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So I'm posting a small list of Secured Cards I'm interested in. Plan to choose 2 and open them.
Please tell me if each one DOES or Does Not GRADUATE (and average graduation period) and if they HP or SP to open the card, please.
BoA
SDFCU
Citi
Discover
Wells Fargo
PenFed
Unify CU
THANK YOU!!!
When I got my secured Disco last summer it was a HP and I opened it for $500 and it graduated in about 7 months with a CLI >$2K. I'm sure you have already tried the prequal site at Discover but it will tell you what you can get. CapOne isn't on your list but their prequal tool is solid for the Platinum. Plus with CapOne you never know, you may not have to go secured. They gave me an unsecured card for $2K when I was hoping for a secured approval.
IMHO a HP isn't a big deal at all when starting out and personally I wouldn't worry about HP vs SP as they will age off as you build. Actually I like HP's so much that I have quite a nice collection of them at this point lol!!
Please let us know what cards you decide to go for and I wish you all the best!
My girlfriend had recently moved to the US from Canada and had to go the secured card route to begin her credit history. We had her open the Discover card and they graduated her to a line of credit after 6 months.
@Charmante, could you give us a list of your current cards, their limits, and their ages in months (or dates opened)? This would include cards on which you're an authorized user (please note AU on these). Also, could you recap your baddies along with any lenders you might have burned in the past?
It seems to me that we've been answering a lot of your questions within pretty narrow contexts, and I think that seeing the big picture would help us give you better advice.
Welcome to the community and congrats to your GF on the graduation!
@HeavenOhio wrote:@Charmante, could you give us a list of your current cards, their limits, and their ages in months (or dates opened)? This would include cards on which you're an authorized user (please note AU on these). Also, could you recap your baddies along with any lenders you might have burned in the past?
It seems to me that we've been answering a lot of your questions within pretty narrow contexts, and I think that seeing the big picture would help us give you better advice.
Opps so sorry @HeavenOhio my bad! I thought that @Charmante was just looking for some broad strokes on HP/SP/Graduation experiences of others. Guess I'd better have some more coffee before I start posting.
@Anonymous I was just looking for general advice about the specific cards I listed.
I'm sick of getting HP's and then either receiving a DENIAL -- OR a tiny $300-750 card... Waste of my time and Inquiry...
So I've decided to just open 2 LARGE Secured Cards so I can just put $5,000 - $15,000 on each and finally have 2 cards I can USE...
BUT I want to make sure they WILL graduate and are good cards!
@Charmante wrote:@Anonymous I was just looking for general advice about the specific cards I listed.
I'm sick of getting HP's and then either receiving a DENIAL -- OR a tiny $300-750 card... Waste of my time and Inquiry...
So I've decided to just open 2 LARGE Secured Cards so I can just put $5,000 - $15,000 on each and finally have 2 cards I can USE...
BUT I want to make sure they WILL graduate and are good cards!
Discover graduates, has rewards, but I think max limit is $2500. I think you really need to look into a credit union if you want to get a secured card that allows you to make that big of a deposit.
@HeavenOhio Well, I'm going to list everything, but it seems Secured is my only options anyway. But here you go.
Chevron (2002) Closed (AU) $0 of $300 Never Late
CapitalOne (2016) Open $0 of $500 (90 Day Late in May 2019)
CapitalOne (2017) Open $0 of $500 Never Late
CFNA Firestone (March 2020) $0 of $750 Never Late
PenFed ODLOC (March 2020) $0 of $500 Never Late
Macy's Store Card (March 2020) $46 of $16,000 Never Late
PenFed SL (May 2020) $1,200 of $1,250 Never Late
5 Student Loans (2011) totaling $20,000 all maxed loans (never made a payment -- on deferral)
2 Collections Accounts totaling $2,000 each 6.5 years old. One ages off December and the last one ages off February.
Approximately 3 inquiries per bureau.
FICO is 699 on Exp. And about 640-650 on the other 2.
@Charmante wrote:@HeavenOhio Well, I'm going to list everything, but it seems Secured is my only options anyway. But here you go.
Chevron (2002) Closed (AU) $0 of $300 Never Late
CapitalOne (2016) Open $0 of $500 (90 Day Late in May 2019)
CapitalOne (2017) Open $0 of $500 Never Late
CFNA Firestone (March 2020) $0 of $750 Never Late
PenFed ODLOC (March 2020) $0 of $500 Never Late
Macy's Store Card (March 2020) $46 of $16,000 Never Late
PenFed SL (May 2020) $1,200 of $1,250 Never Late
5 Student Loans (2011) totaling $20,000 all maxed loans (never made a payment -- on deferral)
2 Collections Accounts totaling $2,000 each 6.5 years old. One ages off December and the last one ages off February.
Approximately 3 inquiries per bureau.
FICO is 699 on Exp. And about 640-650 on the other 2.
Rather than opening two secured cards with $5-15k each, why not pay off your student loans? (Especially If they are not subsidized federal loans, as they are still accruing interest.) While only you can decide if it's worth it to you to pay off the two collections before they are aged off, and there's not much you can do about the late payment at this point, having 5 loans at 100% or more of the original loan amount is something affecting you that you seem to have control over and the means to pay.