Secured Cards Info...

[Anonymous]

You could get the same score boost from a $300 secured loan from a credit union

[Charmante]

@Brian_Earl_Spilner I assume my Dad pays taxes on all the money. Why would we double pay taxes on the same money? If $100,000 is profited in February, and my Dad pays taxes on February's income, why would I then pay taxes, again, on that same money?

[Charmante]

@Anonymous But then it's paid off in 6 months and I have to then reopen a new one... Correct? Doesn't it require an ACTIVE/OPEN Installment to receive Mix? Or closed works, also?

[Anonymous]

Closed will still give mix

 But only open can give utilization boost when paid under 9%

Most credit unions you can push it below the 9% and keep it open for about a year

 I'd rather pay 2% interest on $30 than $15-20K

[Charmante]

@Anonymous OH... I did not realize CLOSED Installment Loans help with Mix... That actually changes my outlook a lot... I really appreciate the advice!

I figured if I paid the Student Loans down to $4,000 or $5,000, and finance them into a 60 month term, at just 3.5% -- that wouldn't be too much... Well worth the cost to show a 60 month payment history on a $20,000 Installment.

Do you know if student loans can be financed at LESS than 3.5% if you finance them short term (60 mo)?

[dacv01]

When I applied for the Citi Secured, I had to go through process 3 times. 

1st HP with Experian was denied due to fraud alert accross all CR's  and not verifying me. Second request with Equifax- alert didnt have my phone number on it. 3rd Attempt with Experian was the charm- verified my ID and approved application. ( First 2 inquiries have since been removed)  

- Card does graduate after 18 months, and some have been rewarded earlier. So far so good IMHO. 

[Charmante]

@dacv01 Thank you for that great info!!!

Citi is definitely on my Want List!!! But I also have Fraud Alerts on all 3 Bureau's -- so I think I'll remove those first!!!

I really want BoA, too, but burnt them about 10 years ago and I'm affraid that would automatically deny me or hinder my growth!

Was speaking with another MyFico Forums user in private message -- he had me sold on the US Bank cards -- until he explained they HP for CLI's... That greatly turns me off -- UNLESS they typically offer VERY Generous CLI's...?

Ultimately, I think I'll open a Discover Card... I wish they would allow above $2,500 security deposit's, but I believe this will be manageable!!!

[HeavenOhio]

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@Charmante wrote:

Why everyone is trying to peak in my purse is beyond me and seems very intrusive and rude.

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You've asked an unusual set of fairly narrowly focused questions across multiple threads. When I look at how they happen to be framed, different questions lead me to envision completely different profiles. We just want to ensure that we're giving you the best advice. We don't want to see you waste applications on products that aren't a good fit for your situation.

[blindambition]

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@Charmante wrote:

@dacv01 Thank you for that great info!!!

Citi is definitely on my Want List!!! But I also have Fraud Alerts on all 3 Bureau's -- so I think I'll remove those first!!!

I really want BoA, too, but burnt them about 10 years ago and I'm affraid that would automatically deny me or hinder my growth!

Was speaking with another MyFico Forums user in private message -- he had me sold on the US Bank cards -- until he explained they HP for CLI's... That greatly turns me off -- UNLESS they typically offer VERY Generous CLI's...?

Ultimately, I think I'll open a Discover Card... I wish they would allow above $2,500 security deposit's, but I believe this will be manageable!!!

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Just be prepared for Discover to ask for 4506T. It's becoming more common.

[Charmante]

@HeavenOhio Well, sometimes they are for different profiles... As I said, I'm working on my own profile, 3 roommates' and my girlfriend's. And I definitely don't mind questions. I've learned a lot on this site and it's helped my entire household significantly. We should be well prepared to breeze through our home purchase when the time comes!

[Mod cut: Please review the Terms of Service.  Inciting conflict and discussing moderator actions are not allowed on these forums. - KiB]

@HeavenOhio Curiously, are you near C-Bus? I graduated from Ohio State University. I miss Ohio so much!!! People were so friendly and I regret leaving that state. Lol! Not to mention it is near Hershey PA!!! LOVE those HUGE 5 pound Hershey Bars! Lol!!!