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Best Secured Credit Card for current situation


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Hello All,

 

Just read all the replies to this thread: https://creditboards.com/forums/index.php?showtopic=500689&page=10&do=findComment&comment=5215778

 

It's exactly what I was looking for. A quick run-down of secured cards. Since the list is about a year old, I thought I would ask a few of questions.

 

Is there a website or service that keeps track of all these cards that can be filtered based on features like APR, reports as unsecured, graduates, etc?

 

In lieu of that, what is the card currently recommended by the community that has the lowest APR, AF, reports as secured, graduates, quality card, etc.?

 

My fiancé is looking to my house this year as soon as possible. She's been a CNA past four years and just became a nurse almost tripling her income. We just pulled her FICO scores yesterday at myFICO.com. When did that become so expensive? She paid $60, for her scores, 3-bureau report and a FICO Score Simulator.

 

Her current scores:

 

TU: 623

EQ: 608

EX: 594

 

She has no debt or credit cards, only student loans. The Simulator said if she got a credit card with a $2500 CL, it would raise her FICO 8 by 40 points on 2 CRAs and 60 points on the third CRA. We thought it best to get a secured because there would be much less chance of denial.

 

What are your recommendations?

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I was in the same boat (I usually post about my DH in first person.-Easier than saying DH or my husband every time I post, etc... ) Anyway, He has the good credit, I had none. But I take care of our Credit as he works a lot as a Production Manager.) I couldn't bring myself to pay for my Ficos, so I went with CreditKarma and my scores (Vantage 3.0) were TU: 652 EQ: 578 -so I assume my Ficos were lower. I did pay $1 for EXP credit track intro, and get this. They couldn't even give me a credit score! That was on 2/18/2016. I pre-qualled Cap One sight and they suggested Platinum and QS (QS has an AF=Annual Fee, but I personally am OK with it for now, just to get some CC's on their to start AAofA=Average age of accounts. I read that if you apply for a card through Cap 1 always app 2 cards cause it counts as 1 hard inquiry (which it did) and I got approved instant online for both. 300 limit on Platinum, and not sure yet on the QS. They pulled all 3 bureaus. Most here will tell you not to get an AF card, and that's certainly true, so you will have to decide for yourself. I just knew I did not qualify for any other Cap 1 cards. Figured I could get Platinum and maybe QS, but if not QS, then no big. Just giving you some food for thought. Good Luck!

Edited by mother.jeni
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The amount of the CL, has nothing to do with your score.

 

With her score, she could probably get 1 secured card, let it report to all 3 bureaus, then get 2 more unsecured cards.

 

You should get this done, 6 months prior to getting a mortgage.

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Any secured card, especially any worth having, is going to have a high APR. And the ones worth having also report as secured.

 

If I were in her position, I personally would apply for a Bank of America secured ($39 AF), Citi secured ($25 AF) and Discover secured ($0 AF).

 

In six months, she'll have scores in the low to mid 700's. That will qualify her for the best cards, and about the best mortgage rates.

 

https://www.bankofamerica.com/credit-cards/products/secured-credit-card.go

 

https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card&category=secured-credit-card&afc=1B4&intc=7~7~67~1~MCT~1~CMSDefaultOffer~1P5ZA22581B4111111W

 

https://www.discover.com/credit-cards/secured/

 

 

Another option, if she still has her valid student ID and stuff, is to try and get 3 student cards...

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Hi Konrad2012! Thanks for responding. That's exactly what I was looking for. I'm just a little confused on the reporting. I thought it was better to report as unsecured rather than secured. Do I have that reversed?

 

From your post, it says that cards worth having report as secured. Was that intentional?

 

 

Sent from my iPhone using Tapatalk

Edited by IIGLLC
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Thanks Kat58. I just wanted to doublecheck because that's the opposite of what I've been taught with Stephen Snyder of the After Bankruptcy Foundation.

 

In his books and courses he says that to be sure to choose cards that report as unsecured.I know you guys have been at this a long time and I'm new to the forum. I just really want to be sure about this.

 

Based on the community recommendations, we will be filling out forms tomorrow.

 

 

Sent from my iPhone using Tapatalk

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What are stipulations on discover? I have a lot of inquiries from 2014 auto purchase and 3 from recent AU added cc's but I only have 1 of my own. Does it matter if AU or personal cc in regards to scoring?

How often will credit check total pull report?

 

If your file is clean, you should be good to app.

 

You can get your real FICOs from creditchecktotal.com, for $1, 7-day trial.

 

Check your scores, after the AU accounts are reporting to all 3 bureaus. You may be able to get unsecured cards.

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What are stipulations on discover? I have a lot of inquiries from 2014 auto purchase and 3 from recent AU added cc's but I only have 1 of my own. Does it matter if AU or personal cc in regards to scoring?

How often will credit check total pull report?

 

I've never heard of an AU getting an INQ...

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What are stipulations on discover? I have a lot of inquiries from 2014 auto purchase and 3 from recent AU added cc's but I only have 1 of my own. Does it matter if AU or personal cc in regards to scoring?

How often will credit check total pull report?

 

I've never heard of an AU getting an INQ...

 

 

SPs, maybe :dntknw:

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Konrads2012 yep I had inq from discover AU. The other 2 just got added Friday and I have seen alerts pop up yet. So maybe those won't. All three are cards with 5-10 yr history. Does anyone know if that history will be added to my profile? And if so, will that help boost score?

 

Do you have matching addresses, past or present?

 

If so, then yes.

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I'd recommend DCU (Digital Credit Union).

 

I posted about this credit union in the Master Secured Card thread; it is a card that definitely graduates. It even has an ho-hum rewards structure (1 point per dollar spent, redeemable for some merchandise, think toasters, swiss knives etc.).

 

The few caveats (solely based on personal experience), are:

- The card will NOT graduate any earlier than 2 years irrespective how great your credit scores would rise. You can only terminate the secured card agreement if you want to

- There are no automatic credit limit increases with usage on credit union cards; every CLI requires a hard pull

 

On the positive side, keeping the card alive requires only ONE transaction done on the card every 24 months. It can be as simple as transferring some $$ from the card to your checking or savings account, and two days later paying it back with a nominal interest (think perhaps 5 cents). No cash-advance fee.

 

Since the CL does not change even after graduation, I'd recommend that you put the maximum amount you have available to start off the secured card. For my wife, we put $2K, I wish we put $5K instead, we could have afforded it but didn't think it through

Edited by lakpr
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