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Best Secured Cards

CocoMizzou1
Member

Best Secured Cards

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?

Message 1 of 11
10 REPLIES 10
ImTheDevil
Community Leader
Senior Contributor

Re: Best Secured Cards

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.



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Message 2 of 11
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Best Secured Cards

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.







Message 3 of 11
M_Smart007
Epic Contributor

Re: Best Secured Cards

@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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Message 4 of 11
AllZero
Super Contributor

Re: Best Secured Cards


@M_Smart007 wrote:

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

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


@M_Smart007. Excellent recommendation.

 

@CocoMizzou1 . 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.

Message 5 of 11
M_Smart007
Epic Contributor

Re: Best Secured Cards

Thanks @AllZero , knew I could count on youSmiley Happy

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Message 6 of 11
Charmante
Regular Contributor

Re: Best Secured Cards

@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?

Message 7 of 11
coldfusion
Community Leader
Super Contributor

Re: Best Secured Cards


@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?


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. 



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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 8 of 11
Charmante
Regular Contributor

Re: Best Secured Cards

@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!

Message 9 of 11
coldfusion
Community Leader
Super Contributor

Re: Best Secured Cards

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.   



(2/2021)
FICO 8 (EX) 812 (TU) 816 (EQ) 804
FICO 9 (EX) 825 (TU) 817 (EQ) 824

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 10 of 11
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