The Master Secured Credit Cards Thread

[SystemFighter]

Does the Usaa secured Amex allow membership for CreditSecure? Will it allow backdating other Amex products that may be received in the future?

 

I think I remember reading that they did not really have any affiliation with Amex in that manner, meaning no "Member Since" and no CS.

 

I could be wrong tho.

[BobWang]

 

Does the Usaa secured Amex allow membership for CreditSecure? Will it allow backdating other Amex products that may be received in the future?

 

I think I remember reading that they did not really have any affiliation with Amex in that manner, meaning no "Member Since" and no CS.

 

I could be wrong tho.

 

That is correct,

 

only AmExes issued by Centurion Bank carry the desired priviliges.

[businessfox]

Good thread.

 

Not sure if the USAA Secured MasterCard CLI question was resolved, but its fairly simple to give yourself your own credit limit increase with the card. You simply deposit money into the CD that you opened as the security for the card. The increase deposit has to be a minimum of $50 and in increments of $50 (so, for example, you can't deposit $225, it would have to be $200 or $250).

 

The CLI will take about 3 days to reflect what is in the CD. Actually, when you go into your account to do the CLI, after you add the deposit, you will be shown what date the CLI will reflect on your MC.

 

USAA does have a secured Visa card also. I was offered it when I was turned down for upgrading out of my secured MC due to incorrect info that reported to my CR just the day before (grrrrrrrr). However, I turned it down since I already has the one secured card where I was giving myself my own CLI. I don't know if the secured Visa is advertised outright. If not, I'm not sure why. Just letting you know it does exist. I'll add that I am a USAA member in case that makes a difference.

 

Forgot to add, USAA does not report secured.

Edited July 5, 2013 by businessfox

[Caramelle]

Thank you so much for this thread. I was able to get Open Sky and Bank of America, since my Experian score was my only respectable one.

 

fyi, Bank of America is reporting as a secure card, and so far only to EX and EQ. But it's only just opened, so hopefully it will report to TU also as I have such limited history they don't even give me a score.

[SystemFighter]

Good thread.

 

Not sure if the USAA Secured MasterCard CLI question was resolved, but its fairly simple to give yourself your own credit limit increase with the card. You simply deposit money into the CD that you opened as the security for the card. The increase deposit has to be a minimum of $50 and in increments of $50 (so, for example, you can't deposit $225, it would have to be $200 or $250).

 

The CLI will take about 3 days to reflect what is in the CD. Actually, when you go into your account to do the CLI, after you add the deposit, you will be shown what date the CLI will reflect on your MC.

 

USAA does have a secured Visa card also. I was offered it when I was turned down for upgrading out of my secured MC due to incorrect info that reported to my CR just the day before (grrrrrrrr). However, I turned it down since I already has the one secured card where I was giving myself my own CLI. I don't know if the secured Visa is advertised outright. If not, I'm not sure why. Just letting you know it does exist. I'll add that I am a USAA member in case that makes a difference.

 

Forgot to add, USAA does not report secured.

 

Wait, So does the USAA Secured card graduate or no? I thought it didnt.

[BobWang]

Greetings All,

 

Well, I had a nice suprise from NFCU the other day. They automaticly unsecured my nReweards Secured Visa after exactly 1 year.

 

I opened this account with a $2000 deposit, at 6 months, I upped it to $5000, and at 9 months, I upped it to $10,000. When they unsecured it they left the full $10,000 credit line in tact. To add to it I called and asked if there was any way I could convert it to the Flagship Rewards Visa Signature card as I travel internationally a great deal and it was done right on the spot with nothing but a soft pull (verified) to determine the interest rate, in my case it stayed at the 17.9% I had on my nRewards card, but that really does not matter to me as I pay it in full every month. I did inquire if a limit increase was possible but was told that would require a hard pull so I declined. The represenative seemed very aware of the difference between soft and hard pulls and did an excellent job of describing each one correctly.

 

This is now officially my hightest limit card by a long shot, and has made me a true beliver in NFCU.

 

 

 

ok question, when you added more funds to your secured card, did it reflect on your CR as an increase also, or did the limit stay the same as the original amount you used?? Also who does NFCU use for pulls??

 

thanks

joe

 

When I wanted to add more funds to my secured card I would simply move the money into my share savings account and then send them a secure message from my online account asking them to increase my secured limit by x amount which was in my share savings account. They would normally have this complete within 24 hours. Usually about 30-45 days after I increased the limit it would then be reflected on my credit report on all 3 of the major bureaus, and it never reported as a secured card.

 

The only time I had a hard pull related to this account was when I first opened it, which was on Equifax. One was never done during any requested increase through additional funding, nor during the automatic unsecuring process, nor for the product change.

[mendelssohn]

DCU does not graduate.

 

http://creditboards.com/forums/index.php?showtopic=515970&do=findComment&comment=4889211

[BobWang]

Due to my recent deletes and acquisition of new, serious cards (Cabela's $4,500 & Alliant $4,000), I requested my BofA card to be unsecured. A rep previously told me that the card could unsecure at 5 months. Today was the first day of the fifth month, so I called. The analyst asked me about some past negatives, and I explained that one just hadn't updated yet and another wasn't yet deleted. After that dialogue she unsecured the card and returned my deposit!

 

She did not offer a CLI because the account is so new, but hey, I am not complaining because I use this card a lot. I should expect an auto CLI based on my usage. I recently redeemed $40 in cash back, just since April. I am calling back as soon as my TU report is completely clean (this is the one they have pulled for every single request regarding this account).Just wanted to share this fabulousness.

[doctorofcredit]

Does DCU do a hard pull when you add funds for a CLI?

[mendelssohn]

Does DCU do a hard pull when you add funds for a CLI?

I never added funds to mine, but was told that it would be a hard pull. If you are looking for a card that graduates, read the link I posted above before apping.

[LONESTAR2014]

Thank you to whoever revived this thread!

 

I have an update on my BofA secured. It graduated in September after 5 months of usage (about $4,000 in usage). I finished cleaning up my files, and my scores rose into the 700s. I also received several cards with higher limits (CSP $10K, Compass $15K, Freedom $7K). So, I called BofA back the Wednesday before Black Friday and asked for a CLI to $10,000. I told them that I want that line to match my other cards (I left out how recently they were obtained) and the request was approved! So I went from a $300 secured in April to a $10,000 unsecured card as of November.

[Guest rumaki]

For the list of credit unions that have a secured card, please add this one:

 

North Carolina

Coastal Federal Credit Union

https://secure.coastal24.com/CFCU/af(qsMxjXHDp2Ucs39utjZ)/Accounts/Overview.aspx

 

Its a big one (They are the credit union of choice for IBM in RTP) and easy to get into, they do check Chex but they will consider the age of the entry and if its fraud or not.

[BamaInvestor]

Thank you to whoever revived this thread!

 

I have an update on my BofA secured. It graduated in September after 5 months of usage (about $4,000 in usage). I finished cleaning up my files, and my scores rose into the 700s. I also received several cards with higher limits (CSP $10K, Compass $15K, Freedom $7K). So, I called BofA back the Wednesday before Black Friday and asked for a CLI to $10,000. I told them that I want that line to match my other cards (I left out how recently they were obtained) and the request was approved! So I went from a $300 secured in April to a $10,000 unsecured card as of November.

 

Impressive...and Congrats! Thanks for sharing.

[BobWang]

https://www.oneunited.com/unity-visa/

 

 

[BobWang]

$40 annual fee and $10 CLI fee. NOPE. Call a local credit union. Don't pay fees to borrow against your own money.

[credithunting]

bank of america secured card to increase credit line requires a Hard pull something to think about when applying. other cards on this list don't hp for secured cli

[loops77]

 

https://www.oneunited.com/unity-visa/

 

 

 

I just called them up. They check credit (wouldn't say which report) and it is possible to be denied all together.

[bkchild78]

 

Good thread.

 

Not sure if the USAA Secured MasterCard CLI question was resolved, but its fairly simple to give yourself your own credit limit increase with the card. You simply deposit money into the CD that you opened as the security for the card. The increase deposit has to be a minimum of $50 and in increments of $50 (so, for example, you can't deposit $225, it would have to be $200 or $250).

 

The CLI will take about 3 days to reflect what is in the CD. Actually, when you go into your account to do the CLI, after you add the deposit, you will be shown what date the CLI will reflect on your MC.

 

USAA does have a secured Visa card also. I was offered it when I was turned down for upgrading out of my secured MC due to incorrect info that reported to my CR just the day before (grrrrrrrr). However, I turned it down since I already has the one secured card where I was giving myself my own CLI. I don't know if the secured Visa is advertised outright. If not, I'm not sure why. Just letting you know it does exist. I'll add that I am a USAA member in case that makes a difference.

 

Forgot to add, USAA does not report secured.

 

Wait, So does the USAA Secured card graduate or no? I thought it didnt.

 

IDK if you found your answer but USAA does not graduate. However, they do have a card that starts off with a lower limit & higher APR called the Visa Classic. It is not secured but does have a graduation feature after 18 months. Maintaining the secured cards with them will set you up for the approval for the classic as UW does consider that when determining your approval. Hope that helps!

[bkchild78]

DISCOVER IT
AF: $0
Limits: $200-2500
Minimum Deposit: $200
APR: 22.9%
Pulls: EQ (Was approved with a 548 FICO)
BK Friendly: Yes
CLI: No, but was advised by rep that they are still working on this program and will likely add this feature
Graduates: Yes, after 12 mos. (Although others state they were told differently, I got this info from a rep today & again they are still twerking the program)
Reports to 3 Bureaus: Yes
Benifits: Free FICO, 2% cashback on ALL purchases and many other benefits that the regular card offers

 

I applied for the student version of the Discover It card & was offered the secured card. I don't know if that helped with getting the offer as I see some who have applied for the regular IT card have not mentioned this offer. I think the credit criteria is lower for student cards which is how I probably got in because my scores are awful. You have to enter your school, but I have not been asked to verify it. You must apply online for the regular card to get this offer there is no way to apply for it initially.

[ycelaya1]

I read on a few other sites that some of the major banks MIGHT allow you to apply in person and avoid a hard pull by providing the most recent as possible copies of all three credit reports.

May sound pretty far fetched but has anyone ever heard of this? I really want to avoid an inquiry if I can, but I would like at least one more secured card (aside from increasing the limit on the card I already have) before trying out an unsecured application.

The banks I'm considering are:

 

U.S. Bank

Citibank

Wells Fargo

Bank of America

 

 

Just trying to garden, aside from rebuilding my credit line I have been trying to get deletes on my old stuff but even with a utilization of a $4050 line under 10% my score hasn't moved as much as I'd like.

[BamaInvestor]

I read on a few other sites that some of the major banks MIGHT allow you to apply in person and avoid a hard pull by providing the most recent as possible copies of all three credit reports.

 

May sound pretty far fetched but has anyone ever heard of this? I really want to avoid an inquiry if I can, but I would like at least one more secured card (aside from increasing the limit on the card I already have) before trying out an unsecured application.

The banks I'm considering are:

 

U.S. Bank

Citibank

Wells Fargo

Bank of America

 

 

Just trying to garden, aside from rebuilding my credit line I have been trying to get deletes on my old stuff but even with a utilization of a $4050 line under 10% my score hasn't moved as much as I'd like.

 

Welcome to CreditBoards!

 

I don't know about the banks you're considering for a secured card but in order to rebuild you're going to have to take some inquiries. Now, you didn't mention anything about your current credit profile...any BK's, CH 7/13, Collections/CO's, current credit (# of accts, CL's, Utilization). Without knowing that, my advice could be WAY off. In order to build properly, you need a plan and that involves more than just getting a new card NOW. Think about your long-term goals in regard of the type of cards you want now and will benefit you in the long run. Think quality over quantity. I've seen so many new members get caught up in what they've read here and automatically want to duplicate what the vets are doing. It took them time and PATIENCE to get where they are and it will be the same for you.

 

If you really want a secured card without an inquiry, the best one I've seen is the SDFCU card: https://www.sdfcu.org/emv-creditcards

 

Good luck!

[ycelaya1]

 

I read on a few other sites that some of the major banks MIGHT allow you to apply in person and avoid a hard pull by providing the most recent as possible copies of all three credit reports.

 

May sound pretty far fetched but has anyone ever heard of this? I really want to avoid an inquiry if I can, but I would like at least one more secured card (aside from increasing the limit on the card I already have) before trying out an unsecured application.

The banks I'm considering are:

 

U.S. Bank

Citibank

Wells Fargo

Bank of America

 

 

Just trying to garden, aside from rebuilding my credit line I have been trying to get deletes on my old stuff but even with a utilization of a $4050 line under 10% my score hasn't moved as much as I'd like.

 

Welcome to CreditBoards!

 

I don't know about the banks you're considering for a secured card but in order to rebuild you're going to have to take some inquiries. Now, you didn't mention anything about your current credit profile...any BK's, CH 7/13, Collections/CO's, current credit (# of accts, CL's, Utilization). Without knowing that, my advice could be WAY off. In order to build properly, you need a plan and that involves more than just getting a new card NOW. Think about your long-term goals in regard of the type of cards you want now and will benefit you in the long run. Think quality over quantity. I've seen so many new members get caught up in what they've read here and automatically want to duplicate what the vets are doing. It took them time and PATIENCE to get where they are and it will be the same for you.

 

If you really want a secured card without an inquiry, the best one I've seen is the SDFCU card: https://www.sdfcu.org/emv-creditcards

 

Good luck!

 

 

 

I have no BKs, and only one current collection from T-Mobile which I am disputing. I did ignore the collection for about 2 years, (I was unemployed for the majority of 2012.) My negatives on my report are up to 4 but all were paid off and settled, the latest one being in 2011. I tried goodwill letters for those and am waiting on responses; one did agree to delete thus far-- not sure how long CRA's take to actually update.

 

I started out in the low 500's around late 2012, right now I'm at about 620-TU and 650-EX.

 

My current accounts are as follows:

 

Credit One: $500 limit, 0% utilization, opened Sep 2013

Capital One secured: $300 limit, 0% utilization, opened Jul 2013

Best Buy CC: I was added as an AU in late Oct, limit of $3000, I paid it down from $1200 to $300 at the end of Jan.

Victoria's Secret: opened in 2009, paid off in full after 90 day late in 2011, was reduced to 0 CL after I paid but never closed and then CLI of $250 at the end of Nov 2013

 

I paid off a Sallie Mae loan of $3,000 opened at the end of 2010 in 2013, I know that's not necessarily a good thing but I didn't want to deal with the interest on this loan.

I still have an open loan of $3,300 from U.S. Dept. of Ed., originally at $3,500, which I have begun to pay slowly as of 2014 before interest kicks in.

[ycelaya1]

bump.

[BamaInvestor]

Check the creditpulls database to see if others with scores similar to you have been approved for to give you an idea of what to pursue now. The T-Mobile collection may hinder you if you decide to go unsecured but not so much with the SDFCU secured card (6.99 APR, No credit check). I would also consider contacting CapOne EO to see if you can increase limit (not sure if it will work if you're on credit steps). Many have increased limits 10x the original limit by going the EO route (also ask for lower APR, rewards & waive AF, if you have one).

[ChinoGuapo]

What is CLI?