topic Re: Which secured credit is the best choice? in Rebuilding Your Credit

Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 01:39:53 GMT

I have had some problems in the past. I was young and experienced some pretty traumatic events, I won't go into detail, but I became very depressed and let my credit get almost destroyed in the process. That was 10 years ago and I am currently trying to rebuild. I started by building my Emergency Fund and joining a Credit Union. I have been able to get a Capital One Platinum Cared which in 6 months have received 2 CLI. It started at $300 & and hit the Luv Button 3 months in and had it increaded to $400 and at my 6 month mark they upgraded me to Quicksilver Mastercard and increased my CL to $750. I also have the Capital One GM Buypower Card with a $300 limit, but just received a notice it would increase to $500 within the next two months. I have gotten most all the negative reports off of my credit with the expection of 2 unpaid Medical Bills, however I had insurance at the time so and currently pursuing the route to have them paid and removed. I wanted to add a solid Secured Card. I would like to get one that I could eventually upgrade to unsecured and maybe PC to a better card afterwards if possible. I have around $1000 I can use for the deposit and was wondering if anyone had suggestions for my particular situation. Should I go with my Credit Union which is Arkansas Federal Credit Union or should I look to another bank? My AAoA is still around 10 years. Before my current cards I have had credit cards with Chase, Discover, Capital One & Commerce with a perfect history of payments with them all. My credit scores tend to flucuate between 590 to mid 600's depending on my Utilization. Any adivce for greatly appreciated. I would like to get one more card then garden. Any advice is very much appreciated.

Re: Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 02:41:27 GMT

Discover is hands-down the best secured card offered right now. Cash-back matching in the first year, and account reviews for unsecured starting at 7 statement cut.

Re: Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 02:45:50 GMT

Thank you very much. That was the main one I was considering. I figure I'll add this last one and just garden.

Re: Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 03:12:27 GMT

I agree, Discover is awesome!

Re: Which secured credit is the best choice?

steelholder — Mon, 27 Mar 2017 11:02:29 GMT

What are the chances of being approved? I've heard of ppl getting denied for this card due to less than great credit.

Re: Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 11:47:33 GMT

@steelholder wrote:
What are the chances of being approved? I've heard of ppl getting denied for this card due to less than great credit.

I think people getting denied had recent bankruptcies and/or had burned Disco in the past.

Re: Which secured credit is the best choice?

itspnutbutterkellytime — Mon, 27 Mar 2017 14:24:11 GMT

I was approved for the Discover secured card with $500 limit. My credit was terrible, however, it was the first time I had ever applied for a Discover product; I've never burned them so I don't know about approvals with that factored in. I believe my scores were in the low 500's with multiple baddies but I was still instantly approved. I would give it a shot

Re: Which secured credit is the best choice?

steelholder — Mon, 27 Mar 2017 15:30:59 GMT

I was recently rejected for a regular card..should've gone through the secured route first.

Re: Which secured credit is the best choice?

Anonymous — Mon, 27 Mar 2017 15:37:03 GMT

I burnt Discover for about $1,200.. I paid my Discover debt to the collectioin agency that owned it and got approved for their secured card a couple weeks later.

Re: Which secured credit is the best choice?

Anonymous — Tue, 11 Apr 2017 06:26:59 GMT

I went ahead and applied for the Discover Secured card and got approved!! All that is left is for them to process my deposit and mail me the card!!! Thank you guys so much for the information!! I"m excited about getting it!

Re: Which secured credit is the best choice?

Anonymous — Tue, 11 Apr 2017 15:12:29 GMT

Congrats to those that were approved for the discover. I applied for the discover secured card in March and was denied. Would it be detrimental (another hard pull) to apply again? Anyone get denied and approved a short while later?

Re: Which secured credit is the best choice?

Anonymous — Tue, 25 Apr 2017 01:32:21 GMT

Just to update, I got my Discover card in the mail and activated it today! Wish me luck. I plan to keep my utilization low and PIF every month! Thanks for all the help and guidance!!