swizinger Posted February 11, 2009 Report Share Posted February 11, 2009 Well just ten short months after having my B of A secured credit card I got a check in the mail with my original deposit back. I opened the envelope and saw a check for $2,000 and the first thing I thought was it was some fake check that one of those companies send you as their advertising gimmick. But upon further inspection I found it to be from card services something or other...So now my question is where do I go to open another secured card? I talked to DCU about opening a secured card back when I opened by BofA card and the loan underwriters for DCU basically told me their was nothing that I could do to get them to give me a secured card. I ended up getting a secured loan with them to get a positive TL on my credit report. Later on I talked to a much nicer representative and she said I might have a chance at getting a card after a year of on time payment history with BofA , along with my Crown Jewelers, secured loan from BofA and no new negative TL's... I am thinking about giving them a call because if I remember correctly they offer cash advances on their secured cards without the cash advances APR. Otherwise I don't know where else to start, oh and U.S. Bank is out of the question because I charged off one of their student cards. Any suggestions would be greatly appreciated. Link to comment Share on other sites More sharing options...
Dre Posted February 11, 2009 Report Share Posted February 11, 2009 My advice: I wouldn't get another secured credit card. It seems you have established a good credit history with BoA and your credit union (secured loan). If you want another credit card, check you credit scores and if they are good enough, try applying for an unsecured credit card. Your BoA CC, is now an unsecured CC. I would let the history age on the card......sounds like you are on the right track...Keep it up!PS - and I would leave cash advances alone! Only use cash advances for EXTREME emergencies; which means - you can't get any money from anyone or any place Link to comment Share on other sites More sharing options...
swizinger Posted February 11, 2009 Author Report Share Posted February 11, 2009 My advice: I wouldn't get another secured credit card. It seems you have established a good credit history with BoA and your credit union (secured loan). If you want another credit card, check you credit scores and if they are good enough, try applying for an unsecured credit card. Your BoA CC, is now an unsecured CC. I would let the history age on the card......sounds like you are on the right track...Keep it up!PS - and I would leave cash advances alone! Only use cash advances for EXTREME emergencies; which means - you can't get any money from anyone or any place Well I called DCU this morning and tried for a $1k secured card since the underwriter I talked to around a year ago said I might have a shot at it if I played my cards right. They put me on hold for awhile and eventually denied me because I have too many negative TL's (I have a few, most small around $1k or less except for a repossesed car). Needless to say I was a little miffed to find out they denied me for a SECURED card. I mean it's not like they have that much liability if I were to default, they would just take my deposit and be done with me.My credit is getting good but I feel that getting another secured card or two would be a good way to add positive trade lines because there is no way I am going to be approved for an unsecured credit line. That way a couple years down the line I will have a few cards with great payment history and hopefully a little higher credit line. I don't see any point waiting for them to give me an unsecured when I can put the money down on some secured cards... I have done a little research and it looks like the only prime banks to offer secured cards anymore is Wells Fargo and Citibank.Oh and I would never use a cash advance on a credit card. I keep a buffer zone in my checking and savings accounts so that I never am out of money. I was just saying that in the event of a true emergency being able to take a cash advance on a credit card without being charged up the wazoo would be kinda nice. But thank you for the advice.. Link to comment Share on other sites More sharing options...
cap1kid Posted February 11, 2009 Report Share Posted February 11, 2009 my suggestion- since you didn't miss that 2 g's during the last ten months, and BoA was good to you. Why don't you turn around and get a BoA CD- for 6 months. I believe in building a good relationship with one lender is better than scattering your business. You have any immeadiate family members in the military? NFCU allows you to piggy back off their membership and offer a nice secured rewards card with no fees. Link to comment Share on other sites More sharing options...
Dre Posted February 11, 2009 Report Share Posted February 11, 2009 Don't forget about department and gasoline credit cards are great to get to establish some credit as well. Target, Wal-Mart, Macy's, Cheveron, Exxon, Shell - look up some of these cards as well and pick out one or 2 that works for you.At times, department and gasoline cards are not that difficult to obtain. Just don't go application crazy Link to comment Share on other sites More sharing options...
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