Secured Credit Card list

[johnnyt6]

Secured Credit cards sorted by AF cost.

 

Bank Card Type AF MIN2OPEN RATE Comments

 

NFCU VS 0 500 8.99% must be a member, must be declined for regular card.

DCU VS 0 500 11.49%

Banco Popular MC 20 250-5000 18.99%

Union Plus MC 20 250-5000 18.00% must be a member

BofA VS 29 300-10000 10.99% Upgradable

Evans Bank VS 35 300-5000 14.99% Upgradable

Merric Bank MC 36 300-3000 17.7%

Applied Bank VS 50 200-3000 9.9%

New Millennium VS or MC 59 300-10000 19.5%

National City ?

US Bank VS 35 19.99% 300-500 not availble in all states

US Bank Skypass VS 50 300-500 14.99%

Wells Fargo *stay away from* Complete waste of time

Orchard Bank MC 19-79 19.99% 19-49

GTECU ?

[haydeno]

bofa $29 af 14.99%( prime +10.99) $300 min, also orchard af on secured cards is $35 first year free

Edited December 11, 2008 by haydeno

[sonicanatidae]

BFCU secured, 7.99% interest, ZERO fees

$300 min. to open.

Accepts additional funds for CLI anytime.

No idea on time to unsecure. (had mine since Sept./08)

Must be a member of BFCU (Barksdale Federal Credit Union)

[johnnyt6]

BFCU is a great fine. Easy to get in to. I want to find as many as I can, mainly, without annual fees.

 

Keep em' coming.

[littlepintobean]

Secured Credit cards sorted by AF cost.

 

Bank Card Type AF MIN2OPEN RATE Comments

 

NFCU VS 0 500 8.99% must be a member, must be declined for regular card.

DCU VS 0 500 11.49%

Banco Popular MC 20 250-5000 18.99%

Union Plus MC 20 250-5000 18.00% must be a member

BofA VS 29 300-10000 10.99% Upgradable

Evans Bank VS 35 300-5000 14.99% Upgradable

Merric Bank MC 36 300-3000 17.7%

Applied Bank VS 50 200-3000 9.9%

New Millennium VS or MC 59 300-10000 19.5%

National City ?

US Bank VS 35 19.99% 300-500 not availble in all states

US Bank Skypass VS 50 300-500 14.99%

Wells Fargo *stay away from* Complete waste of time Why? I have one, seems to be fine to me.

Orchard Bank MC 19-79 19.99% 19-49

GTECU ?

Edited December 11, 2008 by littlepintobean

[johnnyt6]

Lol, lots of "Questions" regarding Wells Fargo, here goes… First you have to be a member to apply online, or you have to go to a local branch. The second thing is most people with bad credit also tend to have problems with Chex Systems. Therefore, most are unable to open the savings account needed to fund the credit card which they had already approved me for. (BUT HOLD THE BUS) Doesn’t Wells Fargo offer “opportunity checking / savings?†bypassing Chex… They do, unless, you owe money to bank, reported nfs, reported for fraud, reported for kiting, and reported for ‘refer to maker.’ Tell me if I am wrong, but isn’t that the only ways you would be reported to Chex? Never-the-less, WHAT a load of crap. So unless you are a current customer, the wells fargo secured card is not a good option, imho. The main reason it appealed to me was the 18 AF. But going thought the trouble was a waste of time.

[Rakurai]

I know there are lots of CU cards out there, but I have a secured card with South Carolina State CU that has turned out pretty well. They pull EQ, report to all 3 monthly, post payments quickly, and is a decent bank all around. The card is upgradeable to an unsecured after (I've been told) 6-12 months, and has no cash advance fee. Requires $5 savings account deposit to join, should you happen to live/work/WORSHIP in South Carolina. Stats:

 

SCSCU Secured VS 0 300-2500 15.9%

[picnn]

[Tornado]

BFCU secured, 7.99% interest, ZERO fees

$300 min. to open.

Accepts additional funds for CLI anytime.

No idea on time to unsecure. (had mine since Sept./08)

Must be a member of BFCU (Barksdale Federal Credit Union)

 

 

BFCU is a great fine. Easy to get in to. I want to find as many as I can, mainly, without annual fees.

 

Keep em' coming.

 

This one looks good. Now if i could only find that "Easy" way in. Does seem that easy when you live in California.

[DiggingOut]

Secured Credit cards sorted by AF cost.

 

Bank, Card Type, AF, MIN2OPEN, RATE, Comments

 

National City ? (see info below)

National City Bank; its purchase by PNC Financial Services Group has been underway since October 2008 but recently shareholders of NCB have filed suits to halt the sale.

VS

$36 (billed at $3/month)

$250

APR ?

 

The secured card itself does not convert to unsecured. National City considers the history of the secured card together with the rest of the applicant's credit history if the applicant would later apply for an unsecured NCB card.

 

For updated criteria/changes in the basics of the offer, information about NCB's secured card was available from 800-762-0974 and 800-558-8472. Those phone numbers may or may not still be current; they're from information a few years back.

[johnnyt6]

I just found out America Airlines Credit Union has one. AACU VS 0 500 9.99% must be a member,

[daleg]

penfed has a secured card...

[Bert Reynolds]

I applied for Penfed and then are kinda like BOA. They denied me for the secured card, which is really depressing. Can't think why but I want the Citi secured so bad but I am sure they will decline my app.

[bailey911]

citi? i saw they have a secured with a 25,000 limit.

 

i read on this forum that "high credit limits beget high credit limits"

 

so if someone had cash and wanted to build credit fast - wouldnt this be a good way?

 

i am new to this to someone correct me if i am wrong.

[DiggingOut]

I read on this forum that "high credit limits beget high credit limits"

so if someone had cash and wanted to build credit fast - wouldn't this be a good way?

The core question first is always, what's the BEST use for the amount of money to be expended?

 

Before putting a very large security deposit down, most individuals who are working on credit repair could more effectively use most of it for other accounts/actions. Paying down debt, including having money available for quick response in pay-for-delete agreements. Covering the necessary expenses (pulling credit reports, CMRR postage costs, etc.) related to credit repair work. Paying down loans, including vehicle loans, HELOC's and/or a mortgage -- anything which is costing interest.

 

 

Very few persons who have NO prior credit history nor any outstanding debts whatsover would ever need to open a secured card with a huge security deposit.

If they might choose to open a secured card just to establish their first-ever credit accounts then a couple of accounts of modest size will do the trick.

Once they're reporting, then a clean history and a verifiable excellent income will persuade a good solid CU or a prime bank to extend initial credit which can grow over time to higher credit limits.

[Tyra]

I think the info you have listed for Orchard is for their unsecured card. Here is the info from their website on their secured card.

 

Orchard Bank www.orchardbank.com

Annual fee waived first year, $35 annual fee after first year, APR 7.9%, $200 minimum deposit.

[johnnyt6]

I applied for Penfed and then are kinda like BOA. They denied me for the secured card, which is really depressing. Can't think why but I want the Citi secured so bad but I am sure they will decline my app.

 

 

Citi is terribad... I have been trying to get a card with them for over 10 years... Declined, Declined, and guess what: Declined again... I have been an American Airlines member for 10 years all those missed points I even tried for secured card DECLINED…they require 2 years since last late/collection. I responded, "Isn’t the secure card to rebuild credit?" She then said, "No, it's to start credit." >>> moving on, I even tried for a citibank checking account with AAmiles debit card, DECLINED >>>> thanks chexsystems....

 

Life is hard: move on and keep the secured credit card list growing

[coogs08]

believe me i'm not trying to be rude, and sorry if I come across as being it, but how do you get declined for a b of a secured card?? I am wondering because I plan on applying for one soon. I thought the whole point was a guaranteed approval since if you default they can just use the security deposit to pay off the balance.

[johnnyt6]

"whole point was a guaranteed approval since if you default they can just use the security deposit to pay off the balance. for one soon. "

 

This is a common misnuderstanding. The card company is still taking a huge risk even if it's secured. you could get the card and dispute everything you buy, file warranty claims, or go rent a car and destroy it.

[DiggingOut]

"whole point was a guaranteed approval since if you default they can just use the security deposit to pay off the balance."

This is a common misunderstanding. The card company is still taking a huge risk even if it's secured. you could get the card and dispute everything you buy, file warranty claims, or go rent a car and destroy it.

The approval process for getting a secured credit card at nearly all banks and credit unions is very nearly as strict as for an unsecured card.

 

A secured account which defaults is going to cost the lender big-time. For one thing, by the time the account has gone past due for each of several months, it almost certainly will have gone overlimit, in part due to both late fees and overlimit fees. For a lender to have to charge off a secured card, the security deposit offsets only a portion of what the lender loses.

 

From a lender's perspective, granting a secured card is primarily for approving an applicant who was VERY near to being qualified for an unsecured card, but perhaps has no credit history whatsoever yet, or maybe had some very old problems but nothing which was at all recent. Granting a secured card which later defaults is not an outcome which is neutral to the lender -- it's a loss.

[sonicanatidae]

Update on BFCU Secured Cards.

 

They pull from all 3 when you apply, but they also report to all 3 CRAs.

 

 

Good Luck..

[johnnyt6]

Update on BFCU Secured Cards.

 

They pull from all 3 when you apply, but they also report to all 3 CRAs.

 

 

Good Luck..

 

All three OUCH? are they Crap One's twin?

[johnnyt6]

"whole point was a guaranteed approval since if you default they can just use the security deposit to pay off the balance."

This is a common misunderstanding. The card company is still taking a huge risk even if it's secured. you could get the card and dispute everything you buy, file warranty claims, or go rent a car and destroy it.

The approval process for getting a secured credit card at nearly all banks and credit unions is very nearly as strict as for an unsecured card.

 

A secured account which defaults is going to cost the lender big-time. For one thing, by the time the account has gone past due for each of several months, it almost certainly will have gone overlimit, in part due to both late fees and overlimit fees. For a lender to have to charge off a secured card, the security deposit offsets only a portion of what the lender loses.

 

From a lender's perspective, granting a secured card is primarily for approving an applicant who was VERY near to being qualified for an unsecured card, but perhaps has no credit history whatsoever yet, or maybe had some very old problems but nothing which was at all recent. Granting a secured card which later defaults is not an outcome which is neutral to the lender -- it's a loss.

 

+1

[Jen23514]

Lol, lots of "Questions" regarding Wells Fargo, here goes… First you have to be a member to apply online, or you have to go to a local branch. The second thing is most people with bad credit also tend to have problems with Chex Systems. Therefore, most are unable to open the savings account needed to fund the credit card which they had already approved me for. (BUT HOLD THE BUS) Doesn’t Wells Fargo offer “opportunity checking / savings?†bypassing Chex… They do, unless, you owe money to bank, reported nfs, reported for fraud, reported for kiting, and reported for ‘refer to maker.’ Tell me if I am wrong, but isn’t that the only ways you would be reported to Chex? Never-the-less, WHAT a load of crap. So unless you are a current customer, the wells fargo secured card is not a good option, imho. The main reason it appealed to me was the 18 AF. But going thought the trouble was a waste of time.

 

I would hope that you wouldn't deter people from at least investigating this secured card that has worked well for MANY CB members. As I like to remind George, YOUR bad experience doesn't equate to a crappy product or that everyone else will have a bad experience as well.

 

People get secured for reasons other than bad credit. Not everyone who has bad credit is in Chex (for example medical bills). You over-sweeping generalization of this card might deter newbies or others who could otherwise benefit from WF.

[johnnyt6]

Lol, lots of "Questions" regarding Wells Fargo, here goes… First you have to be a member to apply online, or you have to go to a local branch. The second thing is most people with bad credit also tend to have problems with Chex Systems. Therefore, most are unable to open the savings account needed to fund the credit card which they had already approved me for. (BUT HOLD THE BUS) Doesn’t Wells Fargo offer “opportunity checking / savings?†bypassing Chex… They do, unless, you owe money to bank, reported nfs, reported for fraud, reported for kiting, and reported for ‘refer to maker.’ Tell me if I am wrong, but isn’t that the only ways you would be reported to Chex? Never-the-less, WHAT a load of crap. So unless you are a current customer, the wells fargo secured card is not a good option, imho. The main reason it appealed to me was the 18 AF. But going thought the trouble was a waste of time.

 

I would hope that you wouldn't deter people from at least investigating this secured card that has worked well for MANY CB members. As I like to remind George, YOUR bad experience doesn't equate to a crappy product or that everyone else will have a bad experience as well.

 

People get secured for reasons other than bad credit. Not everyone who has bad credit is in Chex (for example medical bills). You over-sweeping generalization of this card might deter newbies or others who could otherwise benefit from WF.

 

???

 

What’s the benefit? There are 10 other cards with zero AF, better interest, and 0 headaches. Everyone has their opinions and this one is mine. I am glad other CB members found help through WF, however, I would like to save CB members in my shoes the two weeks of aggregation caused by my WF experience. For new people, if you want to try WF be my guest, as this poster said, “it has help others,†however there are better products out there which have proven not to be a waste of time.