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Best Secured Cards

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coachb123
Regular Contributor

Best Secured Cards

I need one to help build my credit.  Which one is the best to use?  One that reports to all the credit bureaus and perferably on that will graduate.  Non-military person.

Message 1 of 22
21 REPLIES 21
Walt_K
Senior Contributor

Re: Best Secured Cards

I don't have personal experience with it, but I believe I've read lots of posts that Bank of America offers a good secured product.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 2 of 22
Anonymous
Not applicable

Re: Best Secured Cards

I got a Capital One secured card in October.  It took them 3 months to report but they are now reporting to all 3 CRA.  Also, I opened it with a $200 deposit and they gave me a credit line of $351.   I don't plan on giving them any more deposits and have since found out that they are very hard to get CLI from so I'm wondering if I should have gone with a different company.   I plan on trying to get a regular unsecured CC from a local CU some time in the next month.

Message 3 of 22
Ron1
Super Contributor

Re: Best Secured Cards

USAA and US bank both offer good secured cards.

 

 

Ron.

Message 4 of 22
Revelate
Moderator Emeritus

Re: Best Secured Cards

BOFA has an excellent secured card, there's really zero downsides and it's one of the things BOFA does incredibly well, especially if you're consistently paying on time.  Their checking account I'm particularly uamused by currently, but I've never, not once, had issue with the BOFA cards.  It just works, completely hassle-free.

 

I'm personally a fan of secured cards from the bigger lenders: you get the exact same infrastructure that all the pretty FICO people get.  All the ones that people regularly complain of here (i.e. Cap One) are probably worth skipping... though Orchard has the singular advantage that you can occasinally slip into an unsecured card, which I got from them and I could get from pretty much nobody else regardless of Cap One's pre-approval as an example.

 

I'd also recommend that if you have a relationship with a bank (the checking account you run your life through for example) see what they offer first and foremost.  Never discount the common infrastructure making it easier for you to manage the multiple accounts.  It's how I stumbled on the BOFA card in the first place, lucky me!  Incidentally it also strengthens your case if you ever have to try playing the "customer loyalty" card.

 

Random notes:

 

CLI's on a secured card are nearly non-existent anyway unless you put more money down, the Cap One partially seucred card is no different than anyone else's in that regard.

 

USAA is likewise an excellent secured product with an upside: it costs less as they put your deposit in a real CD, and one downside: it does not graduate.  If that second part is a concern, skip, if it's not, by all means use them they are excellent.  In my case I wanted two secured cards, one I was going to try to get graduated and keep for a while, and one that I was going to kick to the curb in a year or two anyway... so USAA is a good fit for that one Smiley Happy.

 




        
Message 5 of 22
OhioCPA
Frequent Contributor

Re: Best Secured Cards

The BoA secured card is a card that will grow with you as it should unsecure in about a year. CLI's will then be possible fairly quickly after that.

 

One of the downsides to the card is it does report as a "secured card" on all CRA while it is in secured status.

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Message 6 of 22
Revelate
Moderator Emeritus

Re: Best Secured Cards


@OhioCPA wrote:

The BoA secured card is a card that will grow with you as it should unsecure in about a year. CLI's will then be possible fairly quickly after that.

 

One of the downsides to the card is it does report as a "secured card" on all CRA while it is in secured status.


Are there secured cards that don't?  I sort of assumed that was the default drawback of all secured cards.




        
Message 7 of 22
llecs
Moderator Emeritus

Re: Best Secured Cards


@Revelate wrote:

@OhioCPA wrote:

The BoA secured card is a card that will grow with you as it should unsecure in about a year. CLI's will then be possible fairly quickly after that.

 

One of the downsides to the card is it does report as a "secured card" on all CRA while it is in secured status.


Are there secured cards that don't?  I sort of assumed that was the default drawback of all secured cards.


I don't know of any. IMO, it doesn't matter anyway. FICO scores them like any other card and lenders don't look at them any more differently than unsecured.

Message 8 of 22
llecs
Moderator Emeritus

Re: Best Secured Cards

OP, I had US Bank, BofA and Orchard back in the day. I thought they were great.

Message 9 of 22
SimonP
Valued Member

Re: Best Secured Cards


@coachb123 wrote:

I need one to help build my credit.  Which one is the best to use?  One that reports to all the credit bureaus and perferably on that will graduate.  Non-military person.


The best one is Bank of America. They graduate in a timely manner. Also if you happen to have checking with them, they might get less collateral ($100 for $300).

 

Just stay away from Wells Fargo. Their graduation is random and as far as I read here, and also in my own case, it might take 3-5 years.

 

I tried to get my hands on US Bank 3 years ago with no luck, but I had no credit history then.

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Message 10 of 22
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