Best Unsecured Credit Cards For Bad Credit With No Deposit?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Mon Mar 31, 2014 4:51 pm

mayrorofnothing wrote:Great website! Been reading for 2 days! LOL!

Have seen reference to Secured cards being reflected on credit reports as "Secured". Is that a bad thing, meaning will it lower my credit score? Have no debt except our truck note (one yr left til paid of, never late. Ch 7 falls off in 2 yrs. One $171 med bill in collections from last year, Fico is 668. Few closed vehicle notes & store credit cards in the past, all positive. Bank with BofA and would like to open a Secured CC but now not sure if the fact it shows Secured on reports is a bad thing.

Thanks again for this awesome resource site!

I hear that a lot from a lot of people who have bad credit and are trying to rebuild... they don't want a "secured" credit card which reports as secured- as if they are going to be denied because they have secured credit cards (the lender, of course, is going to ignore the derogatory information and just focus on their secured cards). That's not really true. You'd be much better off with a secured card by a prime bank than an unsecured card by scum issuers like Credit One or First Premier or even a bunch of store cards with low limits. You want a card that will grow and the truth is that secured cards which graduate do grow. I actually had a BoA secured card for around 8 months... and most of the cards in my signature I got with it (and the Wells Fargo secured card) showing as "secured" in my credit report.

Your mileage may vary... but like anything else- people tend to sometimes draw the wrong conclusion about why they get declined or why company does adverse action.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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