First Secured Card

[Anonymous]

Thank you for the advice. I don't seem to be having luck with instant decisions I applied for the C1 secured card and was selected for review and they want proof of income even though I put I was a full time student. And Discover put me in review for 3-4 days.

Are these typically "instant" or are these not the instant approvals you mean?

Thank you!

[Anonymous]

Couple of things

1) Looking at your age (23) does that jive with the age of that AU account... meaning is the account obviously too old for you to have been even involved in the account. (Many people put a 15 y.o. account with a 10k CL along with a 6 month old $300 CL account of a 22 y.o. kid and WONDER why it goes to review.... duh? So the account opened when the applicant was 7 has great history and a 6/8/10k CL but somehow the most recent approved account is a $300 starter card....it begs, to be pulled outta the TSA line for additional screening....a card with a more modest CL and definitely less aged would have been a better fit.
Since the new regs to 'protect' the public against predatory lending the scrutiny over companies proving that they extended credit to young ppl to appeared ABLE TO PAY as made it IMO more difficult for tweener folks to qualify.

Politics pushed by overspenders who CRY, the company KNEW they shouldnt have lent them money or extended them credit (with all the guns at heads during the application process and all btw) has forced companies to be more diligent in vetting income/ability to pay for young people ( this is by LAW under 21 ...but a thin file at 23 may still spook some vendors)

Why did you app Cap-1 secured...had you tried the prequel site for Plat/QS1?

I wasn't aware you were willing to invest in secured accounts
That being the case, you should pull what I call the Gemini method (explained in greater detail by searching through my past post)

But in a nutshell

You app for a secured PL 1st (preferably, all or most of this with no HP organizations)
Use the loan proceeds to secure 2-3 secured CC accounts and let the games begin.

One could theoretically use $660

Get a $600 PL (leaving $60 available in savings)
Use the $600 in loan money to secure
A) $300 Visa
B)$200 Disco
C)$100 MC

That's 4 TLs...3revolvers and 1 installer

Now use the available funds in the savings account to make the monthly payment of the one card used to make that months loan payment

And because Everytime all loan payment happens more of the money securing the loan becomes available, there's allows enough for the next month's payment...never actually have to 'find' money to make a payment because it was in the bank in the 1st place.

Let this video game play out on your reports for 8 months (again using the cards for nothing more than our game) and you will have 32 On-time payments recorded (4 accounts X 8 months) 24 revolving CC payments with LOW debt usage ..

.the model with LIKE the management of debt and multiple accounts... remember at this point the size of the CL isn't as important as the % of debt vs the overall CL....and since the only thing ever recorded per month was a small loan payment, the management and juggling of accounts looks Pretty on paper, your score will GROW, no doubt

Also at 8 months, your only 4 away from any HPs gathered during the process about the lose their one year sting at the same time all 3 cards are turning a year old. Generally releasing YOUR $ (remember the loan money you used to secure to CCs is your dough😃)

You can, if wish payoff the secured loan with some of that cash, thus freeing up the money held in that account and closing out that loan...with it hanging on your reports for 10 years as a well paid closed account (you could allow it the finish the game and boost your profile but you wouldn't need to ad you have student loans to add mix anyway)

Bottom line your scenario is PERFECT for the Gemini method, especially because you are going to school and have even more time to allow to video game to play out, if you want.

Either way 8-13 months in offers will come in and the relationships built with the institutions used during the Gemini Game are real and can set up lifelong financial partnerships

Think of it this way if
Those 4 accounts were with
Discover
CU A
CU B &
Bank of whatever

They all lend money, issue CC, offer chk/sac accounts IRAs etc and ALL have been paid on-time by YOU and may be on your team Forever (that's another reason why I like to avoid ish bottom feeders upfront..you don't need to outgrow Discover Bank or Navy FCU..you just grow up with them, even State or Digital or your local CU might be useful for whatever in the future but one NEVER goes back to Credit One for ish😉)

[Anonymous]

Okay first the accounts we are thinking of making me an AU on are:
1) 1 month old 3.5k CL B of A ($0 balance)
2) 1.5 year old Macy's 1.5k CL ($0 balance)
3) 5 month old balance transfer card from local FCU 7k CL ($6,000 balance 0% APR until April)

So not too unbelievable age wise.


Next that plan sounds awesome I definitely am willing to invest in my future via the "Gemini Method" it sounds really great and thank you for suggesting it!!!!

A few Q's:

1) What should I request for a PL term 12 months?

2) Won't the Secured Card Companies see multiple hard pulls and applications for multiple Secured Cards? If so wouldn't they be a cause for them to deny my app even though it's secured?

3) So I should just accept the HP and forget about Cap1?

4) What are good Secured Cards most I've looked at have an annual fee which is kind of a turn off for me they charge me $39 for what? To loan me my own money damn.

Thank you for all the help I really appreciate it!

[Anonymous]

Update: Just went to apply for a secured PL with local CU and was denied. Was told I was in Chexsystems (some reporting agency) for $62 at Wells Fargo. I went to Wells Fargo and paid the $62 they told me it'd be at least mid next week before it updates everywhere. So probably next Thursday I'll try again to get started on the Gemini method!

[Anonymous]

1) I'd app for the longest period available for the amount requested.... preferably 2-4 years
a) keep the payment low and a no brainier
B) If you decide to let it ride out the 'open' loan continues to provide credit juice.
Ie
Having a $11 payment on a 4 year loan allows for that loan to grace your reports for a total of 14 years ( 4 years of loan + the 10 yr post pay off) that number is only 11 with the higher payment required for a 1yr term. It isn't a deal breaker but when given the option + there's a pay down to the last 2 payments trick to grab extra points that's too advanced and maybe overkill for your needs at this moment you've got enough on your plate, we'll keep it as simple as possible.

2) Remember the goal is to grab these secured CC in pretty quick order so for the most part they may not have even reported yet... wouldn't worry too much lots of rebuilders app for several cards, so not a new phenomena.
There are several non HP basically deposit and approved vendors, mostly CU, granted not all CUs are created equal
Do NOT just app any ole CU some of these fools actually vet secured cards, you don't want to just waste HPs
Regarding the Cap-1 HP, can you not provide the income docs? They probably only want to see ANY income enough to pay rent and enough to make payment.

Also, you gotta be careful if you're on Chexsystems or EWS as, if the bank/CU doesn't run credit they mostly will at least run either Check or EWS (both are basically a bank account credit reports to screen for bad check writers and risky bank account holders
Just FYI both these reports fall under the same rules as other CRA... one Free copy per year and you can dispute just like any CRA...
The cool thing is you can call and ask them if your clean prior to going to a bank/cu and getting shut down. I forget one will email you the other wants a letter but once they say clean, I never follow through with the letter I figure why it's clean
Another FYI although items can stay on for 7 years just like the other CRAs
Chex has decided to clean their files after 5 years, so if your baddies via bank accounts are older than 5 you're probably good
Again EWS is the same thing as Chex systems just run by the 4 big boys BoA, Wells, Chase & I think Wachovia or US Bank I'm sure of the 1st 3
Anyway unlike the CRA agencies attempt at their own version EWS has made in roads and lots of other banks and CUs actually use the alternative whereas nobody uses Vantage over Fico
Ppl do use EWS over Chex so it's worth checking at least once a year to make sure there is no B.S. just like any Consumer Report

We only think credit but these other reports are by definition CRs just the same

4) Research my post I just gave a list of no AF secured cards or just Google and you will find a bunch

Btw Alliant FCU is a good place to start your secured PL journey
As for local CUs it's hard for me to vet unless I just happen to know but there are plenty options otherwise
If local is important ask them specifically about requirements to qualify
If you don't hear oh its almost a formality STOP
Someplaces don't even run credit for the PL, most will at least app the CC but the PL should be the easiest to get.

Check with that local you tried to see if they HP you and if cleaning up the Chexsystem item is enough to move forward.

Dont apply anywhere you're not 85% sure of approval

[Anonymous]

What state are you in?

Also places are sensitive to Tax liens, little things like Chexsystems tax liens etc one had to consider prior to applying
No big deal just need to know whom to avoid as you rebuild

[Anonymous]

I'm in Minnesota and actually having some trouble finding secured cards with no annual fee that also have a low initial deposit ($200 or less). I'm considering Affinity FCU because they have branches near me but nowhere does it clarify if there is an opportunity to graduate (if you will) to an unsecured card. I've heard a lot of companies just leave you secured forever and if you want to get your money back you have to close the account which negatively impacts your score.

I'm open to any suggestions. I'm on my phone so it didn't take me to your posts only ones you've commented on which are a lot and Google wasn't much help.

[Anonymous]

Here are a few with comments at the bottom....by joining the American Consumer Council you become eliglible for BUNCH of CU's

around the country....if the coupon code 'Consumer' still works it's FREE....don't know if it still works but as of a few months back it did, either way it's cheap to

join and once in, you're good to go in a bunch of CU's

Look around the sites of the others listed they all have life hacks to get in.....kill all that noise about branches and where they may be located....who gives a crap, bro

it's a CC.....Keep you eye on the PRIZE....credit history step ladder, you aren't going into a branch seeking a freaking toaster, so who gives a flip flying....you think I'm visting San Antonio to walk into USAA let alone the Alamo...yeah, right

Community Secured Visa

Coastal Federal Credit Union

$100 no AF

Justice Federal: Visa Classic Secured Credit Card

• Cost to join – $5 to join JFCU or $43 if you need to join another organization to become eligible
• Minimum deposit – $110

State Department Federal Credit Union 

• Cost to join – $1 to join the credit union (which the SDFCU usually covers) + $5 (or $15) to join American Consumer Council
• Minimum deposit – $250

BCU Credit Builder Launch Card

$150 deposit no fees

https://www.bcu.org/Products/Credit-Cards/United-States/Credit-Builder-LAUNCH-CARD

Affinity  (in Minn…..your home state,right?)

$250

Initial deposit ($250) + fees ($0)

_____

Ok, remember we pivot from where we're standing, friend sometimes EVERY option we'd like isn't EXACTLY the one avaiable RIGHT NOW!

ie Although ALL 3 cards you get might not be your forever cards...if your goal is to get the ball rolling, get a history built, on the cheap (regarding deposits)

compromise ...again pivot from where you are standing TODAY!

Yes, I LOVE the Navy secured card but @$500 it ties up funds....I love the Disco card but if they say no...oh well ...the objective is to fall FORWARD, no matter what

if the goal is to light up that scoreboard....light it the best way you can.

Sure, you may burn 2 of those cards next year but one might hang around as a 2016 oldest anchor...remember you don't need to keep 'em all open for the rest of your life...you want DATA on the board, period once you have data reporting ....you will come to a different fork in the road and need to pivot from where you're standing that DAY but you gotta get there.

$100, $150 and $250 cards will report and if that's the side window or back door in... freak it...that's better than sitting in the parking lot wishing you could play!