Secured Cards Info...

[JohnSnow]

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@Charmante wrote:

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!!!

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I got my BoA secured card last chrismas with $300. I upped the CL to $1000 last month and graduated this month with an additional $1500. 

edit: forgot to mention the first application was a HP but everything after has been a SP for me. 

[Charmante]

I'll likely never pay the loans. Ever. The way my income is structured, I'll receive a lifetime deferment. And even if I did pay them off, what do you predict the score increase would be? I've been told VERY little.

It would still leave me with no card for everyday use.

[Remedios]

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@Charmante wrote:

I'll likely never pay the loans. Ever. The way my income is structured, I'll receive a lifetime deferment. And even if I did pay them off, what do you predict the score increase would be? I've been told VERY little.

It would still leave me with no card for everyday use.

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Could you help me understand why someone who makes $100,000.00 (I think that's what you stated), would have loans deferred forever due to income structure?

What kind of structure are we talking about here?

[Red1Blue]

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@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!

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You got to be cautious when you want secured card with large limits? Are you planning on putting a single deposit and request large limit or are you planning on making monthly deposit into deposit and ask for CLI ? Some cards are very picky when you try to make several deposits and ask for CLI. Also many of them do hard inqs each time you request a CLI. For instance US Bank trigger hungry for hard pulls. Just be cautious. Save the entire deposit amount and apply for the card. For instance OpenSky and Merrick did not mind when I send them check for $500 every other week and ask for CLI. But First Progress was very touchy about CLI. US Bank does not give any CLI in the first 6 months. So be cautious where you apply and how you apply for secured credit cards especially with large amounts. Also the large amount cards might be hard to graduate to unsecured cards. Trust me I went through the jungle of secured cards and learned all the ropes.

[Charmante]

Because legally I am unemployed and file no taxes. Have never had a legal job or filed a tax return. But am legally listed as an authorized user on my family's business accounts. So I take out money as I need it. My family gives each child permission to draw up to $100,000 - $125,000 annually.

From what they tell me, although I'm unsure the specifics truthfully, they told me it's structred where upon their death's, it's set up to be managed by their accounting and legal teams, and the attorney's will issue checks as needed.

I may end up receiving a trust fund, I don't know... If so, would that cancel out my deferment?

I'm not familiar with this stuff other than I have no taxes, income, etc.

I really hate thinking about this, because I'm so disappointed in my old self...

I've received this income since I was 21 years old -- 15 years -- and I've so recklessly squandered it away...

Barely have $25,000 in bank. No investments. No IRA's.

It makes me mad at myself!!!

Last year, when I turned 35, things changed (mentally) and now I'm on a mission to grow up and build my finances, credit, and future up.

[Remedios]

@Charmante  those are noble goals and you should continue with them, but what you are describing does not constitute income.

What are you putting on the applications employment and income wise? 

[Charmante]

I list OTHER and list 100,000.

[simplynoir]

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@Charmante wrote:

I list OTHER and list 100,000. I list my Dad's phone number and name as contact.

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I'm trying to understand this correctly. So when you fill out applications for cards you're doing it on his behalf and not your own information/credit?

[Charmante]

No. My own. I list him as person to contact about my income.

[Charmante]

I've spoken with a few institutions. Such as Discover, and a few others and they told me it's fine to list income that is not specifically my own, or earned by working, so long as it is income I do TRULY have access to OR is a person's whom DOES support me.