The Master Secured Credit Cards Thread

[Kilj0y]

Would like to add another discover data point to this thread.

 

I stopped paying on all loans/cards for 6 months. So tons of late payments on my reports. Filed bankruptcy luckily before any collections hit my reports. All accounts are listed as IIB/$0 status.

 

Applied for a discover it secured card day of discharge, not even updated on my credit reports yet and was approved instantly. I opted for the max deposit ($2500).

[IvyMgmt]

I see that Discover reports as a secured card? Is that beneficial?

[pwd847]

I see that Discover reports as a secured card? Is that beneficial?

It doesn't matter how it reports, but yes, it reports as secured.

[DebtDave]

NFCU nRewards Secured Card
AF: $0
Limits: $500-$50,000
Minimum Deposit: $500
APR: 8.9-17.9%
Pulls: EQ
BK Friendly: Yes
Additional Deposits: Yes
CLI: No
Graduates: Yes
Reports to 3 Bureaus: Yes
Reports as: Unsecured
Comments: Reward Points (1 point/$1). limited member eligibility

 

 

Going to visit the branch today and apply for the secured. I've never had one of these but to clarify. If I start with a $500 deposit that is the CL as well. Now in the add'l deposits listed and CLI of no. Does that mean that I can't come back in a few months or a year and deposit more money to increase the CL or that they just never increase the CL beyond the exact deposit.

 

I had read that if you have a card that graduates you should add as much money to it shortly before to grow the secured CL that then graduates to the unsecured CL. Do I need to do that here? I will be looking to get an NFCU card for myself and one for DW as we're both rebuilding.

[DigDeep]

With NFCU, you can increase the deposit at a later time. You probably should not wait until 1 month prior to expected graduation to make the increase.

[DebtDave]

Ha, well apparently their system was down so they took my subprime cash and gave me an IOU/subsubprime receipt for the deposit. Once that actually goes into the system they can continue the application for the card.

 

Will they inform you of the expected graduation date to prepare for the increase? Safer to do at say 90 days prior?

[DigDeep]

I believe 12/13 months is a good expected graduation target. I personally would do it 6 months prior. 90 days would probably be ok. From what I read, NFCU isn't as particular about this.

Edited June 16, 2017 by DigDeep

[pwd847]

I think 90 days is fine. You understand why you are increasing your deposit, right?

 

I started with a single $500 secured card a few years ago and now I am right where I need to be (about to apply for student loans).

 

Good luck and keep at it!

[DebtDave]

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

[IvyMgmt]

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

Did they say why you were declined?

 

 

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[jeffsmith]

Hello. Forgive me if that has been addressed, but I can't find it through a search...

 

I had a secured CapOne credit card for $300. They increased my credit limit to $750. After that, I defaulted. It is now with Allied Collection Services.

 

With fees and penalties, Allied claims I owe $902. I want to pay in full so it doesn't go against my credit score. My question is this - shouldn't I owe $602, considering I paid $300 upfront to secure the card.

 

I spoke with Allied and all they said was the account showed $902 and that's what I had to pay to get it paid in full. They offered to settle for $675, and even that is more than I should owe. Is there anyway to resolve this without going to court over $300?

 

Any help or guidance is greatly appreciated. Thanks in advance!

Edited July 18, 2017 by jeffsmith

[Kat58]

Hello.

 

Forgive me if that has been addressed, but I can't find it through a search...

 

I had a secured CapOne credit card for $300. They increased my credit limit to $750. After that, I defaulted. It is now with Allied Collection Services.

 

With fees and penalties, Allied claims I owe $902. I want to pay in full so it doesn't go against my credit score. My question is this - shouldn't I owe $602, considering I paid $300 upfront to secure the card.

 

I spoke with Allied and all they said was the account showed $902 and that's what I had to pay to get it paid in full. They offered to settle for $675, and even that is more than I should owe.

 

Any help or guidance is greatly appreciated. Thanks in advance!

 

Welcome to CB!

 

You should start a new topic in the Credit Forum with your questions... Few people will see it here.

 

I'm just guessing, but your total balance with penalties and fees was probably $1202 minus $300 to bring it to $902.

 

Do not contact the Collection Service. Post your topic and wait for answers from members. They will know what you need to do.

 

Good Luck!

[jeffsmith]

Many thanks, Kat. I will create a new post. But it's not a case of the total balance being $1202.

[theRbro]

 

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

Did they say why you were declined?

 

 

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I was also denied for the Cap1 secured card and told I would get a letter. It's been more than a month and I still have not received a notification as to why the denial. Any recommendations on what I should do? Should I bother? (I was working on getting credit with other banks now)

[IvyMgmt]

 

 

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

Did they say why you were declined?

 

 

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I was also denied for the Cap1 secured card and told I would get a letter. It's been more than a month and I still have not received a notification as to why the denial. Any recommendations on what I should do? Should I bother? (I was working on getting credit with other banks now)

Personally I would move on. Did you receive a hard inquiry?

 

 

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[theRbro]

 

 

 

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

Did they say why you were declined?

 

 

Sent from my iPhone using Tapatalk

I was also denied for the Cap1 secured card and told I would get a letter. It's been more than a month and I still have not received a notification as to why the denial. Any recommendations on what I should do? Should I bother? (I was working on getting credit with other banks now)

Personally I would move on. Did you receive a hard inquiry?

 

 

Yep, Hard Pull on EQ, EX and TU

[IvyMgmt]

 

 

 

 

Declined for the secured card...well that was fun.while it lasted. Says I'll get a letter in 5-7 days.

Did they say why you were declined?

 

 

Sent from my iPhone using Tapatalk

I was also denied for the Cap1 secured card and told I would get a letter. It's been more than a month and I still have not received a notification as to why the denial. Any recommendations on what I should do? Should I bother? (I was working on getting credit with other banks now)

Personally I would move on. Did you receive a hard inquiry?

 

Yep, Hard Pull on EQ, EX and TU

Well you can dispute it it's a process though.

 

 

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[pwd847]

Cap1 DOES unsecure their secured card. Someone I know showed me the email they received. Still don't know what the criteria is though.

 

Also according to calls that I made to Cap1, the CSR's are unaware that their card unsecures.

Edited August 10, 2017 by pwd847

[dvd]

Cap1 DOES unsecure their secured card. Someone I know showed me the email they received. Still don't know what the criteria is though.

 

Also according to calls that I made to Cap1, the CSR's are unaware that their card unsecures.

 

Cap1 does graduate, but I think its in a "pilot phase" as they are random with graduation.

[IvyMgmt]

Are there any secured cards for travel?

 

 

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[StarCat]

Bank of the West - BOTW looks to have a great Secured card.

$300 -$12,000 depends on income .

Make a deposit into an interest-bearing savings account.

• 21.99% APR
• $25 annual fee
• Price Protection — get a refund whenever an item you buy with your card drops in price within a certain time window²

Sounds like they might unsecure it after a year.

"

[pwd847]

Are there any secured cards for travel?

 

 

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Discover IT miles. There might be one other that I can't rememeber. When I had secured cards, I just stuck with CB cards.

[IvyMgmt]

 

Are there any secured cards for travel?

 

 

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Discover IT miles. There might be one other that I can't rememeber. When I had secured cards, I just stuck with CB cards.

Yeah I wind up going with Discover waiting on it to arrive. USBank has some too but I'm going to wait for my score to rise now.

 

 

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[pwd847]

 

 

Are there any secured cards for travel?

 

 

Sent from my iPhone using Tapatalk

Discover IT miles. There might be one other that I can't rememeber. When I had secured cards, I just stuck with CB cards.

Yeah I wind up going with Discover waiting on it to arrive. USBank has some too but I'm going to wait for my score to rise now.

 

 

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I'll PayPal you $1 if you apply in branch at USBank and then flip them off as you leave. Actually, you know what? I'll give you $10!

[IvyMgmt]

 

 

 

Are there any secured cards for travel?

 

 

Sent from my iPhone using Tapatalk

Discover IT miles. There might be one other that I can't rememeber. When I had secured cards, I just stuck with CB cards.

Yeah I wind up going with Discover waiting on it to arrive. USBank has some too but I'm going to wait for my score to rise now.

 

 

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I'll PayPal you $1 if you apply in branch at USBank and then flip them off as you leave. Actually, you know what? I'll give you $10!

lol why so you don't like them? There is none near me so I would have to apply online.

 

 

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