Secure card for a noob, US BANK vs. BofA

[sudofdisk]

I did a search on the forums but I wanted to get a response that was directed to my specific situation.

My scores are too embarassing to post in my sig like many of you do and the research I have done indicates that I am at the beginning of a long journey to fix my credit scores. It looks to me like part of the solution is getting a secure CC.

From the search I did it seems most people prefer BoFA over US BANK because BoFA graduates and US BANK does not. In my situation US BANK has a branch office in my city and BoFA does not have one within 100 miles. I am not "in love" with the bank I do my checking through now so it would be nice to have all of this done at one place, plus I could make my paymnets on the secure card at a local branch rather than via snail mail.

I did want to get some expert opinions on one thing though before I pull the trigger. It seems to me the US Bank card not "graduating" can be overcome by leaving the tradeline open and adding a second new card rather than closing it.

I mean, once you get your credit established enough that BofA would convert you, you are going to want new credit lines anyway right?


I mean you don't get the deposit back this method, but the $500 bucks isn't my biggest concern nor will it be in a year, I am just trying to bring up my scores. So given this am I really giving up that much by going with US instead?


Thank you for your time.

Message Edited by sudofdisk on 04-10-2008 06:15 PM

[Anonymous]

boa secured is imho the absolute best secured product on the market. i vote boa.

[Anonymous]

If your scores are really really low, you'll have issues even getting the secured BofA card and may need to start somewhere else - like Orchard or somewhere.  They won't graduate (most likely) but it'll help you build some positive history.

Don't be embarrassed about your scores!  Post 'em up and let people throw suggestions your way.  We're all friendly here and I've never seen anyone get discouraging responses about their scores   We're here to help

[Anonymous]

I agree with ducky!

[Anonymous]

Don't ever be embarrassed to post your scores. This is the place you will find help and encouragement for what ails you. But I must warn you. As your score begins to rise as you put to practice the things you learn here. You may find yourself addicted to OURFICO. I don't know where I would be without this site. It will become addictive if your serious about recovery. That's an oxmoron I think

[Anonymous]

even though office not near you.... online option is available.

I like BofA idea cause you keep the card 1 year and then it graduates... so no need to cancel card in year or 2... like most people do with regular secured cards.

I was offered the 99/500 card at BofA and I took it but wouldve been happy with regular 500/500 card from BofA. and hey... atleast when it graduate you get a new type card and 500$ back ;p

other option with USBank.... 1year later you still got card but no money back

or maybe you can qualify 99/500 from BofA and then get a USBank secured also.. lol ;p

Message Edited by antsmith101 on 04-10-2008 10:36 PM

[Anonymous]

I agree with others that you should post your scores for the best advice.  BofA Secured is absolutely the best secured card on the market, but it's also not that easy to get as far as secured cards go.  If you post your scores we can tell you whether it's even worth applying.

No shame or embarassment here.  That's one of the great things about this forum.  Almost all of us who post regularly have aired some dirty laundry on this board, and in the rare case of obnoxious or unproductive posts in response to someone else's credit situation, we take care of those as soon as we see them.

[Anonymous]

Never be afraid.  Most of us have a story similar to the Phoenix rising from the ashes -- in my case it looks something like this:

June 05:  EQ440/TU473/EX495

April 08:  EQ675/TU672/EX653

I know that's a long period of time, but the biggest jumps occured in the past 6 months when I understood exactly how bad util affects scores.

We're all here to help!

[M-2008]

I have the USBank secured card -- I opened it about a year ago because I have other relationships with USBank.  The customer service is okay and the online access is easy to navigate.  The security deposit earns "interest" at 0.04%.  My ficos were all in the low 500s when I opened the card.

A few key facts about the card:

pulled TU

$35 annual fee

current interest is 22%

report balance updates monthly (athough TU is usually about 2-3 months behind)

CRB list as "secured credit card" 

[sudofdisk]

OK, I submit. Here are my scores: (these are TrueCredit.com "fako" scores, if that matters)

TransUnion Experian Equifax
512 492 530


From the sounds of it BofA might not be an option anyway, I wasn't aware I could get denied on a secure card.

Message Edited by sudofdisk on 04-11-2008 08:15 AM

Message Edited by sudofdisk on 04-11-2008 08:15 AM