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

[mendelssohn]

Your list is very incomplete!

 

FNBO offers a secured card that gets your Experian Fico score!

I am in the Seattle area and two credit unions offer secure cards that graduate with no fee. One is Unitus, which even gives one their Equifax Fico score.

 

So whatever city you are in look up the credit unions to see which one's offer graduating cards.

Those fit under other since FNBO is not as popular and that CU has a very limited field of membership.

 

Eligibility

Unitus was founded on the simple premise: serving the community and the people who live and work here. As a community credit union, our only membership requirement is that you or a member of your direct family live or work within our field of service. Its that simple!

Spouses and parents, children and siblings, aunts and uncles, grandparents and grandchildren you qualify because they qualify. Even if your qualifying family member isnt a member, you are still eligible.

Qualifying Oregon Counties:

Multnomah Benton

Washington Linn

Clackamas Lane

Marion Deschutes

Polk Douglas

Yamhill Josephine

Columbia Jackson

Hood River

Qualifying Washington State Counties:

You live, work*, worship, or go to school anywhere in the State of Washington.

https://www.unitusccu.com/join-unitus

[tweak]

FNBO offers a secured card that gets your Experian Fico score!

 

delta, do you have an FBNO secured card that graduated?

 

I have yet to see a confirmed report of graduation - but looks like a very interesting secured card.

 

 

I believe FNBO reports the bankcard FICO score.

[pwd847]

Your list is very incomplete!

 

FNBO offers a secured card that gets your Experian Fico score!

I am in the Seattle area and two credit unions offer secure cards that graduate with no fee. One is Unitus, which even gives one their Equifax Fico score.

 

So whatever city you are in look up the credit unions to see which one's offer graduating cards.

This is not a complete list. This is a list of what was estimated to be the most popular. I will look into your suggestions. Thank you.

 

EDIT: Unitus requires 1 1/2 times your CL as a deposit.

FNBO is a FICO Bankcard score.

 

 

The list that will have the most up to date information can be found here. I will be updating this list with more information hopefully by tomorrow

Edited February 9, 2015 by pwd847

[BobWang]

[pwd847]

Here is an updated list of secured CC's.

 

 

 

My buddy has about 30 CA's on all 3 reports. I will soon see what cards will accept horrid CR's. He just applied for the U.S. Bank secured card (against my advice).

Edited February 11, 2015 by pwd847

[Jdavis73111]

I actually have the secured rewards card from BOA with 99 deposit 500 limit since nov 22 2014. I have always paid in full before statement cut. There was only one time that something posted quickly and reported bal of 109.00. I've recently learned to let a small amount show on balance. We'll this morning I call to to ask if I can raise limit with additional deposit and was informed that the card unsecured yesterday and to call to find out Monday if there was an increase in limit. I sure hope so as this is my 1st card ever just recently joined navy and was approved for 8k cloc but only 500 navy rewards card. Just recently started credit rebuild and looking for advice as to what do do next. Started in nov 14 with 606 experian 631 equifax 654 trains union. To date my score is 669 equifax 663 experian and 673 tu. Also after navy did their inquiry yesterday my TU score jumped 94 points???? Should I be excited or what do u think happened..sorry for long post any help appreciated

[BobWang]

[JayB27]

Close race.

[ruafraidofme]

Anyone know how long it takes open sky to start reporting?

[MoneyManagement]

Open Sky reports after the first statement. It will show on all 3 CRA as Capital Bank.

[ruafraidofme]

Open Sky reports after the first statement. It will show on all 3 CRA as Capital Bank.

TY

[drew3918]

Knowledge is good

Knowledge IS POWER

[InsultComicDog]

My favorite secured card is the card they gave me with my HELOC, but I don't think that's what you were after (it's sub-prime only in the sense that its rate is lower than the prime rate)

Edited February 15, 2015 by InsultComicDog

[mizliz1011]

I still love SDFCU. High limits, no fee, no credit check, looks good...

 

however, it does not graduate... sob. hate to kill my AAOA.. but its use is long gone for me.

 

It gave me a lift when CapOne and DCU would not. I will never forget that. It made me feel like a human being.

[Stephanie0107]

Wells Fargo for me is the best. After 1 yr, they automatically said I qualified for a non-secured and refunded my deposit plus raised my limit $800 above and beyond what the secured card was originally worth.

 

After I used the new unsecured card for I would say less than 1 yr, I applied for another unsecured card w/ WF and was given a $3,900 limit. I was thrilled!!

 

 

[pwd847]

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

[themanwhocan]

You might want to consider the FNBO SavingStar.com secured credit card.

 

https://savingstar.com/credit_card

(scroll all the way down, below the Apply Today! button, to the blue section that says there is also a secured version, and click on Learn More)

 

Pros:

SavingStar appears to be open to all 50 states.

Limit is $300 to $5000, matching your deposit.

Card graduates after 11 or more months.

Once it graduates, it is possible to get SP CLI requests every 3-4 months by calling FNBO and asking for any pre-qualified offers.

FNBO is fairly generous with credit limit increases.

Free monthly Experian FICO 8 Bankcard score.

Same rewards as the regular SavingStar card:

1% cash back on all purchases

OR 5% when using the SavingStar online shopping mall (adds 5% to the ~5% the online mall gives you)

OR 10% cash back when using SavingStar coupons.

Can redeem all earned cash back any time you have accumulated at least $5 in rewards.

 

Cons:

Uses American Express card network.

Edited March 15, 2015 by themanwhocan

[RussInGotham]

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

 

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

[JennyAZ]

 

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

 

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

 

The problem with the Discover secured card is that it's by invitation only. I have tons of good credit lines now and they have declined me three times for unsecured and have never offered me a secured card. I don't think it's like they offer most people who get declined for their regular card the secured version.

 

If it's offered to you, by all means take it, but in terms of making a master list, the invitation only nature of the card makes it less than ideal for most people. JMHO.

[AnnMichele]

 

 

 

 

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

The problem with the Discover secured card is that it's by invitation only. I have tons of good credit lines now and they have declined me three times for unsecured and have never offered me a secured card. I don't think it's like they offer most people who get declined for their regular card the secured version.

 

If it's offered to you, by all means take it, but in terms of making a master list, the invitation only nature of the card makes it less than ideal for most people. JMHO.

I was going to say the same thing!

CapOne offers their card straight up and see to be more willing work with this right bad credit.

I think Discover cards have great benefits but to have to be offered their secured card when denied for their regular one is ridiculous. They offer me to have a joint user, no thanks, I'd rather just not have one if that's the case.

[tweak]

 

 

 

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

The problem with the Discover secured card is that it's by invitation only. I have tons of good credit lines now and they have declined me three times for unsecured and have never offered me a secured card. I don't think it's like they offer most people who get declined for their regular card the secured version.

 

If it's offered to you, by all means take it, but in terms of making a master list, the invitation only nature of the card makes it less than ideal for most people. JMHO.

I was going to say the same thing!

CapOne offers their card straight up and see to be more willing work with this right bad credit.

I think Discover cards have great benefits but to have to be offered their secured card when denied for their regular one is ridiculous. They offer me to have a joint user, no thanks, I'd rather just not have one if that's the case.

 

 

All the secured cards that graduate have limitations/restrictions.

NFCU - eligibility

BOA/WF/US Bank - may not be approved due to credit profile

Discover - must be invited after unsecured denial

 

I have nothing bad to say about Cap1 secured.

But personally, I would look at some of the other CUs first.

[Konrad2012]

 

 

 

 

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

 

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

The problem with the Discover secured card is that it's by invitation only. I have tons of good credit lines now and they have declined me three times for unsecured and have never offered me a secured card. I don't think it's like they offer most people who get declined for their regular card the secured version.

 

If it's offered to you, by all means take it, but in terms of making a master list, the invitation only nature of the card makes it less than ideal for most people. JMHO.

I was going to say the same thing!

CapOne offers their card straight up and see to be more willing work with this right bad credit.

I think Discover cards have great benefits but to have to be offered their secured card when denied for their regular one is ridiculous. They offer me to have a joint user, no thanks, I'd rather just not have one if that's the case.

All the secured cards that graduate have limitations/restrictions.

 

BOA/WF/US Bank - may not be approved due to credit profile

Discover - must be invited after unsecured denial

Secured or not secured, these banks are not interested in customers they believe will default.

[JennyAZ]

 

 

 

 

 

Discover is way behind Cap1 now...... I think it's because Cap1 has a better marketing department. C'mon who doesn't like Alec Baldwin?

That's batshit crazy to me. The secured Discover it is a no-annual fee rewards card that can graduate to unsecured. It also offers a monthly TU 08 FICO when statements generate.

The problem with the Discover secured card is that it's by invitation only. I have tons of good credit lines now and they have declined me three times for unsecured and have never offered me a secured card. I don't think it's like they offer most people who get declined for their regular card the secured version.

 

If it's offered to you, by all means take it, but in terms of making a master list, the invitation only nature of the card makes it less than ideal for most people. JMHO.

I was going to say the same thing!

CapOne offers their card straight up and see to be more willing work with this right bad credit.

I think Discover cards have great benefits but to have to be offered their secured card when denied for their regular one is ridiculous. They offer me to have a joint user, no thanks, I'd rather just not have one if that's the case.

All the secured cards that graduate have limitations/restrictions.

 

BOA/WF/US Bank - may not be approved due to credit profile

Discover - must be invited after unsecured denial

Secured or not secured, these banks are not interested in customers they believe will default.

 

Do you think any bank is interested in customers they believe will default? Most people on this board have defaulted in some way on credit -- that's why we are here.

[Konrad2012]

 

 

 

All the secured cards that graduate have limitations/restrictions.

 

BOA/WF/US Bank - may not be approved due to credit profile

Discover - must be invited after unsecured denial

 

Secured or not secured, these banks are not interested in customers they believe will default.

Do you think any bank is interested in customers they believe will default? Most people on this board have defaulted in some way on credit -- that's why we are here.

Yes,.Capital One and other banks have no problem implementing a penalty APR and fees. That's why they will give you a card one year after you burn them. Loss is in their business model. It's the DEFINITION of sub-prime. Edited March 15, 2015 by Konrad2012

[JennyAZ]

 

 

 

 

All the secured cards that graduate have limitations/restrictions.

 

BOA/WF/US Bank - may not be approved due to credit profile

Discover - must be invited after unsecured denial

Secured or not secured, these banks are not interested in customers they believe will default.

Do you think any bank is interested in customers they believe will default? Most people on this board have defaulted in some way on credit -- that's why we are here.

Yes,.Capital One and other banks have no problem implementing a penalty APR and fees. That's why they will give you a card one year after you burn them. Loss is in their business model. It's the DEFINITION of sub-prime.

 

Well I doubt that loss is in their business plan, but maybe default is, but don't Discover and BofA charge default interest rates near 30% if you default?

 

What is the risk in issuing a credit card secured with cash? The max exposure is one month's worth of interest if they close it down after 30 days. Two months if they wait 60 days.

 

All lenders are about profit. Those that take higher risk do charge higher rates for sure. But the best rates are credit unions charging 6% to 10% typically and many of them do not charge any penalty rates of interest, balance transfer fees, etc., and even their late payment fees are much less than the big banks. And credit unions are among the easiest to get a secured card from.

 

The idea of a graduating card is overblown. Get a secured credit card with a credit union. In 12 to 24 months they will give you a new unsecured card. Yes your AAofA may take the hit of one new card, but most people on here are opening at least one new card per year.

 

If you want to argue better rewards programs with the big lenders, that is very true.

Edited March 15, 2015 by JennyAZ