topic Re: Secured card help in Credit Cards

Secured card help

drsmith — Thu, 23 Jun 2011 04:06:51 GMT

What are some good lenders that offer secured cards? Preferably ones that could some day graduate and will accept you with bad credit. I've finally convinced my GF that they are a great option and she should consider them. She app'd for a credit one card about 6 weeks ago but she really isn't interested in doing business with them. The first time she had to call customer service for her app they were pretty rude and unhelpful. That currently is her only inquiry so I don't think one more will do too much harm. Although, she may need to apply for a school loan and a we might buy a newer car for her this fall.

Is that a good course of action? This will be her first credit card since her chargeoff in '09 and she really doesn't need much. She's an AU on my cards that we use for any large purchases. She just needs her own card to rebuild with for awhile. I'd also like to add that she won't do business with capital one. They sent her account to collections when she was enrolled in the payment protection and they didn't honor the agreement at all.

Re: Secured card help

Datx — Thu, 23 Jun 2011 04:22:15 GMT

My vote would be a secured card from a CU. Are you currently a member of a CU?

Re: Secured card help

drsmith — Thu, 23 Jun 2011 04:36:58 GMT

We use Wells Fargo

Re: Secured card help

Datx — Thu, 23 Jun 2011 04:51:04 GMT

I started out with Cap One and Orchard Bank secured cards. Since she does not want to do business with Cap One, she probably don't want to do business with Orchard Bank either since it looks like Cap One may be acquiring OB's rebuilder cards. Wells Fargo offer secured cards, but Im not sure what their lending standards are. If she can look into joining a CU, such as DCU or even a local CU, I believe that would be her best option. If she doesnt want to deal with a CU, then you can also try Public Savings Bank.

Edit: Sorry, PSB does not graduate to an unsecured card. I'm about all out of ideas. Look into a CU!

Re: Secured card help

drsmith — Thu, 23 Jun 2011 04:58:19 GMT

I guess it isn't an absolute must that the card graduate someday. She just wants to use a somewhat reputable lender. I'll look into a credit union, but I don't know if she'll want to go that route either.

Re: Secured card help

bichonmom — Thu, 23 Jun 2011 06:32:29 GMT

I'd also look into a local CU. Each one has their own policies, but I was able to find one that would help me to re-establish credit with a low CL CC. Lots of bigger ones are talked about here, but sometimes a local one may be more willing to work with you.

I know WF offers a secured card, but you do need to qualify for it, and I'm not sure what their policies are about it going to unsecured. If you have an acct. w/them, I'd look into it because they do consider your history w/them when determining credit.

Re: Secured card help

drsmith — Thu, 23 Jun 2011 14:55:54 GMT

That's what I was thinking. I may just have her go ahead with the credit one card. I know she isn't going to be interested in messing around with a credit union.

Re: Secured card help

Anonymous — Thu, 23 Jun 2011 16:22:32 GMT

I suggest you check out Wells Fargo secured card. Low AF $18, and reasonable terms.

Re: Secured card help

drsmith — Thu, 23 Jun 2011 16:52:48 GMT

Are they hard to qualify for?

Her EQ as of a month ago was 619 with the baddies I mentioned

Re: Secured card help

Anonymous — Thu, 23 Jun 2011 19:59:20 GMT

WF Elgibility :

Eligibility

You must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens.2

My guess is that if you are a good WF bank customer, you have a good shot at approval.

Re: Secured card help

drsmith — Thu, 23 Jun 2011 20:25:57 GMT

Would Wells Fargo possibly consider using the same credit report if she applied for the secured card and a student loan on the same day? Or is that something that they generally wouldn't do?

Re: Secured card help

bcdudley — Tue, 28 Jun 2011 03:56:56 GMT

Wells Fargo will never graduate a card. I had a secured card with them for over 2 years with perfect payments and met all the requirements. They kept giving me the run around so I dropped them. Since you don't want CapOne, I don' thave any other good suggestions, but stay away from WF, iMO.

Re: Secured card help

Anonymous — Tue, 28 Jun 2011 04:30:26 GMT

There's always Citi, but they might be harder to qualify for (in theory - haven't tried). But you have a minimum of an 18 month wait to unsecure.

Re: Secured card help

Anonymous — Tue, 28 Jun 2011 22:21:56 GMT

I've had no problems with Bank of America's secured card.. it's been rock solid. There's also a backdoor number listed in the stickies, you can call to make immediate CL increases if you want.

Re: Secured card help

Hopelives2 — Wed, 29 Jun 2011 00:43:33 GMT

Isn't BoA the secured card that can go to like $10k, and then after 12 months of prompt payments (preferably PIF) it goes unsecured at the limit?

Or is another one... there was some dude on here a few months ago that wanted secured cards to $40k...

Re: Secured card help

Anonymous — Fri, 01 Jul 2011 18:04:46 GMT

BoA and WF both have secured cards that can go as high as $10k each. Nasa FCU has a couple, with rewards that can get as high as $30k. https://www.nasafcu.com/credit-cards/

Re: Secured card help

junior88 — Fri, 01 Jul 2011 18:20:48 GMT

I just wanted to tell you that WF CC and WF Student loans are 2 totally different areas. I know this because I work in the Student Loan area. We will not use the same CBR for both a CC and SL in the same day. Sucks I know but we are our own separate entity.