Secured CCs

[Anonymous]

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@Anonymous wrote:

One thing though I forgot to mention. I did the HSBC soft pull and it indicated I could get a secured CC. Should I go for that one too?

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They are a reasonable secured card, highly likely you will get approved.   I like the card as well, but they don't really unsecure it, but it will help you get approval for their unsecured cards in the future.  I would only bother with HSBC, if you want one of their store or cobranded cards in the future.   

[Anonymous]

Hey everyone. I'm looking to get a secured card too. Question. Can additional deposits increase your credit limit after the initial $200/$300 is sent in for a Public Savings Bank Secured card?

[Anonymous]

I'm dreaming of an American Express future (distant future!) so I'll pass then.

[Anonymous]

Of course if you can get an unsecured card, go for it, but if you need a secure card, don´t go with HSBC, they take so much time to send the card, I apply more than 2 months ago, and have to cancel the application  cause they didn´t sent the card. I applied for Public savings, and in two weeks or less I´ll have the card on the mail, they debited the deposit from my checking account, and I didn´t have to send any form. I just did all electronically, thing that you can´t do with HSBC, you have to wait for them to send you a lot of forms to sign

[Anonymous]

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@Anonymous wrote:

Hey everyone. I'm looking to get a secured card too. Question. Can additional deposits increase your credit limit after the initial $200/$300 is sent in for a Public Savings Bank Secured card?

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Yes, but you have a waiting period (4 months I think) before you can increase it.   Originally, they had a $25 fee, but I think it only applys if the account is over a year old.  

[Anonymous]

Sweet! Sounds good. Thank you for responding.

[Anonymous]

@sweets8e, yes you can increse your credit limit after the initial deposit with Public savings, the first year is free, then they charge $25 per increase

[Anonymous]

I'm pretty much bottomed out on my FICOs...everything bad thing you can name, I have. My only saving grace, I suspect, is that I have an Navy FCU CC with a $20k credit limit on my report...me and a partner co-signed to it and it's in excellent standing (note that I am not an authorized user on the account)

[Anonymous]

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@Anonymous wrote:

I'm pretty much bottomed out on my FICOs...everything bad thing you can name, I have. My only saving grace, I suspect, is that I have an Navy FCU CC with a $20k credit limit on my report...me and a partner co-signed to it and it's in excellent standing (note that I am not an authorized user on the account)

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That is a huge help, and with that,  I think 2 secured cards is plenty.   I would concentrate my funds on getting higher deposits with them, rather than additional secured cards.

[Anonymous]

@sweets8e, yes you can increse your credit limit after the initial deposit with Public savings, the first year is free, then they charge $25 per increase

This sounds like a really good idea. As long as I can deposit additional funds at some point, then it's cool with me. Gotta start somewhere. I'm so glad someone said something about the WF and BofA Secured cards before I wasted an inquiry on each. My plan before this was to open savings accounts with each bank and keep depositing until I got to about $1500 on one and $2500 on the other and apply for a secured card with both. This was supposed to happen by around June 24, 2011. But if they're cards that are made for people with no credit to slighty imperfect credit, then it would have been a wasted effort. Although just saving altogether still isn't a bad idea. Back to the  drawing bored.