Best Secured Card

[Dplymkr88]

I am looking into a secured card and would like to know what the best card would be. I am in the process rebuilding my credit and, unfortunately, have to go the secured route. I have heard that you don't want a card that reports as a secured card. Any other things I should look for, card suggestions.

 

Thanks

Scott

Edited July 7, 2008 by Dplymkr88

[DANIEL T.]

I would say Orchard, because it reports as a regular credit card, but you will have to wait forever to get it unsecured through them. Bank of America is pretty good, almost always goes unsecured at nine months, but I just wrote a thread about how they closed my account for no reason whatsoever, so I'm not sure about them right now. Wells Fargo is pretty good, I have heard good things about the card and I am about to open one myself, it unsecures at twelve months. Then lastly, there is the Citi secured card, I have heard excellent remarks about this card too, but it takes eighteen months to go unsecured, so I don't know if you would want to wait that long. Don't go with National city because it will always be secured. US Bank has two secured cards, one has rewards and a better interest rate, and I have heard they are pretty good. Their cards aren't available in all states though.

[haydeno]

i would recommend bank of America (unsecured quickly prime bank) and HSBC (ACH funding, first year no annual fee, household card gives cash back BUT unlikely to unsecure and i read somewhere that they are starting to report on only 2 of the CRAs now)

Edited July 7, 2008 by haydeno

[Jaymes]

BofA is absolutely the best. It does report as secured, but that does not affect your credit score. It generally unsecures in 9 months with positive account history (no OL's, no late pays).

 

Daniel, with all due respect, I don't think it's fair to say your BofA account was closed "for no reason whatsoever" until you get the letter from BofA explaining why they took their action. I'm not saying they're right and I'm not saying you're wrong. I'm just saying let's get the complete picture.

 

Cheers,

Jaymes

[raichelle2]

I've had (recently graduated) the BofA secured... it was great.

 

I have no compliants about the Bank... and how they bank... although I couldn't get a CLI after graduating... I'll try back in 3-6 months with impeccable payment (PIF).

 

I heard OK things about WAMU...

 

I was going to go for a HSBC secured but was approved for a unsecured Platinum MC with 2% Cash Back..

 

GL

[Erik373]

Bank of America either fully secured or the 99/500 would be a good choice and then maybe try Citi or Wells Fargo too.

[labellamental]

BOA 99/500 is what I have and they've been awesome so far. I've had the card since May and PIF. I'm looking for another. I tried for WAMU and was denied (How can you get denied for a secured card????) lol

[labellamental]

I've had (recently graduated) the BofA secured... it was great...

 

GL

 

OMG I love your siggy!! LOLOLOL

[seanc85]

So it seems the general consensus is that BofA

Them aside, whats good/bad about some of the other secured options?

specifically Citi and US bank if anyone has used either

[qwer1304]

Hi,

 

I'm reading conflicting reports on the various secured cards. Could be that this is because people are getting different T&C depending on their start date?

 

I'd suggest to have a summary uptodate list of those cards outlining the important info.

 

Here's the info/template I'd suggest:

 

Card, APR, Annual Fee, Grace, Reports as SECURED / UNSECURED, Matures to UNSECURED after X months, Minimum monthly payment, CRAs reported to.

 

The secured cards people are talking about and are (mostly) happy with are: (some are available ONLY through phone / personal visit):

1.Bank of America Secured - reports SECURED

2.Bank of America 99/500 - reports SECURED

3.Wells Fargo - reports SECURED

4.WaMu - reports UNKNOWN, need to walk in to apply

5.National City - reports UNSECURED, need to call to apply

6.Orchard (HSBC) - reports UNSECURED

7.Citi Secured - reports UNKNOWN

8. US Bank - reports CONFLICTING

 

Please add / complete with your info.

 

Cheers,

D

[Jaymes]

labellamental,

 

Did WaMu give you a reason for your denial? Just curious.

 

Thanks.

[Jaymes]

Deleting dual reply. I didn't think the first one went through.

Edited July 7, 2008 by Jaymes

[EvilCardLab]

Great thread. Above Daniel stated that the BofA card "goes unsecured at nine months." Does this mean that you receive your $300 deposit back at this time? Thank you!!

[EvilCardLab]

Daniel stated above that the BofA secured card "goes unsecured at 9 months." I am wondering do you get your initial deposit back at this time?

 

Can you increase your credit limit at any time by depositing more money?

 

Thanks!!

[bravesfan]

BOA will blacklist if you have a BK or they are IIB. I wish I could get them, but I was denied previously. I am going to give the National City Secured a try.

[Erik373]

Daniel stated above that the BofA secured card "goes unsecured at 9 months." I am wondering do you get your initial deposit back at this time?

 

Can you increase your credit limit at any time by depositing more money?

 

Thanks!!

 

 

You get your deposit back when it unsecures. If you have the 99/500 card you can't add more money to increase your limit. If you have the regular secured card you can add more to increase your limit.

[EvilCardLab]

Thanks. How much approximately does a 9 month positive payment history on a secured card improve your credit score?

[EvilCardLab]

Also, which BofA card will serve my credit report and FICO score better the 99/500 or the fully secured card?

[Stryker]

Thanks. How much approximately does a 9 month positive payment history on a secured card improve your credit score?

 

Depends, really, on the state of your credit reports. It is hard to gauge; it would most likely be positive.

 

 

Also, which BofA card will serve my credit report and FICO score better the 99/500 or the fully secured card?

 

 

If all things were equal (credit limit, age, etc.), in just pure FICO terms, there would be no difference.

[Jaymes]

BOA will blacklist if you have a BK or they are IIB. I wish I could get them, but I was denied previously. I am going to give the National City Secured a try.

 

I actually have a BK7 reporting, discharged in 2002. I had no problem getting the BofA. I think it may be a different story if BofA was IIB, which was not the case with me.

[bravesfan]

BOA will blacklist if you have a BK or they are IIB. I wish I could get them, but I was denied previously. I am going to give the National City Secured a try.

 

I actually have a BK7 reporting, discharged in 2002. I had no problem getting the BofA. I think it may be a different story if BofA was IIB, which was not the case with me.

 

Might be. I would love to get in with BOA.

[radiodesignguy]

I have a Merrick Secured. Never had a beef, but I am going to fire them later today. I don't need the TL anymore and want my $5K deposit back. They report to all 3, and on all 3 report as secured.

 

 

Note: I heard from a CSR there that this card may be a door opener after 6 months to a Hooters card because both are Merrick Bank. Not been verified though.

[Jaymes]

Bravesfan,

 

When was yours discharged? I seem to remember hearing that after five years, you might be okay.

 

When did you last apply?

[dfw05]

Someone already asked the question about you being denied for a WaMu Secured card and I didn't see you answer. I'm thinking about trying to get that and closing a couple of my high fee cards. I just opened 2 savings accounts and a checking account with them so I was planning on doing it next time I go in and deposit money.

[bravesfan]

BK discharged in 2004.