Secured Cards Database

[NRB525]

You can add one more:

PenFed Classic VISA, APR 13.99%, no AF, no Monthly Fee, CL = 100% of Pledged Savings, Add savings to CLI, Graduation potential after 1 year (app for new card), No rewards, EMV Chip plus PIN capability, though it is probably not PIN primary, no FTF, frequent BT offers for low APR. No Cash Advance fee, no Over Limit fee, 3% BT Fee.

[sjt]

Adding to the list:

State Department Federal Credit Union (additional information):

No credit check

Reports as secured

6.99%APR, no FTF, AF, or Cash Advance Fees

Credit history with Secured Card is a big plus when applying for a unsecured card

[sjt]

There are more secured card options available today and you are not limited to the sub-prime cards, with high fees and rates, regardless of your current credit situation.

My advise is the following:

Prime Banks:

Call the backdoor numbers and find out the approval criteria for their secured card. Prime banks are always changing the approval process and lately they have loosened up. A banking relationships is a plus. In the past their secured cards were meant for credit builders not re-builders.

I have also noticed that their criteria for unsecuring the card has gotten a little stricter. Its not just based on your secured card activity but they will pull credit and expect clean history from the time you obtained their secured card.

Here is what I found regarding approval criteria for some prime banks:

Bank of America:

Secured cards are all manually approved. They want to see 1-2 years of clean credit. No unpaid charge offs over $1K, BK over 2-3 years old.

US Bank and Elan Credit Services:

Focus on debt to income ratio

No loss from US Bank or affliates

BK is ok but unsecuring would have to wait 4 years from filing

Citibank:

BK must be 2 years.

Wells Fargo Bank:

BK must be 1 year

No open liens

No Wells Fargo loss

Credit Union:

Overall, I think credit unions have the best deals regardless if they graduate or not. I would shop around and gather information on your local credit union's secured card. I'm finding most do not graduate but they tend to have easy approval guideline's for their unsecured cards and they weigh heavily on your secured card performance in their approval process.

Alot of credit unions do not even pull credit (SDFCU is one of them) but most will pull a ChexSystem report. However most will not pull ChexSystem if you open a savings account or will override the report if its been paid and/or over a certain period since it was reported.

Always ask if you are approved for an unsecured card, will they just convert the secured card or will they issue you a new account.

Also, alot of credit unions do not really have any control if the secured card is reported as secured or not becasue most of them use a third party company (PSCU) to do all the back office work such as card issuance, billing reporting, etc.

[Anonymous]

it was great info, is these soft pull or hard pull?

[OMW2_HighAcheiver]

I applied for Citi Secured online. It's in progress and have had a rep call to verify my info.

[OMW2_HighAcheiver]

Overstock offers a secured card. They've sent a few email invites.

[jinmikesung]

Does Citi requires a SP? or HP?

[sjt]

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@jinmikesung wrote:

Does Citi requires a SP? or HP?

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HP

You can now apply on-line for their secured card.

[sjt]

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@OMW2_HighAcheiver wrote:
Overstock offers a secured card. They've sent a few email invites.

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There secured MC is issued by FNBO. Graduation starts at 11 months.

[Anonymous]

Any1 have the FNBO secured saving star amex?  I'm just wondering what their approval process is like i'd sure love to get in with an amex that could potentially unsecure