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Secured Cards Info...

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Charmante
Frequent Contributor

Secured Cards Info...

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!!! Smiley Happy

46 REPLIES 46
Anonymous
Not applicable

Re: Secured Cards Info...

@Charmante 

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! Smiley Wink

Message 2 of 47
Jetiquette
New Contributor

Re: Secured Cards Info...

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. 

EQ 764 / TU 775 / EX 775 (as of 9/26/21)
Message 3 of 47
HeavenOhio
Senior Contributor

Re: Secured Cards Info...

@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.

Message 4 of 47
Anonymous
Not applicable

Re: Secured Cards Info...

@Jetiquette 

Welcome to the community and congrats to your GF on the graduation! Smiley Happy

Message 5 of 47
Anonymous
Not applicable

Re: Secured Cards Info...


@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. Smiley Sad

Message 6 of 47
Charmante
Frequent Contributor

Re: Secured Cards Info...

@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! Smiley Happy

Message 7 of 47
BmoreBull
Established Contributor

Re: Secured Cards Info...


@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! Smiley Happy


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. 



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 8 of 47
Charmante
Frequent Contributor

Re: Secured Cards Info...

@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.

Message 9 of 47
K-in-Boston
Epic Contributor

Re: Secured Cards Info...


@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.

Message 10 of 47
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