topic Re: Recommend a secured card in Credit Cards

Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:01:42 GMT

Can anyone recommend a secured card. I googled best and worst of 2012 and they listed orchard bank mc / visa ? Any other ideas , thanks.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:04:39 GMT

@Anonymous wrote:
Can anyone recommend a secured card. I googled best and worst of 2012 and they listed orchard bank mc / visa ? Any other ideas , thanks.

Depends on your credit file. Are you new with no history or rebuilding with negatives on your file?

Re: Recommend a secured card

DVH1980 — Sun, 02 Sep 2012 15:10:10 GMT

I had both a Cap 1 and USAA. They are what they are, didnt have any issues with either. Both limits could be increased with deposits. Cap 1 also gave me unsecured CLI's. The USAA is an Amex and may not be as "usable" as the Cap 1 since its a MC and accepted at more places. USAA is definitely the one to go with if you want to upgrade to one of their unsecured cards later.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:11:18 GMT

Rebuilding
Fico 608
Bad payment history
The rest are good
And very good credit available
One public record for chase mc

Last time I had a cc was in 06. 1 closed and 2 store cards closed. All from 06.

Re: Recommend a secured card

DVH1980 — Sun, 02 Sep 2012 15:13:05 GMT

You could probably get a Cap 1 unsecured card witha 608.

Re: Recommend a secured card

DVH1980 — Sun, 02 Sep 2012 15:14:22 GMT

Go to Cap 1 website and see if they match you up with one of their unsecured cards. My wife got one with a similar score. #50 to start but was part of the credit steps program and auto increased it to 500 on the 7th statement.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:18:10 GMT

Might chose the cap 1 but an you be specific bc I know there are many types. I applied for an amex cc and was denied two months ago so I will skip usaa. Usaa has a MasterCard as well.

Re: Recommend a secured card

trix_r_4_kids — Sun, 02 Sep 2012 15:22:25 GMT

There are others on the forum who do not like Capital One. I'm probably among the minority who have been pleased with Capital One. I got a secured card from them 6 months ago. I paid $49 for the $200 card. Yes, it was a hard pull for each of the 3 CRAs (ouch). However, I haven't had any issues since opening the account. They report to the bureaus monthly. Their online bill pay is very user friendly. One drawback -- phone based customer service is not stateside.

You can go to Capitalone.com to see if you are prequalified. I recommend apping for the regular platinum card or cash rewards card for average credit first. If you are declined, they will offer the secured card.

Keep us posted!

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:24:16 GMT

@Anonymous wrote:
Rebuilding
Fico 608
Bad payment history
The rest are good
And very good credit available
One public record for chase mc

Last time I had a cc was in 06. 1 closed and 2 store cards closed. All from 06.

I recommend Capital One secured card among the major banks, as most of the other major banks prefer people with no credit and will likey deny. Capital One bought Orchard, so no point in applying for that instead of Capital One.

Credit Unions are also good place to get secured cards, if you belong to one or are eligible for one.

If you prequalify on Capital One web site, they may offer you an unsecured card. If you are only interested in low limit cards, that is a good way to go. If you want higher limits in the future, a secured card with a large deposit and CL is preferrable, IMO.

Avoid the high fee cards, as a secured card is usually much less expensive in the long run. (You get your deposit back).

Re: Recommend a secured card

Open123 — Sun, 02 Sep 2012 15:33:09 GMT

If you qualify, I think the best secured card would be the one from BofA.

It's a well run program with clarity of terms for graduation to an unsecured product in 12 months. Usually, BofAs graduate with a CL and allow for potential product changes to other of their products.

Re: Recommend a secured card

DVH1980 — Sun, 02 Sep 2012 15:33:26 GMT

USAA secured cards are much easier to obtain than their unsecured. I was able to get approved for an unsecured USAA card after having my Secured USAA for a few months. I think that is the better way to go in the long run as USAA will grow with you. You will quickly outgrow a Cap 1 card.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:33:48 GMT

Yes my Husband and I are eligible for a credit union bank account we haven't applied yet. I have to go to Washington dc though which is time consuming for now with his busy schedule. So I will also look into their secured cards. I'm affaird to apply for an unsecured card thinking I'm going to get denied and decrease my report. The Amex I applied was probably the wrong wrong decision though .

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:35:59 GMT

BofA did not even approve me for a checking account, I do not know how this would apply to a cc though.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:38:50 GMT

@Anonymous wrote:
BofA did not even approve me for a checking account, I do not know how this would apply to a cc though.

No chance at all. You best start with secured cards, and forget about unsecured for a year or 2.

Re: Recommend a secured card

Open123 — Sun, 02 Sep 2012 15:40:30 GMT

@Anonymous wrote:
BofA did not even approve me for a checking account, I do not know how this would apply to a cc though.

Did you apply online or at a bank?

If you apply in person, bank peronnel have the option to override rejections and approve for any deposit account. Of course, you need to convince them or offer a plausible explanation for whatever blemish that may appear on your telecheck or whatever system used. Even Citi, the most rigid of banks allows their personnel to approve any deposit account at their discretion.

Re: Recommend a secured card

DVH1980 — Sun, 02 Sep 2012 15:41:03 GMT

Yeah, Amex was probably a mistake, but we've all done it At this point in the game, I dont think an extra INQ or 2 will hurt you. I know when I applied for USAA it was for their unsecured card and they denied me with a 611 score. They did counter with an offer for the secured card though. Only cost me 1 pull.

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:51:13 GMT

Open 123 for a bank account ?

Re: Recommend a secured card

Anonymous — Sun, 02 Sep 2012 15:52:13 GMT

I applied online for a checking account.

Re: Recommend a secured card

Open123 — Sun, 02 Sep 2012 15:52:38 GMT

@Anonymous wrote:
Open 123 for a bank account ?

Yes, for a banking deposit account. Afterwards, you can apply for secured card and see if you'd be approved.

Re: Recommend a secured card

DaveSignal — Sun, 02 Sep 2012 15:55:34 GMT

@DVH1980 wrote:
USAA secured cards are much easier to obtain than their unsecured. I was able to get approved for an unsecured USAA card after having my Secured USAA for a few months. I think that is the better way to go in the long run as USAA will grow with you. You will quickly outgrow a Cap 1 card.

+1. My thoughts exactly. I wouldn't be gardening today if I hadn't started rebuilding my credit with a USAA secured card.