topic Re: First Secured Credit Card? in Credit Cards

First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 00:50:26 GMT

Hello I was just recently approved Capital One Secured Credit Card a few minutes ago. Haven't sent in the deposit yet because I wanted to know should I just stick with Capital One or go to Bank Of America secured credit card.

Re: First Secured Credit Card?

AlwaysUp — Sun, 06 Apr 2014 00:51:34 GMT

I would stick to Bank of America. Crap one is pure garbage. I believe your card can graduate with BoA.

Re: First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 01:06:54 GMT

Yeah someone told me that BofA card graduates.

Re: First Secured Credit Card?

msbia — Sun, 06 Apr 2014 01:08:03 GMT

Well everyone is different. Some people love Capital One and I think that they have a good secured card, my husband has one. He deposited $49 and they gave him a $200 limit. He's been making timely payments and loves the freedom it gives him. The BOA is not guaranteed approval, they have pretty stringent requirements as well and i have seen people get denied for it. The State Department secured card is a good bet, but I got my secured through my credit union and through a Discover denial and a Usaa secured. Easiest bet, Cap1, iffy but best all round secured card, BOA, alternates SDFCU or local CU. Good luck op!

Re: First Secured Credit Card?

B335is — Sun, 06 Apr 2014 01:13:35 GMT

@msbia wrote:
Well everyone is different. Some people love Capital One and I think that they have a good secured card, my husband has one. He deposited $49 and they gave him a $200 limit. He's been making timely payments and loves the freedom it gives him. The BOA is not guaranteed approval, they have pretty stringent requirements as well and i have seen people get denied for it. The State Department secured card is a good bet, but I got my secured through my credit union and through a Discover denial and a Usaa secured. Easiest bet, Cap1, iffy but best all round secured card, BOA, alternates SDFCU or local CU. Good luck op!

I agree with this. At one point I was really unhappy with Capital One, but I've realized they offer products that served as a means to an end. Without the history I was able to build with them, I may not be where I am today. So you will find opinions all over the place with them and just about all other lenders.

BoA secured card is a really nice product and has a high rate of graduation.

Re: First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 01:44:18 GMT

thanks for information guys/gals as of right now i'll stick with capitalone since im already approved but i will check out SDFCU secured card for some more info before I send out the security deposit to Cap1

Re: First Secured Credit Card?

Hubcapjw — Sun, 06 Apr 2014 02:03:25 GMT

I've had a cap 1 secured card for 13 months. Also have an unsecured cap 1 card for 9 months. I have had zero problems with cap 1. Their app is great and very easy to use. It will take awhile for your card to arrive. I have take my score from a 0 to a 700 in 13 months. I also have gotten increases on both cards. The beginning of May I will be going on an app spree thanks to the help of these 2 cards. Go for it....work the card for 6 months to a year and move on to bigger and better cards.

Re: First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 08:50:06 GMT

UNITY VISA (google'em), lets you deposit up to $10,000.

They are new (January 2014?). ( Bummer, AF$39/17.99% )

Still kinda nice for building/rebuilding, like 10k credit line.....

Harley Davidson has $0AF but up to $5000 only.

Yeah, that's after Cap One & BOA Secured.......

Re: First Secured Credit Card?

TiggerDat — Sun, 06 Apr 2014 12:33:23 GMT

You already have the inquiry, so you might as well stink with the Capone card. (Yeah, I used the word stink...)

If you only want one, the inquiry is there, so I would simply stick with it and who knows in a year or two it might be easier to graduate to an unsecure card. Capone seems to be changing a bit, rather slowly I might add, so who knows what they will consider in a year or two. Having a second secure card, one which has a higher instance of graduation, will still have good reporting during the time it is secured. This will only be good for your report.

Re: First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 20:54:22 GMT

yeah I just stuck with cap1 for now hopefully everything go according to plan. But I which I would of went with BofA or SDFCU.

Re: First Secured Credit Card?

newhis — Sun, 06 Apr 2014 21:23:32 GMT

@Anonymous wrote:
yeah I just stuck with cap1 for now hopefully everything go according to plan. But I which I would of went with BofA or SDFCU.

DW and I are both very happy with BofA cash rewards secured card. Her card arrived with cash rewards, mine didn't, so I asked via chat about a change from normal to cash rewards (didn't even have the card, just give the last 4 digits from online banking), 4 weeks later I got the new cash rewards card. That will easy offset the AF.

I read a lot about early graduation (9 months, some even early), good CLI and many got the AF removed.

Just had this card for a month, my DW over 1.5 months.

To-do for this week, ask about putting more money on DW card, let's see what they say about that.

Re: First Secured Credit Card?

Anonymous — Sun, 06 Apr 2014 23:32:09 GMT

@newhis cool keep me posted.

To keep everybody updated I had to pay $99 security deposit for a $200 CL. I called them and they can't do nothing right now since their system is down but she did tell me to call tomorrow. I already paid via online and saved my transaction ID so i'm good to go. Thanks for all the info.

Re: First Secured Credit Card?

wmweeza — Mon, 07 Apr 2014 04:19:41 GMT

@B335is wrote:
@msbia wrote:
Well everyone is different. Some people love Capital One and I think that they have a good secured card, my husband has one. He deposited $49 and they gave him a $200 limit. He's been making timely payments and loves the freedom it gives him. The BOA is not guaranteed approval, they have pretty stringent requirements as well and i have seen people get denied for it. The State Department secured card is a good bet, but I got my secured through my credit union and through a Discover denial and a Usaa secured. Easiest bet, Cap1, iffy but best all round secured card, BOA, alternates SDFCU or local CU. Good luck op!
I agree with this. At one point I was really unhappy with Capital One, but I've realized they offer products that served as a means to an end. Without the history I was able to build with them, I may not be where I am today. So you will find opinions all over the place with them and just about all other lenders.

BoA secured card is a really nice product and has a high rate of graduation.
I'd go with BofA, I put down a $95 deposit on a $300 sedcured account as my first account a few years ago. It graduated, and now I'm at $1700 unsecured