The Master Secured Credit Cards Thread

[credithunting]

What is CLI?

CLI is a credit line increase

[Atl-Marcos]

Community First Florida
AF: $0
Limits: $500-25,000
Minimum Deposit: $500
APR: 7.9% -15.9%
Pulls: ???
BK Friendly: ???
CLI: Based on security deposit
Graduates: Yes, after 12 mos.
Reports to 3 Bureaus: Yes
Benifits: Rewards cards, etc.

[cinammonkisses]

Anyone have experience with First Progress secured cards? I like the fact that they pretty much don't deny anyone, however I hate the AF.

 

Also, this entire thread is awesome!!

[4myfuture]

 

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!

 

Could someone confirm whether SDFCU is Chex friendly? And do they really request all of the info they list on their website for secured cards- 2 years of taxes, paystubs? I would really appreciate your advice as they keep coming up as one that doesn't pull and is good to have to start rebuilding. Thank you!

[4myfuture]

Anyone have any specific experience with the Unity Card? Or know which CR's pull?

 

https://www.oneunited.com/unity-visa/rates-and-disclosures/

[BobWang]

Slow down,

 

read here for a few weeks before continuing.

[jonson]

Could someone confirm whether SDFCU is Chex friendly? And do they really request all of the info they list on their website for secured cards- 2 years of taxes, paystubs? I would really appreciate your advice as they keep coming up as one that doesn't pull and is good to have to start rebuilding. Thank you!

 

 

No, they are not.

 

They denied me, even after I asked for a reconsideration.

[4myfuture]

 

Could someone confirm whether SDFCU is Chex friendly? And do they really request all of the info they list on their website for secured cards- 2 years of taxes, paystubs? I would really appreciate your advice as they keep coming up as one that doesn't pull and is good to have to start rebuilding. Thank you!

 

 

No, they are not.

 

They denied me, even after I asked for a reconsideration.

 

Thank you, jonson.

[4myfuture]

Just wanted to share that State Department Federal Credit Union declined me for Chex Systems. I requested a secured card through SDFCU.

[bkchild78]

Add Citibank Secured Mastercard-graduates in 18 months-BK OK after 2 years

BBVA Compass Optimizer-Graduates after 12 months

[dahliaice]

Add Citibank Secured Mastercard-graduates in 18 months-BK OK after 2 years

BBVA Compass Optimizer-Graduates after 12 months

 

Would anyone happen to know how stringent Citibank is with issuing their secured's? Just in the beginning process of rebuilding my credit with only one line just opened - a First Progress. My Ficos are shockingly low but I've been a Citibank member for 16 years and receive preferred service from them. Wondering if that would give me a good shot or if my mid 500 ficos would blast me out the door!

[dllceo]

I can also confirm that SDFCU is not ChexSystems friendly. I applied with a rep on 7-11-14 and was denied due to something on Chex. Today I received my reply from Chex and it has been removed. So I will re-apply and update.

[MidtownGirl]

I can tell you Wells Fargo is a pain to try and deal with. even though I bank with them, I've still been denied a secured card. First it was because they could not verify my residence, and said that if I would send them a copy of utility bills they'd approve me . so i did that but they still denied me, supposedly their 'under writer' wasn't satisfied. now they want tax returns, copies of my DL and car title and car insurance with my address on it. I've used a PO box for about 5 years because of the upheaval going on in my life...so now i have to either change all of the stuff to my apartment address or start shopping for something a little more reasonable.

[jonson]

I can tell you Wells Fargo is a pain to try and deal with. even though I bank with them, I've still been denied a secured card. First it was because they could not verify my residence, and said that if I would send them a copy of utility bills they'd approve me . so i did that but they still denied me, supposedly their 'under writer' wasn't satisfied. now they want tax returns, copies of my DL and car title and car insurance with my address on it. I've used a PO box for about 5 years because of the upheaval going on in my life...so now i have to either change all of the stuff to my apartment address or start shopping for something a little more reasonable.

 

Use your apartment address on the application, and as soon as your approved, call and change your address to your PO Box. This is how I do things.

[strider]

Is anyone familiar with Capitol One's secured credit card? What's your take?

[jonson]

Is anyone familiar with Capitol One's secured credit card? What's your take?

 

I think it's a decent card. My biggest problems with the card is, despite their advertising of credit lines increases with good payment history, you basically only get one increase of around $100. The card doesn't graduate to an unsecured card, and the maximum deposit (credit line) is only $3,000.

 

However, I do like this card and recommend it to people. Approval is easy and the minimum deposit is only $200. The deposit can be increased at anytime in $25 increments, so it's easy to increase the credit line gradually without fees or penalties. It reports as a regular credit card on credit reports, and it reports timely, which is important when rebuilding. They are quick to post payments. The fees are also reasonable.

 

I believe the Capital One card is a good card to consider while rebuilding. But also look into your local credit union for a card that graduates.

[strider]

 

Is anyone familiar with Capitol One's secured credit card? What's your take?

 

I think it's a decent card. My biggest problems with the card is, despite their advertising of credit lines increases with good payment history, you basically only get one increase of around $100. The card doesn't graduate to an unsecured card, and the maximum deposit (credit line) is only $3,000.

 

However, I do like this card and recommend it to people. Approval is easy and the minimum deposit is only $200. The deposit can be increased at anytime in $25 increments, so it's easy to increase the credit line gradually without fees or penalties. It reports as a regular credit card on credit reports, and it reports timely, which is important when rebuilding. They are quick to post payments. The fees are also reasonable.

 

I believe the Capital One card is a good card to consider while rebuilding. But also look into your local credit union for a card that graduates.

 

 

Awesome feedback! Thanks so much. I am considering a CO secured card to build my credit and I was planning on going to my bank to talk about it so it's good that I have that information before going. Thanks.

[Lwhit1231]

I think it's a decent card. My biggest problems with the card is, despite their advertising of credit lines increases with good payment history, you basically only get one increase of around $100. The card doesn't graduate to an unsecured card, and the maximum deposit (credit line) is only $3,000.

 

However, I do like this card and recommend it to people. Approval is easy and the minimum deposit is only $200. The deposit can be increased at anytime in $25 increments, so it's easy to increase the credit line gradually without fees or penalties. It reports as a regular credit card on credit reports, and it reports timely, which is important when rebuilding. They are quick to post payments. The fees are also reasonable.

 

I believe the Capital One card is a good card to consider while rebuilding. But also look into your local credit union for a card that graduates.

 

 

 

......I can't quite the above txt from my ipad sorry.... But I've had a slightly different opinion of cap one secured card. I had to make a $49 deposit and when I got my card I had a limit of $249. I raised the limit myself by $30 about 5 months after I got it. I got the card in November 2013 and I got a line increase of $300 this past august. A few weeks prior to getting the increase I asked for one and was turned down. I have now had the card for close to one year and I've never paid late. I know when they report the balance to cra's so I get the balance down as low as I can to get my utilization low. It's a game of chess but it's good to play it well.

[tmkats]

Found another one:

 

Primor Visa

Secured through First Choice Bank of NJ

Up to $5,000 limit

Reports to all three

13.99% rate with a 25 grace period

$39 annual fee

 

Not bad all things considered.

Edited September 6, 2014 by tmkats

[Civiljudgements]

Opened my first secured card on 09/04/2014!

 

Generations Federal CU (local)

Visa

$500-$5000

Reports to all 3 bureaus

12.9% apr

No annual fee, ($10 one time fee at sign up).

No pull of any kind.

Graduates? Yes, possibly at 6 mo and does require a hard at that time.

Major drawback = No website!

[tmkats]

If anyone is thinking about going for a secured card and doesn't have a local CU to join, you MUST go for SDFCU's secured card.

 

They have the NICEST customer service reps and it has rewards. Just set my account up and couldn't transfer from my other bank account. Called up and the CS rep did it for me and waived the fee without even asking.

 

I'm going to add to this card when I can and hopefully turn this into a long term relationship.

 

Just my .02 though.

[MississippiMom]

This is a great thread! Thanks for creating it! I have a Credit Bank One card and am finding out how NOT worth it it is (no it is not a secured credit card but it has no benefits, very few CLI sneaky fees, etc) and will have to get a secured card soon. Now, I will be able to figure out which one is best for me! Awesome job!

[Kles]

Municipal Credit Union - No Credit Check Secured Card.

Hi!! I am not sure where I read this at, but I was told to give CRA's and creditors as LITTLE info as possible. The MCU unsecured application is a mail in & from what I've read it's pretty much guaranteed approval.

 

The application asks for My home, cell, and job name and number... should I provide them?

 

Do you guys think by not providing that info i will be denied?

 

This the link to download the MCU unsecured application ... http://www.nymcu.org/creditCards/application/VISASecuredBrochure2014.pdf

[graymidday]

 

Municipal Credit Union - No Credit Check Secured Card.

 

Hi!! I am not sure where I read this at, but I was told to give CRA's and creditors as LITTLE info as possible. The MCU unsecured application is a mail in & from what I've read it's pretty much guaranteed approval.

 

The application asks for My home, cell, and job name and number... should I provide them?

 

Do you guys think by not providing that info i will be denied?

 

This the link to download the MCU unsecured application ... http://www.nymcu.org/creditCards/application/VISASecuredBrochure2014.pdf

do you know if this card reports to all three cra's?

[Konrad2012]

NuVision CU has a secured card. BK friendly,though they run Chex for membership, open to anyone by joining a consumers union. No membership hard pull. Used to be a Boeing employees CU. Branches around Orange County and Long Beach.

 

They will hard pull for the secured card, but claim they will accept anyone regardless of credit reports (if chex is clean). They require a 110% deposit of your CL. No AF.

 

I asked these questions for my brother, no 1st hand experience with this product.