Secured CC that reports to CRA but not as secured? *UPDATE*

[Anonymous]

you're welcome.

The card unsecures in 18 months and the amount you deposit earns 4.07% apy meanwhile (its a CD). Moreover, the AF is $29, and min. deposit of $200 is required. Please note that if you have a Bankrupcy on credit file then consider yourself declined already.

There, I shared everything I know about this card :-D

[Anonymous]

look for New Millennium. They are a secured card that reports to all 3 and doesnt report as secured. They won't unsecure the card but its good to help rebuild. Interest is high though so PIF.

[Anonymous]

Public Savings Bank is a good choice.   Decent terms and fees.

New Millenium is a bad choice,  it is very expensive, with no grace period and lots of fees.  

[Anonymous]

Thanks again everyone.

I'm on the fence about applying for a secured card as I'd rather not tie up my money.

I'm hoping with the 1 and only unsecured card I just got approved for, even though with a very low CL, will open up a door or two for applying for and getting approved for another unsecured CC, once I show a few months of smart usage.

Although I know seeking new credit can ding your CR, MyFico score simulator said that because I have no revolving accts. my score would rise If I got approved for one.  I'll post back with an update for those in similar situations to let you know if that happens.

I  have a 10 mo. old auto loan in excellent standing.

I have 1 collection over 3 yrs. old for an unpaid medical lab bill for $180

My scores to date are:

EQ- 632

TU- 655

MyFico Score Simulator range if I got approved for a  Revolving Acct

EQ- 652 to 682

TU- 665 to 695

-Vik

[Anonymous]

I applied for a secured credit card with Citi and I was Denied, I was SHOCKED because I have held a checking account of over 8 years and two savings accounts for 5 years with them

 Why would that happen?? 

[Anonymous]

@Gypsystravels wrote:

I applied for a secured credit card with Citi and I was Denied, I was SHOCKED because I have held a checking account of over 8 years and two savings accounts for 5 years with them

 Why would that happen?? 

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How do your Credit Reports look?  They do check them.  I don't really think it matters if you have check/sav accts. with them or not. Also as stated above from ifinet, who has one:  "If you have a BK consider yourself denied."

-Vik

[Anonymous]

Thank you for your reply but I don't have a BK. 

I did have 6 collection accounts which where due to fall off a few months later (and they have). 

I was just surprised that they would deny me.  I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit.  How can I start rebuilding my credit I am being denied a secured card?  I do not wish to ask anyone do add me as a au at this point, any other options?   

[Anonymous]

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@Gypsystravels wrote:

Thank you for your reply but I don't have a BK. 

I did have 6 collection accounts which where due to fall off a few months later (and they have). 

I was just surprised that they would deny me.  I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit.  How can I start rebuilding my credit I am being denied a secured card?  I do not wish to ask anyone do add me as a au at this point, any other options?   

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Unfortunately, they are not all guaranteed. I was just about to update my post with the info. I have gathered to date regarding secured CC's but if you need one that is guaranteed this one should work.

Public Savings Bank
*note: this cards do not become unsecured after a period of time

Taken directly from their website
    •    0% APR on purchases for 6 months
    •    Credit not a factor
    •    Choose your credit limit from $200 to $1500
    •    $0 fraud liability
    •    Build good credit - we report to all 3 major credit bureaus
    •    Friendly Customer Service
    •    Accepted where you see the MasterCard or Visa logo
    •    Free 24-hour online account access
    •    All applications accepted!
    •    Free Visa Rewards including auto collision damage and emergency card replacement

Qualification
Regardless of your credit or employment, you can be approved for a Public Savings Bank secured credit card when you meet these general guidelines:
a) you must be of legal age in the state of your residence, and
b) you must reside in the United States and have a valid social security number
c) we must be able to verify your identity
d) you must be able to fund your security deposit

Reports to CRA's
We report every month. You should see us on your credit report 30 days after the end of your first statement cycle.
This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account.

Good Luck

-Vik

[preciousjoys]

New Millennium now has a grace period. YAY!!!  Plus you can now pay your bill online without a fee.  Hip hip hooray!!!!!  I am so glad I went ahead and got the Mastercard and Visa credit cards from New Millenium.  They actually posted to my credit reports before I received the cards.  Talk about fast service.  Yeah...the interest rate is high, but long as you pay your full balance you want be charged any interest.  One of the best things about the card is they do not check credit so you don't get hit for a hard pull inquiry. 

[Anonymous]

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@Gypsystravels wrote:

Thank you for your reply but I don't have a BK. 

I did have 6 collection accounts which where due to fall off a few months later (and they have). 

I was just surprised that they would deny me.  I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit.  How can I start rebuilding my credit I am being denied a secured card?  I do not wish to ask anyone do add me as a au at this point, any other options?   

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Sorry to hear about your denial. I'm interested in applying even though I burned them on an unpaid charge-off 10 years ago. I've read they don't blacklist so I might give them a shot down the road when my scores improve. Any idea which bureau they pulled for you?