topic Re: Sable Secured Credit Card in Rebuilding Your Credit

Sable Secured Credit Card

Red1Blue — Mon, 14 Mar 2022 06:00:00 GMT

Is any one familiar with Sable Secured Credit Card. There is no credit check. $0 AF. 2% Cash Back. Reports to all 3 CRA's. No FT Fees.We can add upto $10,000 in security deposit. I have setup an account with them and trying to figure out how this works. They gave me a virtual card that i can start using. They are sending me a physical card in the mail. I could not tell if it is a debit card or secured credit card. I am wondering if any of you have experience using this card.

Update 3/13/22: Recently my TU crossed 700 and Sable gave me a $25 credit for reaching 700 scores with 1 year of opening the account. I thought it is sweet of them.

Re: Sable Secured Credit Card

collics — Tue, 21 Sep 2021 17:27:55 GMT

I've never heard of it but from what you have explained it is a secured credit card (not debit) if it is reparting to the bureaus.

Be sure to keep us updated on your experience. It may help someone else in the future. :-)

Re: Sable Secured Credit Card

Red1Blue — Tue, 21 Sep 2021 17:53:41 GMT

@collics wrote:
I've never heard of it but from what you have explained it is a secured credit card (not debit) if it is reparting to the bureaus.

Be sure to keep us updated on your experience. It may help someone else in the future. :-)

Thanks @collics I have setup the account and waitng for the card to arrive. I had chat with the service rep at Sable. They seem to have good product and early stage. Nice thing is the also have 27 day grace period from the date statement cut. After 3 statements they give $25 bonus. After 3 statements they will report to all 3 CRAs retroactively. Also if customer reaches 700+ fico score with in 12 months from the opening Sable account they will give another $25 as bonus. Max secrued limit we can set is upto $10,000. 2% cash back. No AF / No FT Fees. It reports to all 3 credit bureaus. After 4 months they might invite customer to apply for their regular unsecured card ( I am not sure about the unsecured card thougth. But it is a nice thought from them). We will see how things goes once I get the card and start using.

Re: Sable Secured Credit Card

MileHigh96 — Tue, 21 Sep 2021 19:26:25 GMT

@collics wrote:
I've never heard of it but from what you have explained it is a secured credit card (not debit) if it is reparting to the bureaus.

Be sure to keep us updated on your experience. It may help someone else in the future. :-)

Actually, there are places offering debit cards that are reporting to the CB's. Not sure how they are going about it, but I have seen several ads for them now.

Re: Sable Secured Credit Card

FireMedic1 — Thu, 23 Sep 2021 12:30:01 GMT

Went and checked it out. Rewards:

2% Cash back on Amazon, Netflix, Hulu, Uber, Uber Eats, Spotify, and Whole Foods

Up to 1% Cash back on all other purchases

Not too shaby:

Cell Phone Protection (Cracked Screen), Car Rental Insurance and Travel Assistance

Looks pretty good. Congrats!

Re: Sable Secured Credit Card

Red1Blue — Thu, 23 Sep 2021 12:50:21 GMT

@FireMedic1 wrote:
Went and checked it out. Rewards:
2% Cash back on Amazon, Netflix, Hulu, Uber, Uber Eats, Spotify, and Whole Foods
Up to 1% Cash back on all other purchases
Not too shaby:
Cell Phone Protection (Cracked Screen), Car Rental Insurance and Travel Assistance
Looks pretty good. Congrats!

Thanks @FireMedic1. Also there is no AF / No FTF / Prime +6.9 interest rate. No Credit Check. Also I can have upto $10,000 as Security Deposit and Credit Limit. They will report the new account to all 3 CRAs. One thing I do not like is there is no easy way to ACH funds to the Coastal Community Bank (the issuer of the card to credit my security deposit). BOA charges $3 for each ACH. Not sure if I want to pay that each time I want to remit funds to Coastal. I have setup external account using my Discover Bank and hoping that to work then I can remit deposit funds into my deposit account. Their concept is good but looks like they have to work out several infrastructure kinks to make it very user friendly. It is a good start from them. Worst case I might have to pay the ACH fees and remit funds from my BOA to Coastal. I have some work cut out. Hopefully I would know better next week.

Re: Sable Secured Credit Card

Red1Blue — Thu, 23 Sep 2021 12:54:42 GMT

@MileHigh96 wrote:
Actually, there are places offering debit cards that are reporting to the CB's. Not sure how they are going about it, but I have seen several ads for them now.

Hi @MileHigh96, I checked with Sable. It is a secured card. They will give a Debit Card for checking account which holds the funds. They will give a secured credit card for the amount credit limit we choose. So in essence they will issue two cards. 1 Debit Card and 1 Secured Credit Card. Not a bad concept. I have to wait till I get the cards and see how they work. So far doing ACH or funds transfer to the issuing bank has been a big problem and trying to figure it out.

Re: Sable Secured Credit Card

Red1Blue — Thu, 23 Sep 2021 14:15:17 GMT

Hi @FireMedic1, have sent you a PM on a different topic. Could you please check your PM and let me know your thoughts.

Re: Sable Secured Credit Card

FireMedic1 — Thu, 23 Sep 2021 23:31:11 GMT

Going so high on deposits isnt going to do too much for you. Yeah it looks good. But once you move up the ladder to more prime cards. They will still have their set SL when you open an account. It has never been proven the more you put on a secured card it makes things better on the prime cards. You have enough cards for now. More accounts isnt going to help build your score. Time will and responsible use. Let things age. Let all the stats like AAoA's get on up there. Pass 2 yrs it makes a difference. Let newest account pass a yr also. Took me 6 yrs to get 10 cards. Slow and steady wins the race. I always tried to keep my score with all moves I made knowing what the hit would be at around 700 once I hit it. Once it went back up. Next card. Back down to 700. Next card,ect. Its a game.

Re: Sable Secured Credit Card

Red1Blue — Sun, 13 Mar 2022 22:08:25 GMT

Update: Recently my TU crossed 700 and Sable gave me a $25 credit for reaching 700 scores with 1 year of opening the account. I thought it is sweet of them.