I think I have found the new holy grail of secured cards for BK's

[kr43002]

I was looking through the forums and saw US Bank pop up about someone not liking they did not unsecure their credit card past 4 years DC.

Are they BK friendly enough to open a Secured Card with?

I was looking through their line up and they have a decent Secured card, the Cash+ Secured.

Would this be a good card to get? I wouldn't mind starting relationships with more than just Discover and NFCU.

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Edit:

US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.

After researching on the forum, this page has inforomation on increasing your security deposit: "Also, please include the following in your request: your name, account number, address, individual annual income, your monthly housing payment, whether you own or rent your home, signature, and the dollar amount of the requested increase."

The limits are from $300 to $5000 with $100 increments.

No Annual Fee

A rep told me after responsible credit use and a reasonable ammount of time your account can be automatically graduated

Some Features that are good about this card, espicailly if you are right out of Bankruptcy are:

5% cash back on first $2,000 worth of purchases in certain categories, which you choose. You can select 2 categories.

2% Cash Back on gas station/grocery stores/restaurants

1% Cash back on everything else.

Categories are found here

Choose Payment Due Date/ Contactless Payments

I honestly feel like this blows the nRewards out of the waters, increasingly so when you consider you have to spend $5000 in order to redeem rewards until you are graduated.

I don't know of any other card like this that accepts people with BK. I got approved today for the card. 

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

let me know what you guys think.

[FireMedic1]

How long ago was your DC. Disco will graduate a whole lot sooner than US Bank. You can check out some banks and discussion here:

https://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737 

[kr43002]

I was discharged in June. Discover IIB so they are a no go atm. I ended up pulling the trigger and opening a checking account with US Bank, because I wanted to have a bank with a local branch.

[kr43002]

I also checked the BK friendly list and USBank isn't listed

[FireMedic1]

They have a secured but averages graduation at 5yrs. Unsecured is like AMEX. 5 yrs post BK. Depends how your rebuild goes. @Red1Blue is very rehearsed on secured cards. Been thru many.

[kr43002]

So I did end up getting a checking account and applying for the Cash + Secured Card. Called in and was told the application recomended for Approval, now it just is pending on the withdrawl of funds from my checking and then for me to get the card. I asked the rep more about the card and she said its a brand new card today. I am going to make a forum post about it because it is honestly a decent bk rebuilding card.

[Red1Blue]

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@FireMedic1 wrote:

They have a secured but averages graduation at 5yrs. Unsecured is like AMEX. 5 yrs post BK. Depends how your rebuild goes. @Red1Blue is very rehearsed on secured cards. Been thru many.

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I have not filed for BK so I have no idea if US Bank is BK friendly or not. Yesterday US Bank did upgrade 2 of security cards. They said they are doing conversion now and I can call back in 3-5 days and ask for CLI and Product Change. US Bank has been very good to me. I have about 8 secured cards and US Bank is the first company to show me love and upgrade my secured cards.

To be honest if some one wants a secured card they should get one. If it graudates it will and if not not.  US Bank offers many secured cards with AF and with out AF. After 12 months they are eligilbe to upgrade. They have been very good. Worst case one can always cancel the card and get the money back. I have SDFCU secured card which is supposed to graduate after 12 months but they are playing games and asking me to open a new card with them. I would highly recommend US Bank secured cards. They are easy to get approved. Some has no AF.

[Red1Blue]

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@kr43002 wrote:

So I did end up getting a checking account and applying for the Cash + Secured Card. Called in and was told the application recomended for Approval, now it just is pending on the withdrawl of funds from my checking and then for me to get the card. I asked the rep more about the card and she said its a brand new card today. I am going to make a forum post about it because it is honestly a decent bk rebuilding card.

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Hi @kr43002 congrats on your Cash + Secured Card. I am sure you'll be happy with US Bank. They have been very good to me so far.

[kr43002]

US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.

After researching on the forum, this page has inforomation on increasing your security deposit: "Also, please include the following in your request: your name, account number, address, individual annual income, your monthly housing payment, whether you own or rent your home, signature, and the dollar amount of the requested increase."

The limits are from $300 to $5000 with $100 increments.

No Annual Fee

A rep told me after responsible credit use and a reasonable ammount of time your account can be automatically graduated

Some Features that are good about this card, espicailly if you are right out of Bankruptcy are:

5% cash back on first $2,000 worth of purchases in certain categories, which you choose. You can select 2 categories.

I can't remember all the categories the rep told me but to name a few: Fast Food, Gas Stations, Subscriptions, Phone/Utilities, and Grocery Stores

2% Cash Back on gas station/grocery stores/restaurants

1% Cash back on everything else.

Choose Payment Due Date/ Contactless Payments

I honestly feel like this blows the nRewards out of the waters, increasingly so when you consider you have to spend $5000 in order to redeem rewards until you are graduated.

I don't know of any other card like this that accepts people with BK. I got approved today for the card. 

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

let me know what you guys think.

[Red1Blue]

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@kr43002 wrote:

US bank has released a new card as of today, 10-5-2021, atleast from what the rep told me on the phone.

I asked the rep if I could increase the credit limit later with an additional deposit and she said I would need to call the number on the back of the card to get that process started.

The limits are from $300 to $5000 with $100 increments.

No Annual Fee.

Hi @kr43002 Congrats on your approval for the new secured card. US Bank is trigger hungry for Hard inquiries. Every time you ask for CLI even on the secured card they will do a Hard on your report. After 2 CLIs and 2 Hard Inquires I have decided not ask them for any more CLIs. Be cautious and put what ever you want into security deposit at once and leave it alone unless you want endure hard inqs with each CLI request.