topic Re: Secured CCs in Credit Cards

Secured CCs

Anonymous — Sun, 09 Jan 2011 16:31:37 GMT

I have some significant credit problems, my FICO scores are in the 500-550 range. I'm beginning to work on repairing my scores; I'm planning on getting a few secured credit cards to enable me to rebuild positive history. With my scores, who should I go to for a quality secured card?

I was denied by BOA for too recent delinquencies but approved by Capital One. With the BOA denial I'm thinking my chances at a Citibank secured card are slim to none. I want to apply for a Justice Federal Credit Union secured card but I have to be a member for a little longer with a clean checking account history. Any suggestions are much appreciated. Thanks!

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 16:48:30 GMT

Apply for the Public Saving bank open sky secured credit card, they have a minimum deposit of $200, and a fnot introductory 6.55% APR, and if you have any checking account at any bank they will debit the amount electronically without having to send them a check, They don´t even check your credit for approval and they report to the 3 CB.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:00:38 GMT

@Anonymous wrote:
I have some significant credit problems, my FICO scores are in the 500-550 range. I'm beginning to work on repairing my scores; I'm planning on getting a few secured credit cards to enable me to rebuild positive history. With my scores, who should I go to for a quality secured card?

I was denied by BOA for too recent delinquencies but approved by Capital One. With the BOA denial I'm thinking my chances at a Citibank secured card are slim to none. I want to apply for a Justice Federal Credit Union secured card but I have to be a member for a little longer with a clean checking account history. Any suggestions are much appreciated. Thanks!

I would not try for any more major bank CC, since you have approval for Capital One. It is my favorite secured card among the major banks because of the ease of adding more deposits and they will add unsecured CL as your credit improves. Also, WF,US Bank are not likely to approve. Orchard likely to approve, but I don't think you need it.

It is definitely worth waiting for CU, assuming you want a long term relationship with them.

I think rebuilding with 2 cards is good enough. I recommend that over time, you build up to larger deposits, to the level of the CL you would like it the future.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:04:13 GMT

What kind of scores would I need to get into the BOA-WF-US Bank secured CC tier?

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:06:49 GMT

@Anonymous wrote:
Apply for the Public Saving bank open sky secured credit card, they have a minimum deposit of $200, and a fnot introductory 6.55% APR, and if you have any checking account at any bank they will debit the amount electronically without having to send them a check, They don´t even check your credit for approval and they report to the 3 CB.

Public Savings Bank is an excellent card for people who can't get approval elsewhere. It has great terms for people with no credit and very bad credit. But they do not unsecure or even offer an unsecured card. It is a start from the bottom card, and since Capital One approved you, you are past that.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:09:37 GMT

What kind of scores would I need to get into the BOA-WF-US Bank secured CC tier?

If you are serious about rebuilding your credit then stick with the capital one and a cu secured card like the above post advised.. you shouldnt even be concerned about what score you need to achieve BOA-WF-US Bank.. You are a year or 2 away before you should concern yourself about them.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:11:24 GMT

Fair enough.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:12:25 GMT

One thing though I forgot to mention. I did the HSBC soft pull and it indicated I could get a secured CC. Should I go for that one too?

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:13:19 GMT

@Anonymous wrote:
What kind of scores would I need to get into the BOA-WF-US Bank secured CC tier?

These cards are more for people with no credit or minor credit problems. You may have a shot, if wait until you develop some good history with the Cap1 and the CU.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:18:41 GMT

I WOULD AVOID HSBC AT ALL COST!!!!!

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:18:57 GMT

@Anonymous wrote:
One thing though I forgot to mention. I did the HSBC soft pull and it indicated I could get a secured CC. Should I go for that one too?

They are a reasonable secured card, highly likely you will get approved. I like the card as well, but they don't really unsecure it, but it will help you get approval for their unsecured cards in the future. I would only bother with HSBC, if you want one of their store or cobranded cards in the future.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:20:39 GMT

Hey everyone. I'm looking to get a secured card too. Question. Can additional deposits increase your credit limit after the initial $200/$300 is sent in for a Public Savings Bank Secured card?

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:21:28 GMT

I'm dreaming of an American Express future (distant future!) so I'll pass then.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:25:34 GMT

Of course if you can get an unsecured card, go for it, but if you need a secure card, don´t go with HSBC, they take so much time to send the card, I apply more than 2 months ago, and have to cancel the application cause they didn´t sent the card. I applied for Public savings, and in two weeks or less I´ll have the card on the mail, they debited the deposit from my checking account, and I didn´t have to send any form. I just did all electronically, thing that you can´t do with HSBC, you have to wait for them to send you a lot of forms to sign

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:27:05 GMT

@Anonymous wrote:
Hey everyone. I'm looking to get a secured card too. Question. Can additional deposits increase your credit limit after the initial $200/$300 is sent in for a Public Savings Bank Secured card?

Yes, but you have a waiting period (4 months I think) before you can increase it. Originally, they had a $25 fee, but I think it only applys if the account is over a year old.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:28:31 GMT

Sweet! Sounds good. Thank you for responding.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:28:42 GMT

@sweets8e, yes you can increse your credit limit after the initial deposit with Public savings, the first year is free, then they charge $25 per increase

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:30:17 GMT

I'm pretty much bottomed out on my FICOs...everything bad thing you can name, I have. My only saving grace, I suspect, is that I have an Navy FCU CC with a $20k credit limit on my report...me and a partner co-signed to it and it's in excellent standing (note that I am not an authorized user on the account)

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 17:37:12 GMT

@Anonymous wrote:
I'm pretty much bottomed out on my FICOs...everything bad thing you can name, I have. My only saving grace, I suspect, is that I have an Navy FCU CC with a $20k credit limit on my report...me and a partner co-signed to it and it's in excellent standing (note that I am not an authorized user on the account)

That is a huge help, and with that, I think 2 secured cards is plenty. I would concentrate my funds on getting higher deposits with them, rather than additional secured cards.

Re: Secured CCs

Anonymous — Sun, 09 Jan 2011 18:28:55 GMT

@sweets8e, yes you can increse your credit limit after the initial deposit with Public savings, the first year is free, then they charge $25 per increase

This sounds like a really good idea. As long as I can deposit additional funds at some point, then it's cool with me. Gotta start somewhere. I'm so glad someone said something about the WF and BofA Secured cards before I wasted an inquiry on each. My plan before this was to open savings accounts with each bank and keep depositing until I got to about $1500 on one and $2500 on the other and apply for a secured card with both. This was supposed to happen by around June 24, 2011. But if they're cards that are made for people with no credit to slighty imperfect credit, then it would have been a wasted effort. Although just saving altogether still isn't a bad idea. Back to the drawing bored.