@oilcan12 wrote:
@oilcan12 wrote:
@st789 wrote:
@Wade64 wrote:
@Wade64 wrote:
@st789 wrote:
@oilcan12 wrote:
The best secured cards, that graduate to unsecured and offer rewards, are mostly for building credit as opposed to rebuilding credit. If you can qualify for any of these top tier cards then by all means sign up.
If you can't qualify for the best secured cards, my favorites for rebuilding credit are SDFCU, Capital One and Open Sky. I've been happy with all three of them.
If you can't qualify for the top tier of secured cards, but you still want a secured card that graduates to unsecured your best bet is a local credit union.
I truly do not believe I will qualify for any unsecured cards right now.
As for the premier secured cards, it would be a gamble. Do any of them do the app process with only a SOFT inquiry? I'm concerned about adding any HARD inquiries right now.
I know SDFCU will do a SP when you join. But I dont know about their SCC
Also opensky will not even do a credit pull
Considering my scores are currently in the 570 range and I do not have a credit card, would you recommend I go with Sky option since they do not do a hard inquiry OR should I go ahead and take a chance with the BOFA secured card since they are the bank I plan to have a longterm relationship with?
BOA secured is almost as hard to qualifty for as an unsecured card. With your score you have very little chance of approval for the BOA card even with your relationship with BOA. If you don't want to risk a hard pull, I think your best choice would be SDFCU. I would highly recommend the SDFCU secured card. It is a soft pull if the apply for the secured VISA over the phone. It will be a HP if you apply online. Also, if I recall correctly it does not have an annual fee. I could be mistaken. Opensky would be a good second choice after SDFCU. A local credit union is also a viable option.
Please understand, these options being presented to you are the best options available that are open the general public. If you are affiliated with a credit union through your employment, a relative or military service there might be better options.
I am affiliated with a local credit union but I do not have a job, I am a full time student. The credit union requires direct deposit for the secured card.
Is there any harm or benefit to getting multiple secured cards (maybe the SDFCU and SKY for now)? Or do you think it would be more beneficial getting a higher limit on just one card? Should I split my $800 btw two cards, or just get one secured card w/ $800 limit?
Thanks for your advice!!
