@Dustink wrote:If you want a Barclays card. I think you would be approved for the:
Barclaycard Rewards
It has two tiers, if you do not get the top tier you get a chance at the lower tier.
But I think your credit union is a good option too.
yes, this or the NFL one seemed along the lines of what I would shoot for. But I'm certainly open to suggestions, and I should probably talk to my CU, as it was a good suggestion.
@Jutz wrote:I understand a secured card's place in the rebuilding world, but I'm not understanding how it fits in my situation. I'm not looking to dip into my savings just to get a CC. I'm looking to find a path from subprime basement cards into lower level legitimate cards with a chance to grow. Am I missing something about a secured card? Is it not just whatever money i put down is my CL? I can wait to get a card that fits best, I'm just wondering how long that may need to be
Secured cards give you interest on the deposits, and helps report to all 3 bureaus, also with secured cards usually yes your deposit = the CL not always, like Capital one will take $50 to give you a $200 limit etc.
Having more creditlines extended to you can help. I went from 0 credit cards last year, to having 9 credit cards reporting (2 secured $2,500 total, and a kays for $400) 6 were AU's with fresh starts. I am now in a position to get rid of everything. You close the account you get your deposit back, , and some graduates you get it back once your scores are better and converts to a secured card, or some will refund exactly in 1 year, and some never do so pick your cards carefully.
Being able to do things secure also reflects pretty good in a manual review cause those accounts are considered very low risk. Also secured cards usually have a low interest rate at credit unions that can usually rival with people with Super Prime cards.
@Jutz wrote:I understand a secured card's place in the rebuilding world, but I'm not understanding how it fits in my situation. I'm not looking to dip into my savings just to get a CC. I'm looking to find a path from subprime basement cards into lower level legitimate cards with a chance to grow. Am I missing something about a secured card? Is it not just whatever money i put down is my CL? I can wait to get a card that fits best, I'm just wondering how long that may need to be
A high limit secured card would show lenders that you are able to handle high limit credit cards. Usually $5,000 is the ideal number for a minimum of 1 year.
You are not really dipping into savings, you are just moving it from one account to another, to speed up your credit building.
Sometimes secured cards graduate to non secured, so after a year or so you can get your money unlocked. Just varies between banks.
I think it would fit your situation in that it would get you out of the low limit cards into a higher limit card.
@distantarray wrote:
@Jutz wrote:I understand a secured card's place in the rebuilding world, but I'm not understanding how it fits in my situation. I'm not looking to dip into my savings just to get a CC. I'm looking to find a path from subprime basement cards into lower level legitimate cards with a chance to grow. Am I missing something about a secured card? Is it not just whatever money i put down is my CL? I can wait to get a card that fits best, I'm just wondering how long that may need to be
Secured cards give you interest on the deposits, and helps report to all 3 bureaus, also with secured cards usually yes your deposit = the CL not always, like Capital one will take $50 to give you a $200 limit etc.
Having more creditlines extended to you can help. I went from 0 credit cards last year, to having 9 credit cards reporting (2 secured $2,500 total, and a kays for $400) 6 were AU's with fresh starts. I am now in a position to get rid of everything. You close the account you get your deposit back, , and some graduates you get it back once your scores are better and converts to a secured card, or some will refund exactly in 1 year, and some never do so pick your cards carefully.
Being able to do things secure also reflects pretty good in a manual review cause those accounts are considered very low risk. Also secured cards usually have a low interest rate at credit unions that can usually rival with people with Super Prime cards.
+1 well put
These banks have options geared towards your credit file:
http://www.spectrumcu.org/asp/general_30.asp
https://www.ufcu.org/accounts/credit_cards/index.php?loc=menu
Oh I forgot to add in 1 year I went from being declined for a secured BOA card (yes my scores were that bad) with help of secured cards I've now recieved Amex BCP , Chase Sapphire, Navy Federal, and Chase Freedom card this month for a total of $30k in credit limits. So secured cards are sometimes the best ways to gain business. It shows you were responsible enough to save the deposits and make wise decisions. Atleast this shows you don't live paycheck to paycheck and couldn't spare a little extra cash (manual review)
Also it's been reported long time ago during a manual review that a person got turned down for a Amex and one of the reasons were "First Premier Bank" LOL
@distantarray wrote:Oh I forgot to add in 1 year I went from being declined for a secured BOA card (yes my scores were that bad) with help of secured cards I've now recieved Amex BCP , Chase Sapphire, Navy Federal, and Chase Freedom card this month for a total of $30k in credit limits. So secured cards are sometimes the best ways to gain business. It shows you were responsible enough to save the deposits and make wise decisions. Atleast this shows you don't live paycheck to paycheck and couldn't spare a little extra cash (manual review)
Also it's been reported long time ago during a manual review that a person got turned down for a Amex and one of the reasons were "First Premier Bank" LOL
Haha, I don't see why people would be willing to pay those huge fee's instead of earning interest on a savings account.
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