Help me choose my first secured CC

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14 posts
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Re: Help me choose my first secured CC

Postby Elijahmex » Mon Sep 07, 2015 8:25 pm

Hey OP,

I was at 580 in February when I moved to the USA. Capital One was one of the few banks that allowed me to open an account with my low score. The gave me a CC with 300$ limit. After 5 months of good behavior they increase your credit limit although I asked for a CLI after 3 months and they approved it. Now my TU score is 708 and I've done it without a secured CC and my CL almost tripled.

Capital ONE has been good to me.

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Re: Help me choose my first secured CC

Postby Crashburn » Tue Sep 08, 2015 4:52 am

We moved to the US last October. We started with BoA secured cards. My husband went with a limit of 2500 - I went with 7500. His was now switched to unsecure. So about 10 months later. Mine hasn't been switched yet but I'm not surprised as I have a much higher limit.

We added Capital One secured cards in February. The mastercards with 49 dollar yearly fee I think. We kept the limit to the minimum and we only charge 6-7 dollar per month. We have also added each other on all cards as authorized users which increased our number of credit lines.

So far, we're happy with both the BoA and the Capital One cards. The C1 cards took a few month to show up on the credit report but now they report well. We don't have access to FICO scores on either cards.

With BoA we have the rewards too which is a nice bonus.

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Re: Help me choose my first secured CC

Postby mercy » Tue Sep 08, 2015 12:55 pm

Sorry it took me so long to get back and provide an update. I've been very busy lately. All of you have been a tremendous help and I appreciate you taking the time to help a newbie like me.

I ended up applying for the Capital One secured card and I was approved immediately, no wait. They only asked for a $49 deposit and gave me a $200 CL. I'm not worried about having a higher CL on my first card so I didn't deposit more. The annual fee is $0 (on their website and advertised elsewhere). I chose Capital One because the card reports as unsecured and has a low initial deposit. Also, I plan on holding it for several years so having no AF works for me. Capital One's secured card does have a couple negatives, but I can deal with them. First, their APR is %24.9 but I plan to PIF every month. Second, the card does not graduate to an unsecured card but you are given periodic CLIs with no additional deposit needed. Third, and hardly a negative, you are not provided with FiCo updates. Capital one does have credit monitoring though. I believe they provide you with updated TU scores. All together I'm out $49 and have my first CC. I did receive a hard inquiry on my credit report but saw an 11 point increase on my TU score someone.

Funny side note: I applied for my secured card Friday night and got approved. Saturday, I checked the mail and had a pre-approval from Capital One for their unsecured card. Almost wish I would have applied for the unsecured first but I'm okay with the secured for now.

Thanks again everyone!

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Re: Help me choose my first secured CC

Postby Kevin86475391 » Tue Sep 08, 2015 3:30 pm

Congrats Mercy! Sounds like you're off to a great start! :cool:

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