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Secured card idea...


Re: Secured card idea...

CapOne (no inquiry), PNC (no inquiry hard or soft), BofA (hard inquiry), NavyFed (no nonsense, 5 minute phone call).  Most credit unions have NO problem adding funds.  Really CitiBank is the only hardliner in this regard.  Coke is greatif you are an employee or contractor, but each time you have to apply for credit limit increase and it is a HARD INQUIRY.  Sucks! 

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Message 31 of 36

Re: Secured card idea...

Cdnewmanpac wrote:

I agree with others that the issue of whether the word "secured" appears on credit reports is a red herring. The only time it might even be noticed is in a manual review. 


I'm also curious why nobody has recommended Wells Fargo? The AF is pretty reasonable and they allow deposits up to $10,000. Yes, it reports "secured", but I got a mortgage through WF private mortgate, a chase southwest visa sig and a usaa card with a 7k limit all while having only cards labeled "secured" reporting. 


WF can be iffy about graduating (it is done by computer and no manual review is possible), but I don't remember there being any fees to add to my credit limit (though I only did it once). I know BofA is more reliable with graduation and has rewards, but if you want a big limit, I'd at least consider the WF card.

I think the WF card has earned a bad rep because if their inconsistent graduation policies.  I mean seriously, you'd have better luck predicting the lottery with a Oujia board than figuring that part out.  


I tend to group them in my "everyone else" or "your bank" category as a result, where there's hundreds if not thousands of other lenders.  You're right though, they're a reasonable option for this as they report to the bureaus, and have a nice tasty limit, and likely aren't a challenge to deal with beyond the usual big bank issues which I think are overstated anyway.


The problem is only a few secured cards are really needed, and WF does nothing especially well to bring attention to itself; however, there's also a legion of cards which "suck more" and those are to be avoided like the plague, so there likely needs to be an additional category... but I can't see recommending it in any of my usual top two (or three) secured cards, but this question is a different beast.


I don't think we ever asked the OP, how much were you thinking of putting into the card anyway?


Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)

Take the myFICO Fitness Challenge
Message 32 of 36
Regular Contributor

Re: Secured card idea...

WF will only let you app online if you currently have a account with them. Other wise you have to go inside.
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584

07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
Message 33 of 36

Re: Secured card idea...

MaryJane197 wrote:

I dont know that many secured cards that allow you to add money to increase your CL.  Capital One is one and USAA, if your a full member.  AFB has a secured card you can add to the CL but it has a fee involved in adding money.  I wish someone would make a current list of all the good secured cards, that are open to all members, that you can add a CL to at any time.  I think the list would be small though Smiley Sad

I'd be curious to learn of such a list....

Message 34 of 36
Valued Contributor

Re: Secured card idea...

j_casteel wrote:

I make good money but have poor credit scores and since I really don't need a line of credit I was thinking about opening a couple secured cards to help build credit and instead of depositing money into a savings account each payday i would deposit funds into the cards to increase their CL's quickly which will hopefully help me get better cards later. 


Which secured cards would work best for this? I would be making deposits every 2 weeks til I max them out. I'm thinking about the BoA secured card and also looking into some local CU's as well.


What are your thoughts on this? Any other suggestions?





US Bank has some good rewards with their secured cards. Check out the aero mexico card.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    

     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 35 of 36
Valued Contributor

Re: Secured card idea...

I made this thread several months ago. I found a couple local CU's that would allow me to make multiple deposits on a secured card to increase my limit, but I decided to go a different route and join NFCU here recently.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 36 of 36