topic Re: Need Advice on Secured Credit Card in Rebuilding Your Credit

Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 12:25:53 GMT

Hey Y'all: :-)

I need advice on when I should try for a secured credit card, please.

Back in January of 2015 I applied for a Wells Fargo secured credit card and was denied. I had a lot of negatives on my credit report such as....

2 charge-off accounts from I C System Inc for a little over $1,000

1 charge-off account from Midland for $428.

American National University for $594

Springleaf Financial for $1,168

1 medical judgment for $145

1 Schewels Furniture judgment for $596

1 Carter Bank & Trust judgment for $102

Over the last 8 or 9 weeks, I have worked really hard on cleaning up my report and now have the following remaining on them....

American National University for $594

Springleaf Financial for $1,168(I set up payments on this one)

Schewels Furniture judgment for $596

Carter Bank & Trust for $102

My score on Experian went from 469 to 505 and by the end of September I will have the judgments paid off and have filed a Motion to Vacate for both.

I have two hard pulls on Experian; one is set to fall off in December 2015.

I am worried they will deny me again, even though it is secured because the bank judgment and Springleaf are still on there and my score will drop due to the hard pull.

What would y'all do?

Thank You

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 12:42:56 GMT

opensky has a good secured card

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 12:49:59 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Secured-cards-my-experience/m-p/3696888/highlight/true#M1013320?filter=labels&q=Secured-cards-my-experience+

I dont think you really need to wait much longer. Here is my review of the 5 secured cards I used to build with. My scores were low 500s with 7 negative and no positive accounts when i got started.

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 13:03:47 GMT

Thank you, kinzey. :-)

I'll check them out.

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 13:07:43 GMT

pfarro1

Thank you. :-)

Do you think I should wait until I see whether the court will remove the two judgments in September?

I had thought about trying the Wells Fargo secured card this Friday. I have done about as much as I can right now to remove anything else from my report, so, I'm kindof at a standstill until I can get an open tradeline.

I have nothing that is open that I'm paying on. I have 'paid' accounts in the good area of my report, just nothing that is reporting every month.

Re: Need Advice on Secured Credit Card

crrredit — Tue, 30 Jun 2015 13:20:20 GMT

I also have First Progress and Cap One secured cards, as well as FNBO. Two of which are on Pfarro's list. All have worked out well and helped me get to the point where I got accepted for an unsecured Chase Freedom. In the beginning, the big name banks like Wells Fargo and BOA, while preferrable, can be harder to get, even the secured cards. But the second-tier cards can work just as well to build your score.

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 14:04:24 GMT

I have to share!!! This is big for me!!!

After I read all of y'all's replys, I went to look at Capital One's Secured Card since it only requires $200 down. However, instead of applying for it, I did the prequalifying app for their other cards and thought, 'well, if it doesn't work, i'll get the secured one. Both will result in a hard pull anyway.'

I Got It!!! Lol!! I called them after the pre-app said I might be interested in a Capital One Platinum card, so, I told the rep that was the one I wished to apply for.

I got an unsecured card with a $300 credit limit!!!!

OMG!! I'm on cloud nine right now. I had to ask her to repeat what she said. LOl.

Thank y'all so much! I love all of you on this forum. If I hadn't found this place, I don't know what I would have done.

Re: Need Advice on Secured Credit Card

crrredit — Tue, 30 Jun 2015 14:11:27 GMT

Awesome! Congrats!

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 14:12:44 GMT

Thank you!!

Re: Need Advice on Secured Credit Card

Anonymous — Tue, 30 Jun 2015 17:51:27 GMT

@Anonymous wrote:
I have to share!!! This is big for me!!!

After I read all of y'all's replys, I went to look at Capital One's Secured Card since it only requires $200 down. However, instead of applying for it, I did the prequalifying app for their other cards and thought, 'well, if it doesn't work, i'll get the secured one. Both will result in a hard pull anyway.'

I Got It!!! Lol!! I called them after the pre-app said I might be interested in a Capital One Platinum card, so, I told the rep that was the one I wished to apply for.

I got an unsecured card with a $300 credit limit!!!!

OMG!! I'm on cloud nine right now. I had to ask her to repeat what she said. LOl.

Thank y'all so much! I love all of you on this forum. If I hadn't found this place, I don't know what I would have done.

Use the card a lot, pay it multiple times per month (online) and request a CLI after the third statement. Also app for a QS1 card atthat time. After the sixth statement, call and request an upgrade to QS or QS1 status.

Re: Need Advice on Secured Credit Card

Existentialist — Wed, 01 Jul 2015 03:05:45 GMT

Nice job and big congrats.