building credit, you won't need a secured card for that long.

Re: Anyone know any good secured credit cards?

clemente21 — Thu, 17 Jun 2010 19:24:25 GMT

I'm looking to rebuild. I really want to get a card with a bank that may increase me pretty quickly. I'm going to look at BoA, I've good things about them also. Thanks everyone!

Re: Anyone know any good secured credit cards?

cranston3 — Thu, 17 Jun 2010 19:28:25 GMT

Addison Ave CU

Re: Anyone know any good secured credit cards?

smc733 — Thu, 17 Jun 2010 21:48:24 GMT

BofA is good, that was my first card, though the $39 AF can sting. Still, I think most would appreciate the extra $10 to un-secure the card 6 months earlier.

One to avoid (Which you can only get if you're a customers of theirs anyway) are the Wells Fargo/Wachovia Cards, which they deliberately say they are no longer graduating, (a lot of sense the clowns that run that bank make).

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 01:21:35 GMT

Any CU secured card is a good bet.

Of the major banks, here is my list of good candidates ( I have the first 3)

Public Savings Bank

NO credit check, Application Fee only, good terms, does not graduate.

Best card for people with really bad credit who can't get decent secured card

HSBC/ORCHARD

Easy to qualify for, good terms, reasonable annaul fee

You can prequalify online without hard inquiry

Capital One Secured

Easy to qualify for (I think), good terms, reasonable annaul fee,

Unsecured Credit limits are added to secured limit with good behaviour

These are a little harder to qualify for, but all have decent terms, and reasonable annual fees.

CITI

BofA

WellsFargo

US Bank

There are lots of reports of people not graduating to unsecured as quick as they want, but I don't think that should be your main criteria. Getting poitive history on your report and having use of the cards is the main thing during rebuilding.

If you want to know about bad cards, just read the terms and conditions. Reject anybody who

1. Has any fees other than annual fee under $50.

2. Has fee for credit limit increases

3. Has NO GRACE PERIOD

Let us know who you are considering?

Re: Anyone know any good secured credit cards?

Datx — Fri, 18 Jun 2010 04:38:44 GMT

I went with a Cap One secured and waiting on my Orchard Bank secured. I am going to try either BOA secured or Citi but if its a no go on those, then I plan on getting a public bank saving secured card. I wish I woulve signed up with them a few months back when the deposit started at a minimum of $200 now its $300 per card. You can open two accounts with them. Public bank does charge a one time $25 CLI increase (per increase) when you make additional deposits.

Be prepared for a long processing time with Orchard Bank if you decide to go with them.

Re: Anyone know any good secured credit cards?

smc733 — Fri, 18 Jun 2010 04:43:02 GMT

How many accounts are you opening? I would say 2 secured cards are sufficient. Remember, they do report to the CB as secured cards. I would wait on the Orchard, and if that goes through, keep that and the CapitalOne, and then apply for an additional unsecured card at the 6 or 8 month mark.

Re: Anyone know any good secured credit cards?

Datx — Fri, 18 Jun 2010 12:18:59 GMT

I was planning on going with 3 total. I wanted a BOA later on since they supposely graduate over to a unsecured card later. Not so sure about Cap One and Orchard. I was going to use those 2 cards for rebuild purposes only.

Re: Anyone know any good secured credit cards?

clemente21 — Fri, 18 Jun 2010 13:51:12 GMT

Thanks everyone! I'm looking at Orchard or BoA right now.

I'm new to secured cards. But, do a lot of these companies do hard inquiries on your CR to qualify you for a secured card?

Re: Anyone know any good secured credit cards?

smc733 — Fri, 18 Jun 2010 16:25:11 GMT

Yes, they will virtually all post a hard inquiry to your credit.

And @mycreditstinks, 3 is a fair number to go for as well, going for the BofA secured a few months after the first two is actually a really good idea.

Re: Anyone know any good secured credit cards?

myficomatt — Fri, 18 Jun 2010 17:03:42 GMT

From experience, I might check with a card other than Orchard. A few things I've noticed. The card I signed up for was No AF (for the first year). I didn't realize this, and ended up almost making a late payment, because I never use it! My fault for not looking at the fine print, but that was before I signed up for this forum. Also, there's no hope (for me) to change that card into an unsecured credit card. I think you might have better luck with BoA.

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 17:48:07 GMT

@smc733 wrote:
How many accounts are you opening? I would say 2 secured cards are sufficient. Remember, they do report to the CB as secured cards. I would wait on the Orchard, and if that goes through, keep that and the CapitalOne, and then apply for an additional unsecured card at the 6 or 8 month mark.

Not all cards report to CB as secured cards. My HSBC and PSB do not.

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 17:48:51 GMT

@clemente21 wrote:
Thanks everyone! I'm looking at Orchard or BoA right now.

I'm new to secured cards. But, do a lot of these companies do hard inquiries on your CR to qualify you for a secured card?

PSB does not , but most do.

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 17:53:24 GMT

@smc733 wrote:
Yes, they will virtually all post a hard inquiry to your credit.

@Anonymous @mycreditstinks, 3 is a fair number to go for as well, going for the BofA secured a few months after the first two is actually a really good idea.

PSB does not do a hard or soft inquiry. Most everyone else does soft or hard.

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 18:13:55 GMT

@MyCreditStinks wrote:
I went with a Cap One secured and waiting on my Orchard Bank secured. I am going to try either BOA secured or Citi but if its a no go on those, then I plan on getting a public bank saving secured card. I wish I woulve signed up with them a few months back when the deposit started at a minimum of $200 now its $300 per card. You can open two accounts with them. Public bank does charge a one time $25 CLI increase (per increase) when you make additional deposits.

Be prepared for a long processing time with Orchard Bank if you decide to go with them.

Cap One secured add unsecured limits over time, so IMO it is one of the best secured cards to get. I started with PSB who is the easiest to get in the beginning, but you are past that, so I don't see paying the application fee. I think you would be much better off by adding more deposit to CapOne and Orchard to show bigger limits. Then go for BofA or Citi in about 6 months or more.

Re: Anyone know any good secured credit cards?

clemente21 — Fri, 18 Jun 2010 18:39:41 GMT

Does Capital One put a hard inquiry on your report? Also, how hard is it to get approved? I'm rebuilding right now, and at the very beginning stages. I'm thinking I should go with the the easiest card to get, then work my way up. Like maybe go Orchard -> Capital One -> BoA, with six months in between, unless of course I get approved for an unsecured card in the process.

Re: Anyone know any good secured credit cards?

Anonymous — Fri, 18 Jun 2010 18:43:18 GMT

@clemente21 wrote:
Does Capital One put a hard inquiry on your report? Also, how hard is it to get approved? I'm rebuilding right now, and at the very beginning stages. I'm thinking I should go with the the easiest card to get, then work my way up. Like maybe go Orchard -> Capital One -> BoA, with six months in between, unless of course I get approved for an unsecured card in the process.

That is a great plan. I got a secured card from Cap1. I don't think it is too hard to get a hard from them. Before I did that I had an Orchard card for 7 months. Another 6 months I will try for a BoA secured card. Then hopefully I should be ready to get unsecured cards.