topic Re: 2000 secured, or 1500 @ 500 card(s) in Rebuilding Your Credit

2000 secured, or 1500 @ 500 card(s)

teamgray — Mon, 13 Jan 2014 21:10:27 GMT

i will be receiving around 2k in a week or so. I was going to place it in my savings account, but i think i will get two secured cards to help me in my credit journey Im thinking that it would be nice have two cards...one 1500.00 from B of A that will graduate, and another card...im going to do research and find out which other secured cards will graduate so that I will be able to get back my money next year. I only plan on using them for an emergency, I plan not to even carry them in my wallet. maybe make a charge for oil change or something like that. any suggestions?

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Mon, 13 Jan 2014 21:32:18 GMT

Us Bank Harley Davison and Citibank are two other secured cards that graduate. Wells Fargo as well.

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Mon, 13 Jan 2014 21:34:17 GMT

harley davidson? never heard that one...let me investigate

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Mon, 13 Jan 2014 21:37:22 GMT

Are you a member of Nfcu?? They have one as well that graduates.

Re: 2000 secured, or 1500 @ 500 card(s)

Scupra — Mon, 13 Jan 2014 21:58:59 GMT

@baller4life wrote:
Are you a member of Nfcu?? They have one as well that graduates.

And has rewards

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Mon, 13 Jan 2014 22:08:27 GMT

No, i am not a member of NFCU, but i hear great things about them! I want to investigate harley Davidson and Citibank more closely.....Wells fargo is probably whom Im going to go with, but 15 months is a long time...Next January at this time i expect to have both cards fully unsecured, along with two other CC for a total of 4 cards..also all of my scores in the 700s...got alot of work to do in the 14'

any other good ones Fico Family?

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Mon, 13 Jan 2014 22:29:33 GMT

Be sure to add the cash rewards to your BofA secured.

Re: 2000 secured, or 1500 @ 500 card(s)

credit-hunter — Mon, 13 Jan 2014 22:49:09 GMT

I have a boa secured with 1,2,3 rewards I am very happy with it . u s bank, cit, wells Fargo all graduate if qualified to do so.

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Mon, 13 Jan 2014 22:52:27 GMT

how long Have you had your B of A card? how much has your scored gone up?

Re: 2000 secured, or 1500 @ 500 card(s)

credit-hunter — Mon, 13 Jan 2014 23:17:15 GMT

Only have it 2 months I need 6 months to generate a score.

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Tue, 14 Jan 2014 15:50:36 GMT

okay, i found out that you dont need to have an account to be able to get a secured card with B of A. They can just debit the money from the account you currently have....not bad!!! still looking into the Wells Fargo and Citibank secured cards....leaning more toward citibank..simply because they underwrite so many other cards....might be good to be in their loop

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Tue, 14 Jan 2014 16:05:55 GMT

True true! I'm sure you will pick a good one.

Re: 2000 secured, or 1500 @ 500 card(s)

Scupra — Tue, 14 Jan 2014 17:22:34 GMT

@teamgray wrote:
okay, i found out that you dont need to have an account to be able to get a secured card with B of A. They can just debit the money from the account you currently have....not bad!!! still looking into the Wells Fargo and Citibank secured cards....leaning more toward citibank..simply because they underwrite so many other cards....might be good to be in their loop

Can I suggest to search and read the threads here about Wells Fargo secured card graduating. I feel like in the last 6 months or so I have seen a lot of people complaining about their card never graduating. Good luck!

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Tue, 14 Jan 2014 19:19:31 GMT

Yes, i did read the threads of the Wells fargo secured card, and i am impressed with them....its posiible in a few months i will secure one with them also, but IMO i think it would be better to go with Citibank, just simply because they have sooo many other cards, and too, i like the aspect of having a CD tied up...once i get that money back i can secure another CD for a larger amount...just not for a secured card

Re: 2000 secured, or 1500 @ 500 card(s)

sadiespapa — Tue, 14 Jan 2014 20:06:32 GMT

Can you open the Citi Secured Card online or do you need to go into a nearby branch?

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Tue, 14 Jan 2014 20:12:31 GMT

Im assuming that you will need to go into an office to do it, we have an office close to where i live so its not a problem.....i dont plan on using the card that much, and i will set it up on auto payments so that i dont ever miss one...actually i think i will make my auto payment with the card, and make payments on it every two weeks...that way it will always have actuivity on it, and make sure to keep it under 9% utl...should help drive up my score as long as i pay it before the bill cuts

Re: 2000 secured, or 1500 @ 500 card(s)

sadiespapa — Tue, 14 Jan 2014 20:15:38 GMT

Sounds like a good plan.

I can say, I had the Bank of America fully secured card about 9 years ago. I put down 500 dollars. After 12 months it graduated and I immidiately called them and they gladly converted it to a Alaska Airlines Visa Signature card with a $5K limit. I know a lot has changed in this market over the last few years, but in my experence it was a good product.

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Tue, 14 Jan 2014 20:23:44 GMT

It still is a good product! BofA rocks. I can't wait till my 9 month mark to call in and try to get it unsecured. Some have had success at even 6 months!!

Re: 2000 secured, or 1500 @ 500 card(s)

teamgray — Tue, 14 Jan 2014 20:30:34 GMT

ive heard that also!!!! I hope that i will be one of those success stories!!!! but even if that is not the case, I do know that it will graduate next january....and I would venture to say that the initial 1500.00 im going to put on the card will be matched....and raised to over 5K......( hey i can hope right? lol) but of course, we will see, and even if it is not, 1500.00 line is a nice line to start with unsecured...

Re: 2000 secured, or 1500 @ 500 card(s)

baller4life — Tue, 14 Jan 2014 20:40:27 GMT

No it's very possible it will get bumped to 5k or even more. I've never seen it unsecured without a cli and some are really big.