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Which secured credit card is the best?

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  • Which secured credit card is the best?

    We are attempting to get our credit score up to qualify for a mortgage in a few months. The bank recommended getting a secured card that reports to all 3 credit bureaus and to charge a small amount and make on time payments to boost my score. I have 3 small credit accounts that are current. Which secured card to get?

  • #2
    I believe the best secured card is one offered by your local credit union. Even if they don't list it on their website, they probably offer one.

    If you qualify for NFCU, they offer an excellent secured card. I have a Discover it card that is secured and I like it as well, but not everyone takes discover.

    Are you 100% sure you can't qualify for a non-secured card from a reputable company (i.e., not CreditOne and similar cards with unconscionable fees)? Capital One approved me literally days after my discharge for an unsecured card. No annual fee.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

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    • #3
      Does applying for a secure card make an inquiry on my credit report?

      Comment


      • #4
        I recently had a discussion with one of the reps at my bank about rebuilding credit.
        I asked about the various options and, as I have learned, debit cards today can just about replace a CC with a few exceptions. For travel she suggestion a pre-paid CC. I asked about secured CC and was told that was an option but with the way debit cards are accepted there is little need. I asked about rebuilding my credit using a secured card and she told me that secured CC's are not reported to the credit bureaus and therefore no benefit when rebuilding credit.

        This could be an issue specific to my bank but I have read the same thing from other financial institutes.

        I suggest if you want to use a secured CC for the purpose of rebuilding credit you check to make sure your activity is reported.

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        • #5
          Originally posted by nioka View Post
          I asked about rebuilding my credit using a secured card and she told me that secured CC's are not reported to the credit bureaus and therefore no benefit when rebuilding credit.
          Perhaps not with that bank but in general, secured cards are reported. In fact, that's one of the main reasons why they exist in the first place - to rebuild credit.

          As previously mentioned, Cap One offers a secured card which is reported to the bureaus. The only negative about that card is the fact that it won't be converted to an unsecured card. Not in 2 years and not in 10 years. That's why I'm going to close mine this month. I don't need it any more.
          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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          • #6
            As I said in an earlier post, my bank provides secured CC's but does not report.

            I found this website that lists CC's that do report.

            http://www.creditcards.com/secured-credit-cards.php

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            • #7
              Originally posted by nioka View Post
              I found this website that lists CC's that do report.

              http://www.creditcards.com/secured-credit-cards.php
              Just a word of caution about their claim about the "featured" Capital One Secured Card:

              "You may qualify for a credit line increase based on your payment history and creditworthiness"

              That's flat out wrong. The only way to get a credit line increase is to make an additional deposit. No CL-increases based on your payments and/or credit and - as I said - no conversion to an unsecured account. Ever.
              I had this card for almost 4 years now and I'm sure it helped to rebuild my credit in the beginning - but now, I'm going nowhere with it and I'm going to close this account.
              Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
              FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
              FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

              Comment

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