topic Re: Sub Prime Unsecured Cards in Credit Cards

Sub Prime Unsecured Cards

DBSH — Fri, 01 Feb 2013 05:33:17 GMT

I have several secured cards which I actively use but keep util under 10%

- BoA Secured Due to graduate in several months after 12 months usage $600 limit (full secured, not the 99/500)

- Cap One Secured as of early 2012 limit $2000. I am looking to add another several thousand dollars to max out the balance.

I also have an Amazon Store Card that I recently got because I found out it was a soft pull and I already have 4 inq over the last 24 months)

This should bump up my score to the lower-mid or mid 600s.

I would like to slowly transition to unsecured cards so I can eventually get my secured Cap One money back. Does anyone have any ideas as to what cards I can look forward to applying soon?

Thanks in advance.

Re: Sub Prime Unsecured Cards

Anonymous — Fri, 01 Feb 2013 05:45:58 GMT

My first unsecured card after my Cap One Secure aged a bit (9 months) was the Capital One Cash Rewards card.

I started with $500 and they gave me a modest ($200) CLI after 7 months.

Let your other accts age a bit and let your score grow and thats the one I would try.

Don't be like me and waste an INQ on Chase until you have at least 1 year of history reporting.

Re: Sub Prime Unsecured Cards

Tran92 — Fri, 01 Feb 2013 11:12:55 GMT

How was the amazon a sp?

Re: Sub Prime Unsecured Cards

lithium78 — Fri, 01 Feb 2013 13:01:00 GMT

The best subprime unsecured cards are CapOne's Best Buy Reward Zone Mastercard and CapOne Platinum. The BBRZ MC has a $59 AF, but you earn rewards points that can be redeemed for Best Buy gift certificates. It's rare to find a rewards card for people rebuilding credit, so that's pretty decent. The CapOne Platinum has a $39 AF (or sometimes $3 monthly fee) and no rewards, but it has the lowest interest rate of rebuilder cards. Neither of these cards are ideal, but when you have poor credit and you are trying to get things back on track, they can both be pretty useful.

I used both of them on my journey back to good credit and they worked very well.

Re: Sub Prime Unsecured Cards

Anonymous — Fri, 01 Feb 2013 17:52:03 GMT

I didn't start secured. 4 years after filing a Ch 13, I applied for an Orchard Bank card. Unsecured with a starting limit of $300. I received multiple increases from HSBC and now the limit is $1100 since 2011, because Cap1 took over and froze CLIs. So to get more credit, I applied for the Cap1 Cash Rewards card in July 2012 and was instantly approved for $2000 and I just received an auto CLI to $2500. I use that card for most of my everyday purchases/bills and I have earned $100 cash back so far. I now also have the Chase Freedom with a $1000 limit that I was just approved for last month.

Re: Sub Prime Unsecured Cards

DBSH — Sat, 02 Feb 2013 08:25:03 GMT

Tran92: The amazon is through GE credit. I ran across the thread and it said it was a SP and as I already have ~5 inq and went for it.

I applied for Capital One Cash Rewards MC (the one for average credit) and got the 7 to 10 day wait message. I hope to get approved, otherwise going to attempt recon through back door number... Keep you guys posted

Re: Sub Prime Unsecured Cards

Anonymous — Sat, 02 Feb 2013 14:58:12 GMT

I think that was a good move since you have had your secured Cap1 card for almost a year, with a decent limit. Wishing you the best and I hope you get approved. It is a great card! :-)

Re: Sub Prime Unsecured Cards

Anonymous — Sat, 02 Feb 2013 18:40:20 GMT

@DBSH wrote:
I have several secured cards which I actively use but keep util under 10%
- BoA Secured Due to graduate in several months after 12 months usage $600 limit (full secured, not the 99/500)
- Cap One Secured as of early 2012 limit $2000. I am looking to add another several thousand dollars to max out the balance.

I also have an Amazon Store Card that I recently got because I found out it was a soft pull and I already have 4 inq over the last 24 months)
This should bump up my score to the lower-mid or mid 600s.

I would like to slowly transition to unsecured cards so I can eventually get my secured Cap One money back. Does anyone have any ideas as to what cards I can look forward to applying soon?

Thanks in advance.

I suggest you go ahead and max out the Capital One secured card deposit. Then after a few months apply for a Capital One unsecured card. For me, I had $2200 deposit, and got a NH Cash Back rewards card with $3000 CL (went to $3500 after 6 months).

Re: Sub Prime Unsecured Cards

DBSH — Mon, 04 Feb 2013 04:27:29 GMT

So I already applied for the rewards and got the 7 to 10 day message. If get denied for wahtever reason, could I add cash to the exisitng secured card and get them to recon it?

Re: Sub Prime Unsecured Cards

Anonymous — Mon, 04 Feb 2013 08:42:16 GMT

If you get denied I think it would be because of history, which means you would need to garden for 6 months or more. Bumping the limit of the secured with cash could show ability to manage a larger credit limit.

But you are supposed to be thinking positive! :-)

Re: Sub Prime Unsecured Cards

Anonymous — Mon, 04 Feb 2013 09:53:13 GMT

Where did you read that the Amazon Store Card is a SP?

Re: Sub Prime Unsecured Cards

DBSH — Tue, 05 Feb 2013 06:13:23 GMT

eviLution: I read it on here. I believe there is a master GE credit thread around here (if not a sticky) that has all the cards backed by GE and I read in there that it was a SP.

My experience is that it is infact an SP as I don't see a HP on my updated report and I already have the Amazon card.

Re: Sub Prime Unsecured Cards

Tran92 — Wed, 06 Feb 2013 00:47:13 GMT

@DBSH wrote:
eviLution: I read it on here. I believe there is a master GE credit thread around here (if not a sticky) that has all the cards backed by GE and I read in there that it was a SP.

My experience is that it is infact an SP as I don't see a HP on my updated report and I already have the Amazon card.

I'd like to see this thread because when I applied for the Amazon card it was a HP on TU.