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Secured card help

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Frequent Contributor

Secured card help

What are some good lenders that offer secured cards? Preferably ones that could some day graduate and will accept you with bad credit. I've finally convinced my GF that they are a great option and she should consider them. She app'd for a credit one card about 6 weeks ago but she really isn't interested in doing business with them. The first time she had to call customer service for her app they were pretty rude and unhelpful. That currently is her only inquiry so I don't think one more will do too much harm. Although, she may need to apply for a school loan and a we might buy a newer car for her this fall.


Is that a good course of action? This will be her first credit card since her chargeoff in '09 and she really doesn't need much. She's an AU on my cards that we use for any large purchases. She just needs her own card to rebuild with for awhile. I'd also like to add that she won't do business with capital one. They sent her account to collections when she was enrolled in the payment protection and they didn't honor the agreement at all.


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


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Message 1 of 17
16 REPLIES 16
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Valued Contributor

Re: Secured card help

My vote would  be a secured card from a CU. Are you currently a member of a CU?

Message 2 of 17
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Frequent Contributor

Re: Secured card help

No


We use Wells Fargo


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


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Message 3 of 17
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Valued Contributor

Re: Secured card help

I started out with Cap One and Orchard Bank secured cards. Since she does not want to do business with Cap One, she probably don't want to do business with Orchard Bank either since it looks like Cap One may be acquiring OB's rebuilder cards. Wells Fargo offer secured cards, but Im not sure what their lending standards are. If she can look into joining a CU, such as DCU or even a local CU, I believe that would be her best option. If she doesnt want to deal with a CU, then you can also try Public Savings Bank.

 

Edit: Sorry, PSB does not graduate to an unsecured card. I'm about all out of ideas. Look into a CU! Smiley Tongue

Message 4 of 17
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Frequent Contributor

Re: Secured card help

I guess it isn't an absolute must that the card graduate someday. She just wants to use a somewhat reputable lender. I'll look into a credit union, but I don't know if she'll want to go that route either.


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


Take the FICO Fitness Challenge
Message 5 of 17
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Senior Contributor

Re: Secured card help

I'd also look into a local CU. Each one has their own policies, but I was able to find one that would help me to re-establish credit with a low CL CC. Lots of bigger ones are talked about here, but sometimes a local one may be more willing to work with you.

 

I know WF offers a secured card, but you do need to qualify for it, and I'm not sure what their policies are about it going to unsecured. If you have an acct. w/them, I'd look into it because they do consider your history w/them when determining credit.

 

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 6 of 17
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Frequent Contributor

Re: Secured card help

That's what I was thinking. I may just have her go ahead with the credit one card. I know she isn't going to be interested in messing around with a credit union.


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


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Message 7 of 17
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Senior Contributor

Re: Secured card help

I suggest you check out Wells Fargo secured card.    Low AF $18, and reasonable terms.

 

Message 8 of 17
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Frequent Contributor

Re: Secured card help

Are they hard to qualify for?

 

Her EQ as of a month ago was 619 with the baddies I mentioned


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


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Message 9 of 17
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Senior Contributor

Re: Secured card help

 

WF Elgibility :  

Eligibility
You must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens.2

 

My guess is that if you are a good WF bank customer, you have a good shot at approval.  

Message 10 of 17
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