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What are your guy's 3 favorite secured cards and why?

This message is 749 days old.  We'd prefer it if you'd start a new topic instead of replying to this one.

What are your 3 favorite secured cards?  

499 members have voted

  1. 1. What are your 3 favorite secured cards?

    • Capital One Secured
      234
    • Open Sky Secured
      33
    • NFCU nRewards Secured
      138
    • CitiBank Secured
      41
    • BankAmericard Secured Visa/1-2-3 Rewards Secured
      126
    • Wells Fargo Secured
      91
    • DCU Platinum Secured
      30
    • U.S. Bank Secured
      52
    • State Department Federal Credit Union Secured
      37
    • Discover IT Secured
      98
    • First Progress Platinum Elite
      16
    • USAA Secured
      86
    • OTHER
      64


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Okay, this thread was too positive so I'm going to lemonade on it a little bit.

 

There are a ton of reports of Citi rejecting secured CC apps. They take your deposit and three weeks later you get a check back. No dice. I still plan to app for Citi when I hit two years post discharge because I want an AA mileage card. We shall see.

 

B of A is also notorious for rejecting secured CC apps. Another frequently reported problem is that they release a $500 secured CC and leave the limit there -- for years. You are sort of locked in as an undesirable. You also can't increase the CL without a hard pull. They claim 5K max but will do 10K max.

 

Wells won't approve you if you have any sort of outstanding liens, judgments, etc. They are supposed to unsecure in 24 months but often go way over that. $10,000 max. 12 months post BK minimum.

 

US Bank has the no annual fee Harley Davidson card and several secured airline secured cards with like $39 annual fees. $5000 max card.

US Bank will not unsecure a secured card with a BK7 until 5 years after. You need a 650 and one year to unsecure if no BK reporting.

 

I don't like the idea of having to be underwritten for a secured CC. There are many CU's that will give you a secured card with no credit pull and will let you have an unsecured card at 6 months to one year later. Honestly, it's easier to go this route that mess with the big boys and their secured card programs -- IMHO.

 

Also, DO NOT apply for any of these lenders for a secured card if you IIB'd them. That is an automatic no with all of them.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?

I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?

I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

 

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

 

If you start with a 525, and add one easy secured CC and get a 30 point boost, then add a credit builder and get a 30 point boost, then add another no credit check secured CC, then add one more and you have three revolvers, one installment, no inquiries and a score that has jumped 125 points in three months. Exactly what I did. It's easy to jack up your score when you are in the toilet. Why ask for quality when you aren't even close?

 

Totally disagree with you on this one. Respect it is your opinion though.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

If you start with a 525, and add one easy secured CC and get a 30 point boost, then add a credit builder and get a 30 point boost, then add another no credit check secured CC, then add one more and you have three revolvers, one installment, no inquiries and a score that has jumped 125 points in three months. Exactly what I did. It's easy to jack up your score when you are in the toilet. Why ask for quality when you aren't even close?

 

Totally disagree with you on this one. Respect it is your opinion though.

Because depending on how dirty your reports are, your scores won't climb that quickly.

 

An extra inquiry when you are first getting started is no big deal.

 

It's often possible for people at the top of the garbage pile as you put it to open up a single secured card that graduates and they are able to get unsecured cards 6 months later and skip the additional rebuilder cards.

 

Everyone's situation is different, and that's why there are so many options and paths to take.

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Okay, this thread was too positive so I'm going to lemonade on it a little bit.

 

There are a ton of reports of Citi rejecting secured CC apps. They take your deposit and three weeks later you get a check back. No dice. I still plan to app for Citi when I hit two years post discharge because I want an AA mileage card. We shall see.

 

B of A is also notorious for rejecting secured CC apps. Another frequently reported problem is that they release a $500 secured CC and leave the limit there -- for years. You are sort of locked in as an undesirable. You also can't increase the CL without a hard pull. They claim 5K max but will do 10K max.

 

Wells won't approve you if you have any sort of outstanding liens, judgments, etc. They are supposed to unsecure in 24 months but often go way over that. $10,000 max. 12 months post BK minimum.

 

US Bank has the no annual fee Harley Davidson card and several secured airline secured cards with like $39 annual fees. $5000 max card.

US Bank will not unsecure a secured card with a BK7 until 5 years after. You need a 650 and one year to unsecure if no BK reporting.

 

I don't like the idea of having to be underwritten for a secured CC. There are many CU's that will give you a secured card with no credit pull and will let you have an unsecured card at 6 months to one year later. Honestly, it's easier to go this route that mess with the big boys and their secured card programs -- IMHO.

 

Also, DO NOT apply for any of these lenders for a secured card if you IIB'd them. That is an automatic no with all of them.

Most of this is 100% correct. I will elaborate a bit more when I get home (Like I had originally planned). Also in the master thread, I will be listing cards that are good if you "are at the bottom of the garbage dump." All of this should be showing up in the very near future. Edited by pwd847

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Okay, this thread was too positive so I'm going to lemonade on it a little bit.

 

There are a ton of reports of Citi rejecting secured CC apps. They take your deposit and three weeks later you get a check back. No dice. I still plan to app for Citi when I hit two years post discharge because I want an AA mileage card. We shall see.

 

B of A is also notorious for rejecting secured CC apps. Another frequently reported problem is that they release a $500 secured CC and leave the limit there -- for years. You are sort of locked in as an undesirable. You also can't increase the CL without a hard pull. They claim 5K max but will do 10K max.

 

Wells won't approve you if you have any sort of outstanding liens, judgments, etc. They are supposed to unsecure in 24 months but often go way over that. $10,000 max. 12 months post BK minimum.

 

US Bank has the no annual fee Harley Davidson card and several secured airline secured cards with like $39 annual fees. $5000 max card.

US Bank will not unsecure a secured card with a BK7 until 5 years after. You need a 650 and one year to unsecure if no BK reporting.

 

I don't like the idea of having to be underwritten for a secured CC. There are many CU's that will give you a secured card with no credit pull and will let you have an unsecured card at 6 months to one year later. Honestly, it's easier to go this route that mess with the big boys and their secured card programs -- IMHO.

 

Also, DO NOT apply for any of these lenders for a secured card if you IIB'd them. That is an automatic no with all of them.

Most of this is 100% correct. I will elaborate a bit more when I get home (Like I had originally planned). Also in the master thread, I will be listing cards that are good if you "are at the bottom of the garbage dump." All of this should be showing up in the very near future.

 

Thanks again for doing this. I should probably have just let this be a statistical listing and then have a separate thread to comment about the pro's and cons. You are doing a thankless job and I want you to know that I really appreciate it. Please don't think otherwise based on my jumping in here ....

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Okay, this thread was too positive so I'm going to lemonade on it a little bit.

 

There are a ton of reports of Citi rejecting secured CC apps. They take your deposit and three weeks later you get a check back. No dice. I still plan to app for Citi when I hit two years post discharge because I want an AA mileage card. We shall see.

 

B of A is also notorious for rejecting secured CC apps. Another frequently reported problem is that they release a $500 secured CC and leave the limit there -- for years. You are sort of locked in as an undesirable. You also can't increase the CL without a hard pull. They claim 5K max but will do 10K max.

 

Wells won't approve you if you have any sort of outstanding liens, judgments, etc. They are supposed to unsecure in 24 months but often go way over that. $10,000 max. 12 months post BK minimum.

 

US Bank has the no annual fee Harley Davidson card and several secured airline secured cards with like $39 annual fees. $5000 max card.

US Bank will not unsecure a secured card with a BK7 until 5 years after. You need a 650 and one year to unsecure if no BK reporting.

 

I don't like the idea of having to be underwritten for a secured CC. There are many CU's that will give you a secured card with no credit pull and will let you have an unsecured card at 6 months to one year later. Honestly, it's easier to go this route that mess with the big boys and their secured card programs -- IMHO.

 

Also, DO NOT apply for any of these lenders for a secured card if you IIB'd them. That is an automatic no with all of them.

Most of this is 100% correct. I will elaborate a bit more when I get home (Like I had originally planned). Also in the master thread, I will be listing cards that are good if you "are at the bottom of the garbage dump." All of this should be showing up in the very near future.

Thanks again for doing this. I should probably have just let this be a statistical listing and then have a separate thread to comment about the pro's and cons. You are doing a thankless job and I want you to know that I really appreciate it. Please don't think otherwise based on my jumping in here ....

He's actually doing a thanked job, and we have all shared our appreciation.

 

The goal is to come up with rankings and categories for secured cards and give as much detail as possible on each card.

 

This poll is just the start.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

If you start with a 525, and add one easy secured CC and get a 30 point boost, then add a credit builder and get a 30 point boost, then add another no credit check secured CC, then add one more and you have three revolvers, one installment, no inquiries and a score that has jumped 125 points in three months. Exactly what I did. It's easy to jack up your score when you are in the toilet. Why ask for quality when you aren't even close?

 

Totally disagree with you on this one. Respect it is your opinion though.

Because depending on how dirty your reports are, your scores won't climb that quickly.

 

An extra inquiry when you are first getting started is no big deal.

 

It's often possible for people at the top of the garbage pile as you put it to open up a single secured card that graduates and they are able to get unsecured cards 6 months later and skip the additional rebuilder cards.

 

Everyone's situation is different, and that's why there are so many options and paths to take.

 

The point that is completely missing here is that these secured cards by Wells, B of A, Citi, US Bank are primarily intended to help people who have no credit history get established. They are not primarily designed to help those of us in the toilet get back on our feet. Yes, sometimes they will let us in, but it is not their target demographic.

 

They want fresh young mean to come in, demonstrate some good financial management skills, and then give them their first unsecured cards. That is what these big boys want.

Doesn't meat they can't help dumpster credit, but there are easier ways ....

Edited by BJKill

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

If you start with a 525, and add one easy secured CC and get a 30 point boost, then add a credit builder and get a 30 point boost, then add another no credit check secured CC, then add one more and you have three revolvers, one installment, no inquiries and a score that has jumped 125 points in three months. Exactly what I did. It's easy to jack up your score when you are in the toilet. Why ask for quality when you aren't even close?

 

Totally disagree with you on this one. Respect it is your opinion though.

Because depending on how dirty your reports are, your scores won't climb that quickly.

 

An extra inquiry when you are first getting started is no big deal.

 

It's often possible for people at the top of the garbage pile as you put it to open up a single secured card that graduates and they are able to get unsecured cards 6 months later and skip the additional rebuilder cards.

 

Everyone's situation is different, and that's why there are so many options and paths to take.

The point that is completely missing here is that these secured cards by Wells, B of A, Citi, US Bank are primarily intended to help people who have no credit history get established. They are not primarily designed to help those of us in the toilet get back on our feet. Yes, sometimes they will let us in, but it is not their target demographic.

 

They want fresh young mean to come in, demonstrate some good financial management skills, and then give them their first unsecured cards. That is what these big boys want.

Doesn't mean they can't help dumpster credit, but there are easier ways ....

With no credit or slightly dirty reports.

 

We get people on CB that fit that profile frequently.

 

In that case, opening up 3 secured cards that don't graduate is not necessarily the best move.

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Ok so let's keep the posts relative to who you voted for. This big banks being picky conversation can goto the master thread.

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They reject apps because they are the top tier secured cards and they check credit.

 

The point of this is to come up with a ranking. Obviously everyone will not qualify for the cards at the top of the list.

So are you suggesting that they are for those at the top of the garbage heap?
I'm not suggesting it. It's true.

 

I didn't qualify for those types of cards when I started rebuilding, but you are better off trying one of those cards first.

I just think about poor Liz and her humiliation with Cap 1 secured.

 

 

I am glad the list is coming together, seriously, but for most folks who are in deep credit trouble these options might be too high a bar.

You try one of the top tier cards first and move down the lost to the easier cards if denied.

If you start with a 525, and add one easy secured CC and get a 30 point boost, then add a credit builder and get a 30 point boost, then add another no credit check secured CC, then add one more and you have three revolvers, one installment, no inquiries and a score that has jumped 125 points in three months. Exactly what I did. It's easy to jack up your score when you are in the toilet. Why ask for quality when you aren't even close?

 

Totally disagree with you on this one. Respect it is your opinion though.

Because depending on how dirty your reports are, your scores won't climb that quickly.

 

An extra inquiry when you are first getting started is no big deal.

 

It's often possible for people at the top of the garbage pile as you put it to open up a single secured card that graduates and they are able to get unsecured cards 6 months later and skip the additional rebuilder cards.

 

Everyone's situation is different, and that's why there are so many options and paths to take.

The point that is completely missing here is that these secured cards by Wells, B of A, Citi, US Bank are primarily intended to help people who have no credit history get established. They are not primarily designed to help those of us in the toilet get back on our feet. Yes, sometimes they will let us in, but it is not their target demographic.

 

They want fresh young mean to come in, demonstrate some good financial management skills, and then give them their first unsecured cards. That is what these big boys want.

Doesn't mean they can't help dumpster credit, but there are easier ways ....

With no credit or slightly dirty reports.

 

We get people on CB that fit that profile frequently.

 

In that case, opening up 3 secured cards that don't graduate is not necessarily the best move.

 

You argue with every post that disagrees with you. You fancy yourself the big man on campus who speaks for the CB elites. Honestly I wish you would give a a rest. Your views are not the only ones and not every post deserves a retort or a smackdown.

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BJ,

 

you are in NO position

 

to criticize.

 

Move it elsewhere,

 

or start your own thread of complaints

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Excuse me, BJ. I'm trying to point out that there are different situations and different cards for different situations.

 

Credit building and repair is not cookie cutter.

 

I'm not going to say that I'm not opinionated, but I also don't go around attacking other members for no reason. I don't view myself as a CB elite member. We're all members here.

 

Debate is how things get worked out.

 

Edit: Thanks, Bob. :)

Edited by mendelssohn

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The point that is completely missing here is that these secured cards by Wells, B of A, Citi, US Bank are primarily intended to help people who have no credit history get established. They are not primarily designed to help those of us in the toilet get back on our feet. Yes, sometimes they will let us in, but it is not their target demographic.

 

They want fresh young mean to come in, demonstrate some good financial management skills, and then give them their first unsecured cards. That is what these big boys want.

Doesn't mean they can't help dumpster credit, but there are easier ways ....

 

With no credit or slightly dirty reports.

 

We get people on CB that fit that profile frequently.

 

In that case, opening up 3 secured cards that don't graduate is not necessarily the best move.

 

 

 

My situation wasn't awful but it was pretty bad, with a large but paid lien and 3 collection accounts (though none were CCs). No good LOCs except a 2 month old Union bank 1k OD they tacked on my new checking account without my awareness but without any credit pulls. The baddies were 3 years old though but everything was tight back in 2009 and places were picky. I probably would have gone with low limit crap cards or something that later popped up, the State Dept. CU which had a large CL secured card which didn't unsecure. The thing was that I needed high limit cards or I would be stuck continuing to use a debit card with all of its risks.

 

BTW, I found the Citi secured card product on CB's threads and I was very new here.

Edited by cashnocredit

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I like how Discover is looking! Those 5% categories make a difference. Also the fact that if you redeem your cash back for gift card's nets you more than the cash back value is cool too.

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