topic Re: What score do I need to get a secured card in Credit Cards

What score do I need to get a secured card

Anonymous — Mon, 12 Mar 2012 21:42:03 GMT

Just getting started rebuilding, and seems like everyone is suggesting a secured credit card as a great step forward. However, I really don't want to get denied for a secured card app. My score is bumping up each month as I get a little distance from my struggles to pay on time. It is at 556 now. Should I go ahead and apply for a secured card now, or should I wait another month or two?

Re: What score do I need to get a secured card

LS2982 — Mon, 12 Mar 2012 21:44:30 GMT

@Anonymous wrote:
Just getting started rebuilding, and seems like everyone is suggesting a secured credit card as a great step forward. However, I really don't want to get denied for a secured card app. My score is bumping up each month as I get a little distance from my struggles to pay on time. It is at 556 now. Should I go ahead and apply for a secured card now, or should I wait another month or two?

I would get the secured card and make deposits on it frequently to set you up for bigger CL's in the future.. Make sure you garden the account for at least 6 months to a year to help gain good payment histoy.

Re: What score do I need to get a secured card

Anonymous — Mon, 12 Mar 2012 21:50:43 GMT

Thanks. I have read quite a bit on the forums about different secured cards...any idea of which ones will approve me at my current score?

Re: What score do I need to get a secured card

arredondo3417 — Mon, 12 Mar 2012 21:50:46 GMT

i believe that is not on the credit score they look more into your income because the secured card will be based on what you deposit in to the card so as higher as you deposit is the higher that you credit line will be i just got a 5000 dollars capitalone secured card and it has bosst my credit more

Re: What score do I need to get a secured card

arredondo3417 — Mon, 12 Mar 2012 21:53:14 GMT

capital one will aprove you no doubt the require at least 200 dollars sometimes just 49.99 to get you a 200 secured card then its up 2 you if you wanna deposit more money in the account just call them to deposit more and you will have more credit line

Re: What score do I need to get a secured card

bichonmom — Mon, 12 Mar 2012 21:53:26 GMT

You might want to talk to some local CUs. They are often more flexible and user-friendly than banks. They should be able to give you *some* idea before pulling your credit if you could get a secured card with them.

Re: What score do I need to get a secured card

LS2982 — Mon, 12 Mar 2012 21:53:54 GMT

@Anonymous wrote:
Thanks. I have read quite a bit on the forums about different secured cards...any idea of which ones will approve me at my current score?

I would give Cap1 a shot. They will pull all 3 bureaus but they are a very good secured card!

Re: What score do I need to get a secured card

Anonymous — Mon, 12 Mar 2012 21:53:59 GMT

Thanks guys...I will apply for the capital one card and see how it goes.

Re: What score do I need to get a secured card

arredondo3417 — Mon, 12 Mar 2012 21:59:00 GMT

ALRIGHT LET US KNOW HOW IT GOES GOOD LUCK

Re: What score do I need to get a secured card

LS2982 — Mon, 12 Mar 2012 22:02:30 GMT

@Anonymous wrote:
Thanks guys...I will apply for the capital one card and see how it goes.

Fingers crossed for you!!

Re: What score do I need to get a secured card

Anonymous — Mon, 12 Mar 2012 22:04:55 GMT

Applied for Cap 1 and was accepted...I will update again in a month or so after I see how it affects my score. Thanks again everyone.

Re: What score do I need to get a secured card

arredondo3417 — Mon, 12 Mar 2012 23:05:49 GMT

yay congrats make payments on time and all the rules and you will be on your way UP AND UP

Re: What score do I need to get a secured card

LS2982 — Mon, 12 Mar 2012 23:14:19 GMT

@Anonymous wrote:
Applied for Cap 1 and was accepted...I will update again in a month or so after I see how it affects my score. Thanks again everyone.

Big Congrats!!!! Is this your 1st CC in your rebuild journey?

Re: What score do I need to get a secured card

jamie2005 — Wed, 14 Mar 2012 03:26:46 GMT

Does capital one report to all 3 CRA?

Re: What score do I need to get a secured card

annielorie — Wed, 14 Mar 2012 03:39:19 GMT

Yes they do remember to stay under 9 % utilzation and find out what date your statement cuts then pay it down to the 9% or less a few days before Good Luck!!

Re: What score do I need to get a secured card

Anonymous — Mon, 19 Mar 2012 01:12:37 GMT

Quick update...

Spent a half on hour trying to figure out how to send my security deposit with Cap1 only to find they approved me for an unsecured card instead of the secured one, which is of course, a very pleasant surprise. Thanks again everyone for your counsel.

Re: What score do I need to get a secured card

LS2982 — Mon, 19 Mar 2012 01:22:41 GMT

Lets hope your in credit steps!! Congrats!!

Re: What score do I need to get a secured card

Anonymous — Mon, 19 Mar 2012 01:31:55 GMT

i app BoA secure card $300 and $39 AF and they approve me...

Re: What score do I need to get a secured card

CreditCardDiva — Mon, 19 Mar 2012 01:49:11 GMT

@bichonmom wrote:
You might want to talk to some local CUs. They are often more flexible and user-friendly than banks. They should be able to give you *some* idea before pulling your credit if you could get a secured card with them.

+1 My CU was VERY supportive of my quest to rebuild my credit. It's best if you have a decent relationship - established checking/savings. I got a quick loan from them, and paid it on time, in full, a few years back. I've been with them for 8 years, and they approved a $500 Visa (unsecured), with no annual fee, and a good interest rate. I didn't think they would give it to me. I would have probably passed on the Orchard Bank unsecured card, if I'd known they were so willing to work with me.

Re: What score do I need to get a secured card

Anonymous — Mon, 19 Mar 2012 02:09:31 GMT

Letter said I am in credit steps, but it seems like a lot of different opinions on the boards here about what to expect from the credit steps program.