Capital One vs. BoA., et. al.

[naomislivko]

Hi Folks,

I'm planning on applying for a Discover Secured It Card ($2500) - however, I'm also debating on what card I should get besides it - for places that do not accept Discover (I'm currently outside of the US - and Diners isn't the most accepted here). I am a US Citizen. I'm planning on returning back to the US in the next year or 2. I have a US address and phone number to use.

I was thinking about either the Capital One Quicksilver Secured Credit Card or the Bank of America Card (also $2500 or $3000) - however, I'm not sure which one of the two is best - or if there are any other high-limit options out there that I should be looking at.

I'm not interested in low-limit ($500 and so on) cards - so I can start using these cards for primary spending, etc. (for cash back, etc.) and not have to keep paying off the cards a couple of times a month - as well as to maybe boost my chances of getting to unsecured status a little faster.

Naomi.

[FicoMike0]

Us bank claims 

Credit limit: $300 to $5,000

For their secured cards.

[KatzNDawgs]

I agree, US bank offers a nice cash-back secured card (up to 5%). They can eventually graduate, though I hear it can take a while at times.

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

If you can get in with NFCU, I would also think of their nRewards secured card. Only 1% on that, but that opens you up to their products and other cards after graduation.

[Horseshoez]

@naomislivko, I would argue you should go for an unsecured Quicksilver for a few reasons:

•  Assuming you are going to be overseas for a while, the Quicksilver card has no FTF, not sure about the BofA secured card
• Even if you get denied for an unsecured card, I'd still opt for the secured Quicksilver for the above reason
• While CapOne is widely reported to be friendly to folks rebuilding, BofA is far less so; for my own rebuild, BofA denied me for a secured card, CapOne approved me for an unsecured Quicksilver with a $3,000 limit; my first unsecured card

[naomislivko]

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@Horseshoez wrote:

@naomislivko, I would argue you should go for an unsecured Quicksilver for a few reasons:

•  Assuming you are going to be overseas for a while, the Quicksilver card has no FTF, not sure about the BofA secured card
• Even if you get denied for an unsecured card, I'd still opt for the secured Quicksilver for the above reason
• While CapOne is widely reported to be friendly to folks rebuilding, BofA is far less so; for my own rebuild, BofA denied me for a secured card, CapOne approved me for an unsecured Quicksilver with a $3,000 limit; my first unsecured card

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Yeah - I have my own issues with BoA (on the bank side of things - I was mainly using them as an example - they're not really on a card list that I'd keep in my purse). I've already been approved for Quicksilver Secured (I'd be surprised if anyone approved me for anything unsecured - my credit file is rather thin.). I will probably be doing that after Discover (even though Discover isn't really accepted here - so, that will keep the usage down ). Though, how's the proposed merger going to affect things - if I'm both a CapOne customer AND Discover customer? (not that I'm wishing this to happen).

[FicoMike0]

I agree with @Horseshoez ,

You might very well get an unsecured quicksilver, and the no ftf is a must for you.

[naomislivko]

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@FicoMike0 wrote:

I agree with @Horseshoez ,

You might very well get an unsecured quicksilver, and the no ftf is a must for you.

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Pretty sure they won't approve unsecured right now with my file - but, definitely looking that way for Secured as my second card.

[Horseshoez]

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@naomislivko wrote:

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@FicoMike0 wrote:

I agree with @Horseshoez ,

You might very well get an unsecured quicksilver, and the no ftf is a must for you.

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Pretty sure they won't approve unsecured right now with my file - but, definitely looking that way for Secured as my second card.

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I would bet you will be approved for unsecured if you apply.

[Lurker22]

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@KatzNDawgs wrote:

I agree, US bank offers a nice cash-back secured card (up to 5%). They can eventually graduate, though I hear it can take a while at times.

https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html

If you can get in with NFCU, I would also think of their nRewards secured card. Only 1% on that, but that opens you up to their products and other cards after graduation.

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lol yes USB takes a while, I obtained 2 of their secured cards while in my 13 (first was obtained 10/28/21) - neither card has graduated and that's fine with me, I use their secured cash+ for the 5% back on utilities and put everything else on other unsecured cards with higher cash back (my 13 fell off EQ today so it's off all 3, it'll be interesting to see if USB graduates the cards now) ...NFCU on the other hand graduated 6 months after obtaining the card

[naomislivko]

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@Horseshoez wrote:

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@naomislivko wrote:

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@FicoMike0 wrote:

I agree with @Horseshoez ,

You might very well get an unsecured quicksilver, and the no ftf is a must for you.

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Pretty sure they won't approve unsecured right now with my file - but, definitely looking that way for Secured as my second card.

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I would bet you will be approved for unsecured if you apply.

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No go. Secured Card it is.