topic Re: Secure Credit Cards in Credit Cards

Secure Credit Cards

dujaidecor — Wed, 11 Jul 2012 14:25:47 GMT

I am about a month into rebuilding my credit. I have had some success over the last month from 400s to 500s and still of course a long journey.

I want to apply for a secure credit card but have been denied in the past for one. I don't want to get a hard inquiry without being approved. Any suggestions?

Do I wait until my score improves more? HELP!!

Re: Secure Credit Cards

Datx — Wed, 11 Jul 2012 14:31:31 GMT

I think its going to be pretty tough to predict if you would get approved or not. It really just varies from lender to lender. When I started to rebuild about 2 years ago, PSB was fairly popular on 'no credit check' secured cards. I dont know of any right now. Have you looked into a local CU to see if they offered secured cards? I never done this myself, but there was suggestions on taking a hard copy of your credit reports and sitting down with a LO at a local credit union to see if you can qualify for their secured card. Kinda like getting yourself pre-qualified before actually applying.

Re: Secure Credit Cards

dujaidecor — Wed, 11 Jul 2012 14:35:38 GMT

I have inquired with my local CU but they dont offer a secure credit card .

Re: Secure Credit Cards

Datx — Wed, 11 Jul 2012 14:42:08 GMT

Just curious, which secured card have you applied and was denied for? And where are you located if you dont mind me asking.

Re: Secure Credit Cards

dujaidecor — Wed, 11 Jul 2012 14:49:28 GMT

I applied for Capital one secured card and was denied. I am located in New Jersey.

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 14:50:37 GMT

Cap 1 should be a go.

local CU's are good they usually don't have a AF either.

all the bank secure cards are usually only for building credit, not for rebuilding

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 14:53:09 GMT

Can you give us some details on what baddies remain on your credit report? example, chargeoff Amex 2010. etc. There are various options no matter how bad.

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 15:07:59 GMT

Do you have any lines of credit reporting? car, house, creditcards?

Re: Secure Credit Cards

namvet — Wed, 11 Jul 2012 15:38:20 GMT

@Datx wrote:
I think its going to be pretty tough to predict if you would get approved or not. It really just varies from lender to lender. When I started to rebuild about 2 years ago, PSB was fairly popular on 'no credit check' secured cards. I dont know of any right now. Have you looked into a local CU to see if they offered secured cards? I never done this myself, but there was suggestions on taking a hard copy of your credit reports and sitting down with a LO at a local credit union to see if you can qualify for their secured card. Kinda like getting yourself pre-qualified before actually applying.

PSB (public savings bank) secured card division was purchased by Capital Bank. Their secured card with no credit check can be found at www.openskycc.com.

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 15:40:17 GMT

That card used to be pretty good. I feel it is a bit over the line now as a secured card. There are better ones out there.

For example, that firstprogress.com looks better.

Re: Secure Credit Cards

trix_r_4_kids — Wed, 11 Jul 2012 15:45:43 GMT

You might want to look at Capital One again. They have a pre-qualification app at https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx that you can use to see what you may qualify for. The pre-qualify is a soft pull. Your scores may have improved enough by now.

If you do decide to apply, it will be a hard pull across all 3 bureaus.

Re: Secure Credit Cards

Datx — Wed, 11 Jul 2012 15:46:23 GMT

Looks like NFCU has a branch in NJ: You wouldnt happen to be in the military or have members in the military would you?

NavyFederal.org is their site to check out membership eligiblity requirements.

Also check out Pinnacle FCU:

pinnaclefcu.org

They have a secured card but it is underwritted by Elan Financial services it looks like.

And another one I found that offers secured cards in NJ is Liberty Savings FCU:

lsfcu.org

For the CUs I posted above. Check them out on their website and see if you can get more info on their secured cards. And of course check to see if you qualify for membership. Hopefully you find a good one that you can get approved for, and able to build a strong relationship with.

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 15:46:50 GMT

@trix_r_4_kids wrote:
You might want to look at Capital One again. They have a pre-qualification app at https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx that you can use to see what you may qualify for. The pre-qualify is a soft pull. Your scores may have improved enough by now.

If you do decide to apply, it will be a hard pull across all 3 bureaus.

He got rejected from cap one secured already.

Re: Secure Credit Cards

Datx — Wed, 11 Jul 2012 15:52:16 GMT

@Datx wrote:
Looks like NFCU has a branch in NJ: You wouldnt happen to be in the military or have members in the military would you?

NavyFederal.org is their site to check out membership eligiblity requirements.

Also check out Pinnacle FCU:

pinnaclefcu.org

They have a secured card but it is underwritted by Elan Financial services it looks like.

And another one I found that offers secured cards in NJ is Liberty Savings FCU:

lsfcu.org

For the CUs I posted above. Check them out on their website and see if you can get more info on their secured cards. And of course check to see if you qualify for membership. Hopefully you find a good one that you can get approved for, and able to build a strong relationship with.

Also, another good CU to join is Andrews Federal CU. They have a branch in NJ. But, from what I know, they are on the conservative side. They do have a secured Visa as well, but im not sure what the lending requirements are.

andrewsfcu.org

Again, do some research and call them up to ask to see if you can possibly qualify.

Re: Secure Credit Cards

Anonymous — Wed, 11 Jul 2012 19:25:10 GMT

@dujaidecor wrote:
I applied for Capital one secured card and was denied. I am located in New Jersey.

There are likely the easiest of major banks, so I woulld rule out the others (BofA, Citi, USBank, WF)

I suggest you look at the other secured cards

(Platinum Zero, Applied Bank, FIrst Progess, OpenSky)

that MyFico recommends.

http://www.myfico.com/Credit-Cards/

My guess is you have about equal chance for any of these. Look at the terms to pick.