2013 BBVA Compass Bank Secured Credit Card Any Good?

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2013 BBVA Compass Bank Secured Credit Card Any Good?

Postby hsn » Sun Jul 14, 2013 1:30 am

Hey gurus I do my banking at BBVA Compass and wanna know if there secured credit card is a wise choice. My credit was ruined last year with some charged off accounts, medical bills and then 2 credit cards that had some medical bills charged to them those were Citi and Bank of America. The BBVA Optimizer secured card has a $40 annual fee and 16.24% interest. The only thing I don't like is that the minimum security deposit is $450. I wish it was a little bit lower.

My 2nd question is how many cards do you recommend to start rebuilding with. I was told that 2-3 credit accounts in good standing is preferable. The thing is I already tried to get approved for a card from a jewelry store and was denied and that is surprising because I heard they approved anybody. Now I'm leaning towards opening 2 different secured cards.

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Postby adriangonzo » Fri Jul 19, 2013 1:54 pm

I know this is an old post but saw that no one replied and wanted to give my 2 cents.

If you are trying to rebuild your credit what you need to do is focus most on management of your accounts. You could have 5 credit cards, but if you manage them bad and pay late and max them out, then your credit will be worse off than if you had just 2 cards managed right. That said I do think you should have more than only the BBVA Compass secured credit card. Get another from another bank and then after you have had those for 6 months, try applying for an entry level retail card account. Easiest stores are gas stations and furniture shops but they charge deferred interest on their 0% so watch out.

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