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What is the best Secured card to open, when dinged for no revolving accounts?

MsMoneypeso
Established Member

What is the best Secured card to open, when dinged for no revolving accounts?

No open revolving accounts, listed as AU on 8 with utilization 3%. Dinged on score for past delinquent payments and no revolving accounts. 

 

Score EX 631; EQ 612; TU 626

 

What is the best Secured card to open?

  • Highest limit
  • Low fees
  • Quickest to release security
  • Any other considerations?
Message 1 of 10
9 REPLIES 9
MileHigh96
Regular Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

Most secured cards will let you set your own CL based on how much money you deposit into the account that secures it. MY personal choice would be, if you are looking for a secured card, I would go with a credit union. Either a local one to you or one of the larger national credit unions. Usually you will encounter lower/zero fees and they are just usually more flexible overall in my prior experiences. But that is just my personal preference, I've always had better relationships with CU's versus banks, but of course, YMMV.
BK7 discharged - 06JUL2021

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FICO8 Scores on 08/19/2021:

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Message 2 of 10
Ilinferno
Frequent Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

If Navy is an option for you I recommend the nRewards card. I have heard that Discover's secured card is a good option and will graduate in a timely manner providing your scores warrant it.

Message 3 of 10
Red1Blue
Super Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

You can try US Bank Secured Cards. They are easy to get approved and they launched 2 new secured cards that give very good rewards. I know they become unsecure after 12 months. ( They unsecured 2 of my cards. I know they can). You can try Sable Secured Card (unsecures in 4 months), TD Bank Cash Secured Card (unsecures in 6 months). I heard NFBO becomes unsecure in 7 months. If you are looking for rewards US Bank Secured Cards are the best.

Message 4 of 10
creditfan
Established Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

discover card

Message 5 of 10
Trini88
Frequent Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

Bank of America. I had a secured with $500 deposit, decided to put another $500 when the 4th statement cut (so hey you can add to it). I called to have it unsecured at 5 months and they returned my deposit plus gave me another $500 so now I'm up $1500. And 2 days ago after the 8th statement cut, I asked for $3000 and they gave it to me ( I'm mad, I should have asked for more). So had this card 8 months and took it from $500 to $3000. Can ask for a cli every 3 months.

 

Discover is making me call to add more deposit so that's not gonna happen. Earliest it can unsecure is 7 months and I hear they are stingy with CLIs so we will see after I get this unsecured hopefully soon.

 

Capital One: They have been a pain when it comes to CLIs. I regret them being my first secured card.

 




Message 6 of 10
quikj9
Frequent Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

Personally, I'd recommend Discover's secured card. Not only can you change to the 5% rotating categories rewards program, but they unsecure as early as 7 months. There are also no fees and Cash Back Match can be quite valuable. 

 

 




Message 7 of 10
sjt
Senior Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

It depends on your credit profile. Here are some cards that you should check out:
State Department Federal Credit Union (SDFCU): They have a low APR, hardly any fees, graduates after a year. C/L up to $100k

US Bank: No annual fees, C/L up to $5K, Can be one of the two rewards cards, graduates after a year

Bank of America: No annual fees C/L up to $10K (after the initial deposit max of $4.9K), Can be the cash rewards card, graduates

Discover: No annual fees, C/L up to $2.5K, graduates 

Citibank: No annual fees, graduates

TD Bank (regional): Cash back rewards, C/L up to $5.K, graduates

American Express: Platinum Charge, Optima, Business Gold, Delta Business Platinum, Business Cash
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Rewards Visa
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) EX: 806 / EQ: 824 / TU: 812
Message 8 of 10
ChargedUp
Senior Contributor

Re: What is the best Secured card to open, when dinged for no revolving accounts?

You *might* squeeze an unsecured Cap One Platinum card out of your existing profile. (How long ago was the deliquent payment(s)?) The Platinum can usually be PC'd after a few months into the no - AF Quicksilver, where you'll earn 1.5% cash back on all purchases.This will probably be a credit limit bucketed card, but it is one of the best unsecured builder card routes out there. Use it until your profile outgrows it, then you can either sock drawer it or close it. (Stay away from the Quicksilver One as you'll never shake the $39 annual fee. The route I explained with the platinum is to achieve the no annual fee Quicksilver.)

 

While Cap One does offer secured cards, they tend to end up bucketed into low credit lines, even after eventual graduation, where they'll languish until you choose to close them, even if your scores have grown into the 800's and you're carrying $30K+ CL's from Chase, Citi, USB and everyone else.

 

For secured, I'd definitely recommend using a credit union. Navy Federal is solid and well loved around here, but you need a military affiliation whether it be yourself, spouse, child, parent or grand parent.

 

Discover seems to be decent as well, but be aware that they seem to sporadically ask for 4506_T (tax info), even on secured cards!

US Bank (and it's Elan branch where subscribed financial institutions offer Elan backed card offerings), BoA and Citi offer secured cards which will graduate and can be PC'd into rewards products.

 

Best of luck and keep us posted!

 

 

AODFCU 3% Visa ($10K), Amex Gold (NPSL), Amex BCP ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), Elan Everyday Rewards+ Visa Sig($15K), BOC/Elan Max Cash MC ($25K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), PNC Points Visa Sig ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($5K), Bank of the West CB MC ($3.6K), PNC Cash Rewards Visa Sig ($14K), NASAFCU Rewards Visa ($20K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa Sig ($35K)
Message 9 of 10
MsMoneypeso
Established Member

Re: What is the best Secured card to open, when dinged for no revolving accounts?

The secured card is for a family member. I dragged the family to NFCU to open accounts. 

 

I believe NFCU should be great, with no fees and apparently the CL can be the amount of the deposit, so we'll make a healthy deposit. It can't hurt that the branch manager is the next door neighbor, which we didn't know until we went to the branch. We haven't applied for the card yet. We're working to keep down the inquiries until we decide about a mortgage refi. 

 

I agree about Cap 1. I have a couple of them from '95 with ridiculously low limits. I just keep them around now to pump up the AAoA for family members.

Message 10 of 10
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