Secured Card Advice

For just about anything you want to get off your chest about credit cards.
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USADR
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Secured Card Advice

Postby USADR » Mon Oct 12, 2015 4:44 pm

Is there anyone here in this forum that could point me in the right direction to obtain a secured card that won't kill me with fees? This is my first post and am happy to have registered.


USADR
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Re: Secured Card Advice

Postby USADR » Mon Oct 12, 2015 6:44 pm

Nothing?

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CarefulBuilder14
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Re: Secured Card Advice

Postby CarefulBuilder14 » Mon Oct 12, 2015 9:48 pm

Capital One's secured card now has no annual fee. From the perspective of avoiding fees and getting a card with very loose credit requirements, it's a great secured card.

If you don't want to deal with Capital One due to its reputation for iffy customer service, there are lots of older threads on here that cover the pros and cons of secured cards from Bank of America and credit unions.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Kevin86475391
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Re: Secured Card Advice

Postby Kevin86475391 » Mon Oct 12, 2015 10:44 pm

I've never had a secured card so unfortunately I can't speak from first hand experience, but I've heard Capital One has some very reasonable secured cards. I also think there's a secured version of the Discover It card available, that may even graduate to an unsecured card after a period of time (sorry I can't be more specific, maybe 6-12 months?). I'd probably go with that one personally because the Discover It is a great card!

If you have access to a credit union they might have good secured cards available.

Main companies to avoid: Credit One, First Premier.

My advice would be to Google "Best Secured Card" (and maybe also "Worst Secured Card" so you know what to avoid) and research them a bit from several blogs and sites. A preliminary search for that indicates that some of the best are:
-Navy Federal Credit Union Rewards Secured Card
-SDFCU Savings Secured Visa Platinum Card
-USAA Secured Credit Cards
-Discover it Secured Credit Card
-Capital One Secured MasterCard Credit Card

I'm not recommending these personally because I really don't know firsthand, but they're probably worth researching further. Sorry I couldn't be more helpful.

Anyway, welcome to the forum and good luck with your credit journey! :D

ingramjuan
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Re: Secured Card Advice

Postby ingramjuan » Mon Oct 12, 2015 10:57 pm

USADR wrote:point me in the right direction to obtain a secured card that won't kill me with fees?


My first card was a secured card with capital one. I ddin't have any problems and or major fees. Not sure what a secured card with them looks like today. Also capital one made the secured card unsecured after 3 years. (Not Sure If Thats A Pratice Today) Long story short, try capital one.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

USADR
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Re: Secured Card Advice

Postby USADR » Tue Oct 13, 2015 7:19 am

Thank you guys. You have already started me to planning my future with a secured card. I was just refinanced last week on both of my auto loans and got my interest rates cut in half. They are through a credit union. I am calling them to see if they offer secured cards. If not then to Capitol one. Again thank you. I will let ya know what happens

Kevin86475391
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Re: Secured Card Advice

Postby Kevin86475391 » Tue Oct 13, 2015 10:50 am

Awesome! Congrats on your success so far!

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CarefulBuilder14
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Re: Secured Card Advice

Postby CarefulBuilder14 » Tue Oct 13, 2015 11:27 am

USADR wrote:Thank you guys. You have already started me to planning my future with a secured card. I was just refinanced last week on both of my auto loans and got my interest rates cut in half. They are through a credit union. I am calling them to see if they offer secured cards. If not then to Capitol one. Again thank you. I will let ya know what happens

Just how bad is your credit that you think you wouldn't get a decent unsecured card?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

USADR
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Re: Secured Card Advice

Postby USADR » Tue Oct 13, 2015 5:44 pm

CarefulBuilder14 wrote:
USADR wrote:Thank you guys. You have already started me to planning my future with a secured card. I was just refinanced last week on both of my auto loans and got my interest rates cut in half. They are through a credit union. I am calling them to see if they offer secured cards. If not then to Capitol one. Again thank you. I will let ya know what happens

Just how bad is your credit that you think you wouldn't get a decent unsecured card?
Score is 665 and debt to income are my problems

JonE
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Re: Secured Card Advice

Postby JonE » Tue Oct 13, 2015 7:05 pm

USADR wrote:
CarefulBuilder14 wrote:
USADR wrote:Thank you guys. You have already started me to planning my future with a secured card. I was just refinanced last week on both of my auto loans and got my interest rates cut in half. They are through a credit union. I am calling them to see if they offer secured cards. If not then to Capitol one. Again thank you. I will let ya know what happens

Just how bad is your credit that you think you wouldn't get a decent unsecured card?
Score is 665 and debt to income are my problems


665 (if that's a FICO, not FAKO) is actually decent. Before trying secured, try to get in with Barclaycard on a Rewards MC, that's about in line with what's acceptable by their terms. Or you could try a Capital One Unsecured card, and possibly have a little luck with something like a QS or Venture.
Current Cards: Chase Freedom, Discover IT
Future: TBD



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