@AllZero wrote:
@Anonymous wrote:
@AllZero wrote:
Oldest account is preferred.
Who does he bank with?
BoA secured card is great. They offer $99 deposit with $500 credit line if eligible. They can graduate early. Also, offer soft pull credit limit increases when eligible.
Capital One secured will not graduate.
He banks with Chase and they did not have secured so they HP for a Chase Freedom and he was declined so I thought Cap 1 would work. At this point should he go ahead and add the BOA secured to his portfolio?
@Anonymous Yes, BoA secured card is great. I would recommend DB goes in branch if possible. Open up a checking or savings account and apply for the secured card.
It should be an Experian 8 hard pull depending on the region. An alternate bureau would be TransUnion 8.
Typically, csr will advise that it will take about 1 year to unsecure. Depending on credit profile, income, etc, he may be able to graduate to unsecure as early as 5 months.
Because I'm new, what does DB stand for? I will get him in the branch as soon as we can, we'll probably go with a savings account since he does he primary checking with Chase. And then have the secured card opened. He is still young and he hasn't graduated college so a good time to have an inquiry where it will not hurt so much in the long run. So far he has two HPs. One for Chase at the age of 18, that should drop off soon and one at the age of 20. He is not working yet, so the graduation of his secured card will take some time but at least he will have a card that will not be too restrictive.
