@WinningEveryday wrote:Finding secured cards that convert can be a daunting task. I got started on my rebuilding phase almost 3 years ago and my scores were 430, 440, 447. What I did not realize is that none of the better secured credit cards would not touch me. I got denied for State Department, Bank of America , Suntrust, First Tech Credit Union and Citi because my credit was so bad. I looked at my credit union but the only limit I could get was $2500. That is the big issue with a lot of secured card - low limits and no future upside.
It was depressing.
So I started applying for what I call trash cards. These cards are fee hogs and you will never have a decent credit limit with any of them. I did get lucky and got a Capital One card with a $2500 limit - which has not budge in about 3 years.
I knew I needed to add positive tradelines to improve my scores which are currently 640 669 649 so the cards helped but I made some mistakes. As I get better cards I am shutting these turkeys down. I know to get higher credit limits in the future I know I need to stage my credit report so I got 3 US Bank Secured Cards at $5000 a piece hopefully they will unsecured this month.
I got a secured card with Applied Bank I knew going in it would never unsecure. But I needed tradelines and I dropped $5000 to secured the card and used it like 3 times.
I had the card for about 18 months.
I recently got another Capitalone Card with a $3000 credit limit - so I closed Applied in Oct of 2021- I just got my $5000 back today! After dozens of calls and a letter to the CEO it took 3 months to get my money back. It was ridiculous.
That is the fear when you drop money on a secured card- when are you getting your money back??? . Like I said I knew the card was never going to unsecure so I rolled the dice. Applied Bank is a small operation I talked to the same rep 12 times before I got another rep.
I keep getting we sent you a check out on such and such date. But I never got a check. I did get all of the other corrospondance they sent to me. So they played this song and dance for 3 months. I looked up the CEO and wrote a letter about a week ago. Today I got a check for my $5000
so that chapter of my life is over.
So the trash cards helped you grow to better things. They werent trash then. You credit was trash in the 400's. So thats all you could get back then. Dont kick a gift horse in the mouth. People forget their roots of where it all started. Be grateful you got the trash cards to kick start it all. Thats all.
