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Secured Card Recommendations


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Hi Board!

 

I am in the process of paying off some delinquencies, and will be in a position to start rebuilding this October (approx).

 

I am looking into getting a few secured cards, maxing out the credit limit deposits, and letting them and their hard pulls age a bit while I work on removing some of the negative entries I've managed to rack up over the last couple of years. I want secured cards that can grow with me, accounts that graduate/convert and aren't subprime.

 

At the moment my top four contenders are:

SDFCU - up to 6 figures deposit limit, I can add to the deposit during card membership, graduates at approx 12-18 mos. 

NFCU - Up to 5 figures deposit limit, can add to deposit (w/HP), review begins at 6 mos, graduates at approx 18 mos. (Anecdotally)

Fifth Third - Up to $5000 deposit limit. $24 AF

B of A - Up to $4900 deposit limit, can add to deposit (w/HP), graduates approx 12 mos, can request early review. $39 AF

 

Both SDFCU and BofA apparently report as secured until you graduate, but my credit is such dogpoop at this juncture that it's as fine a time as any for such a notation. I won't be applying to (or for that matter, qualifying for) anything worthwhile until I remove a truckload of baddies anyway. My hope was to find cards that had higher deposit limits, and the kind that I could continue to make deposits into during the life of the secured status. You know, sort of go through this awkward phase while the stakes were low, so to speak.

 

Has anyone had recent experience with Fifth Third? I'll likely be calling their customer service at some point, but their website is woefully inadequate.

 

Wells Fargo evidently doesn't have a secured card anymore - that was originally at the top of my list. I'm not interested in Crap One, I can't get over thinking of them as subprime. US Bank doesn't graduate, you have to close the secured account and open a new unsecured line. I am currently non grata with Chase, TD, and Citizens.

 

Does anyone have any secured gems that I'm missing?

 

Thanks!

 

Ag

 

 

 

 

 

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3 hours ago, Aglet said:

Hi Board!

 

I am in the process of paying off some delinquencies, and will be in a position to start rebuilding this October (approx).

 

I am looking into getting a few secured cards, maxing out the credit limit deposits, and letting them and their hard pulls age a bit while I work on removing some of the negative entries I've managed to rack up over the last couple of years. I want secured cards that can grow with me, accounts that graduate/convert and aren't subprime.

 

At the moment my top four contenders are:

SDFCU - up to 6 figures deposit limit, I can add to the deposit during card membership, graduates at approx 12-18 mos. 

NFCU - Up to 5 figures deposit limit, can add to deposit (w/HP), review begins at 6 mos, graduates at approx 18 mos. (Anecdotally)

Fifth Third - Up to $5000 deposit limit. $24 AF

B of A - Up to $4900 deposit limit, can add to deposit (w/HP), graduates approx 12 mos, can request early review. $39 AF

 

Both SDFCU and BofA apparently report as secured until you graduate, but my credit is such dogpoop at this juncture that it's as fine a time as any for such a notation. I won't be applying to (or for that matter, qualifying for) anything worthwhile until I remove a truckload of baddies anyway. My hope was to find cards that had higher deposit limits, and the kind that I could continue to make deposits into during the life of the secured status. You know, sort of go through this awkward phase while the stakes were low, so to speak.

 

Has anyone had recent experience with Fifth Third? I'll likely be calling their customer service at some point, but their website is woefully inadequate.

 

Wells Fargo evidently doesn't have a secured card anymore - that was originally at the top of my list. I'm not interested in Crap One, I can't get over thinking of them as subprime. US Bank doesn't graduate, you have to close the secured account and open a new unsecured line. I am currently non grata with Chase, TD, and Citizens.

 

Does anyone have any secured gems that I'm missing?

 

Thanks!

 

Ag

 

 

 

 

 

 

US Bank does graduate. I believe the credit history follows the card after it graduates.

 

SDFCU is a good choice if you are unable to get approved for the other cards. You could even apply now, since they technically don't check your credit for the card (there is a hard pull to start membership to verify your identity).

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4 hours ago, jonson said:

 

US Bank does graduate. I believe the credit history follows the card after it graduates.

 

SDFCU is a good choice if you are unable to get approved for the other cards. You could even apply now, since they technically don't check your credit for the card (there is a hard pull to start membership to verify your identity).


You’re right about US Bank! The graduated account is a new account number, but deep in the website l  found: “All account and payment history will be transitioned to the new account number, including unpaid balances and pending transactions.”  So I’m adding US Bank back into the mix. Thanks jonson!

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4 hours ago, Aglet said:


You’re right about US Bank! The graduated account is a new account number, but deep in the website l  found: “All account and payment history will be transitioned to the new account number, including unpaid balances and pending transactions.”  So I’m adding US Bank back into the mix. Thanks jonson!

 

US Bank has some strict underwriting. If this is one of your top cards, get things cleaned up as much as possible, and apply to them first (they don't like a lot of new accounts).

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  • 3 weeks later...
On 5/15/2021 at 5:27 PM, Help1285 said:

Citi Secured Discover Secured & NFCU secured are also good choices.

I opened my Citi Secured in November 2018. I cancelled it last week after they told me it would remain secured for at least another year. My EX was around 550 when I opened it, and is currently 662. I don't know what the trick is to make those graduate, but they weren't going to do it for. It served it's purpose for a while but I'd rather have my $500 deposit back at this point. 

 

My Cap One Secured opened at the same time ($300 deposit) graduated after just a few months and is now an unsecured Quicksilver with an $1850 cl. 

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On 5/15/2021 at 2:07 PM, Aglet said:

B of A - Up to $4900 deposit limit, can add to deposit (w/HP), graduates approx 12 mos, can request early review. $39 AF

 

The Bank of America secured card I recommended recently has no AF and the best rewards of any secured card I've seen.

 

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

 

I would start there, and move on to whatever your #2 choice is if they decline your application.

 

 

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Go only with a card that will grow with you. Stay away from CreditOne, Capital One [their cards rarely unsecure], and the gimmicks that some use. BofA and some credit unions don't have the reputation for being usurious exploiters. 

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See my signature for a list.

 

BOA can be pickier than others.

 

Discover would be a good first choice, then wait 3 months and go for BOA.

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