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I just need any secured card to rebuild my credit. Right now I'm hovering around the 560-570 range on my 3 and the biggest thing hurting me is a lack of recent positive credit history.
I'm interested in Citi's Secured card, but I was reading a thread full of people saying they were denied for a secured card. I don't think I can go with Orchard either; long story short - I had them in the past, went into collections, eventually paid off with a settlement, so I doubt they'd take me back. Pretty much shot myself in the foot with that one...
I don't want to waste my time and further hurt my credit by getting denied, what credit cards should I be looking into? I bank with US Bank, how are their Secured cards? Some offer free air travel rewards (though I don't know when I'll be able to afford a trip - but at least the thought will keep me thinking positive lol)
The main thing is whatever card I get I want it to report to all 3, I'm not yet sure if US Bank's cards do.
Equifax - 570
TransUnion - 560
Experian - 565
I think it's quite hard to find any card not reporting to all 3 CBs. I would like to recommend public savings bank but term&condition has changed a lot from last year that now it's just another predator card. You could try cap1 secured and AF is not too high at $29.
I have US Bank secured and it does report to all three. I would say go with them especially if you bank with them. I also have Cap 1 and the good thing about them is that you can add additional deposits to your card anytime without a hard pull.
As far as adding additional deposits with US Bank secured card I was told by 2 CSRs that it can be done. They will allow you to add an additional deposit after you have had the card for 6 months with good payment history (not going over the limit and paying on time). However, one of them said it was going to be a hard pull when adding an additional deposit. The other CSR did not say whether it would be a soft or hard pull.
Hope this helps!
Since you are a US Bank customer, you will have a much better chance getting a secured card with them.Start with them.
Capital One would be next choice, I really like their secured card. Very easy to add to deposit.
Public Savings Bank is next choice, for really awful credit.
They all report to all 3.
I got a Secured Harley card from U.S. Bank when my credit score was around 610. They would not give me the instant approval. I had to mail in the check and wait to see if it would be approved. It does have rewards, but nto as good as the real cards have.
@dude11 wrote:As far as adding additional deposits with US Bank secured card I was told by 2 CSRs that it can be done. They will allow you to add an additional deposit after you have had the card for 6 months with good payment history (not going over the limit and paying on time). However, one of them said it was going to be a hard pull when adding an additional deposit. The other CSR did not say whether it would be a soft or hard pull.
Hope this helps!
Are you sure about the hard pull? I've done a lot of research on this card and I have never heard anything about pulling credit when adding deposit. That's only with Bank of America.
In that case I'll go ahead and start with my bank first.
Does it hurt or help to have a larger deposit? My thinking is it would help improve my scores a little faster, but at the same time it could be looked at by the bank as a larger risk. I'm not thinking of putting down anything huge, probably 400 or 500, at least a few bills above the minimum. I don't even plan on carrying the debt over month to month anyway so I really wouldn't need anything close to that much, but it just gives me room to breath if I want to use the card for a larger purchase to get some additional card activity.
@starting_over30 wrote:Does it hurt or help to have a larger deposit?
From my experience, it helps a lot. Larger CL help getting larger TLs when applying for new card. I would recommend make it $2000 or more if you could afford it. You will save yourself hassle being stucked in toy limit and waste fewer inquiries requesting CLI.
@starting_over30 wrote:In that case I'll go ahead and start with my bank first.
Does it hurt or help to have a larger deposit? My thinking is it would help improve my scores a little faster, but at the same time it could be looked at by the bank as a larger risk. I'm not thinking of putting down anything huge, probably 400 or 500, at least a few bills above the minimum. I don't even plan on carrying the debt over month to month anyway so I really wouldn't need anything close to that much, but it just gives me room to breath if I want to use the card for a larger purchase to get some additional card activity.
The bigger the better. You definitely want breathing room. It may help you get a bigger limit in the future. Of course, you can build it up as you go.