topic Re: USbank Secured Question in Rebuilding Your Credit

USbank Secured Question

Anonymous — Fri, 02 Feb 2018 18:44:20 GMT

Hi,

So my friend needs a secured card his FICO is 500, he hasn't had a revolving account in years and has some derogs which is why he needs a secured card. He app'd for CapOne a year ago and was denied his FICO is the same so I doubt any chances of approval, I think he burned them years ago.

So anyways he has a checking account with US so figured why not app with them. I'm just wondering if anyone knows if they allow additional deposits later to get a higher credit limit?

Re: USbank Secured Question

onstar — Sat, 03 Feb 2018 07:01:18 GMT

You can, but it's a hassle ... according to this thread from 4+ years ago:

http://ficoforums.myfico.com/t5/Credit-Cards/US-Bank-Secured-card-CL-increase/td-p/2429895

Re: USbank Secured Question

ucdcrew — Sat, 03 Feb 2018 18:38:50 GMT

I just unsecured my USBank - you have to have the card for a full year before they unsecure it, and you have to ask for a review. FWIW they hard pulled my TransUnion mortgage score to unsecure which was 680. I've heard they can be pretty conservative about unsecuring. Did he burn Discover or BofA?

Re: USbank Secured Question

Anonymous — Sat, 03 Feb 2018 19:55:07 GMT

His FICO is too low for Discover he already app'd BofA is similar to Discover so they won't approve a 500 FICO.

His options are USBank or other ones with an AF I'd say from looking at his profile. 0 Revolvers and plenty of collections.

Re: USbank Secured Question

Anonymous — Sun, 04 Feb 2018 02:28:45 GMT

If no one will approve him he can always get opensky they dont do credit checks but it will never graduate

Re: USbank Secured Question

Anonymous — Sun, 04 Feb 2018 05:02:30 GMT

Thanks for the thought, the AF is 20% higher on OpenSky but I'll keep it in mind. The only reason I thought of US is because he has a checking account there.

Re: USbank Secured Question

Alucard — Sun, 04 Feb 2018 06:15:09 GMT

Try the Capital One Secured Card. I applied for one and deposited $300 as my starting limit and they doubled it to $600 within a year (I didn’t even request it). They treat your account like it’s unsecured and their mobile app is very efficient. Open sky has the worst customer service wait times. Not to mention when you make a payment it takes 7 days after the posting date for them to release the credit back into your available pool.

Re: USbank Secured Question

Anonymous — Sun, 04 Feb 2018 06:15:40 GMT

wrote:
Hi,

So my friend needs a secured card his FICO is 500, he hasn't had a revolving account in years and has some derogs which is why he needs a secured card. He app'd for CapOne a year ago and was denied his FICO is the same so I doubt any chances of approval, I think he burned them years ago.

So anyways he has a checking account with US so figured why not app with them. I'm just wondering if anyone knows if they allow additional deposits later to get a higher credit limit?

If he’s struggling may I suggest a Discover secured card? They allow deposit increases for limit increases and anywhere from 7 to 12 months with good use they often unsecured it. Just PIF every month and use it. Articles and people on here seem to rank it best for secured cards.