Secure Credit Cards

[Blackswizz750]

I know secure credit cards have a place for rebuiders and there are many. I have 3 CO cards and 3 Store cards. I want to app for BOA but on the prequal site, it only see the secure card for me.  My scores are low 600's and I want a card I can use for daily stuff and PIF and hopefully get a larger limits.Is it worth my taking a HP and spending up to 24 months with a secured card and hope to graduate. Folks that have done this can I get information on the experience. 

[Anonymous]

If you have 6 revolving accounts and are still only getting secured offers and scores in the low 600s

Means mostly there is an issue with your overall profile
Either lates, way too high debt loads etc

I don't get the 'why' of NEEDING a 'daily'
You've got plenty of accounts for credit building and obviously something is going on with management of what you have now....chasing down yet another card payment doesn't seem wise.

You're better off getting I'm better command of what currently on your profile, that is the 6 accounts you have now... handling that better will enhance your profile way faster and be more impactful than adding a secured CC

You've got plenty of revolving accounts already, one more does you no favors ( again rebuilding when one doesn't have TLs or history is one thing but that isn't where you are... something else is dragging down your scores)

If you insist...a secured loan is a much better option to add credit mix to your profile assuming you have no car loan or student loans etc (if so you don't need a 2nd installer, as long as you've had one on your profile)

Pay attention to your debt loads, stay on-time add an installer and you just addressed 35%, 30%+10% and you address 75% of what the score is....you gotta address why you are so low with 6 accounts reporting

[Blackswizz750]

I have lates from last year, two judgements, and a car loan that's one years old. I am a rebuilder and just wanted some feedback from folks who have done this. My score has come from the 400's since I started working on my credit 14 months ago and have disputed and have several items deleted off my reports. Thanks for the feedback. Wow.

[fltireguy]

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@Blackswizz750 wrote:

I know secure credit cards have a place for rebuiders and there are many. I have 3 CO cards and 3 Store cards. I want to app for BOA but on the prequal site, it only see the secure card for me.  My scores are low 600's and I want a card I can use for daily stuff and PIF and hopefully get a larger limits.Is it worth my taking a HP and spending up to 24 months with a secured card and hope to graduate. Folks that have done this can I get information on the experience. 

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Apply for a regular BOA card, such as the platinum Visa, or Cash Rewards. See what happens when it is declined. They will either offer you the 99/500 offer, which is an awesome rebuilder card (mine unsecured in under 6 months), or they will offer you a secured card. Either way, you are going to tae a HP - might as well make it count and see if they offer you a 99/500!

[Blackswizz750]

Thanks fltireguy for your experience. I am in no big rush and to grow with large banks such as BOA and Cap1 is good from what others mentioned in the forums. If I apply, the garden I will for a while, 12 months.