Best Secured Cards

[Anonymous]

I'm in the process of rebuilding my credit, and currently have a DISCO secured card for $1,000.  I'm looking into opening another for $1,000 but having difficulty knowing a good card to go with.  It was easy for DISCO because I read so many great reviews on it and their rewards, but now I'm at a loss as I try to find another one.  I'm reading many stating NFCU, but I'm not a member.  Any other recommendations?

[Anonymous]

Citi has a secured card that can graduate as well. Before going that route though, use your Disco for six months and then check prequals - you may find that you have the option for some unsecured cards at that time.

[Brian_Earl_Spilner]

Most secured cards are the same with the only difference being whether they graduate, or not. Disco is an anomaly. The other difference is how long it takes. Navy, 6 mos; Citi, up to 18 mos; US Bank, up to 12 mos.

For cards that graduate, they can later be product changed so it can get your foot in the door. An example would be Citi. You need excellent credit to get a Double Cash, but a secured card can be PCd into one after some time. Secured>Diamond>Double Cash. Same with US Bank and NFCU. Try to avoid cards that don't graduate.

[M_Smart007]

@AllZero, Do BoA Secure cards graduate? .. if so how long?

Cash Rewards Secure .. Might be something for OP to look at?

[AllZero]

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@M_Smart007 wrote:

@AllZero, Do BoA Secure cards graduate? .. if so how long?

Cash Rewards Secure .. Might be something for OP to look at?

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@M_Smart007. Excellent recommendation.

@Anonymous . If no past unsatisfactory history with BoA, their secured card would be an option.

If eligible, $99 deposit with $500 credit limit based on creditworthiness.

They can secure as early as 5 months. These cards can grow in credit limit increases after graduation. CLI are SP.

[M_Smart007]

Thanks @AllZero , knew I could count on you

[Charmante]

@AllZero you mentioned a $99 deposit for a $500 CL and it may UNsecure in as little as 5 months -- with generous CLI after graduation.

Where was this? BoA?

Once they graduate, how often can one receive a SP CLI?

ALSO: Do ANY other Banks offer PARTIALLY Secured Cards?

[coldfusion]

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@Charmante wrote:

@AllZero you mentioned a $99 deposit for a $500 CL and it may UNsecure in as little as 5 months -- with generous CLI after graduation.

Where was this? BoA?

Once they graduate, how often can one receive a SP CLI?

ALSO: Do ANY other Banks offer PARTIALLY Secured Cards?

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Yes, it's a BoA card. It graduates to Cash Rewards card. 

BoA does not have a set pattern regarding SP CLIs, it is profile-specific and when their automated system thinks you're eligible to apply for a CLI you will get a "request a credit increase" hyperlink online.      In some cases it can be in a few weeks, in some cases it can be a year although some people do claim they see them appear regularly every 3 months. 

[Charmante]

@coldfusion I spoke to BoA just now, Timothy was the Representative.

He said Applying DIRECTLY for a Secured Card with BoA requires 100% security.

That the $99 offer is a COUNTER OFFER they make upon application for a Regular Card...

Do you know how best to receive this counter offer?

Which card should I apply for to receive this counter offer?

Thanks!

[coldfusion]

I know of people getting mailers to specifically apply for the $99/$500 card but not specifics of a counteroffer made against an application. 

I would guess that the unsecured Cash Rewards card would be the correct one to apply for but I would confirm that with a BoA CSR first.