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Any tips about getting a secured card even if I don't have the initial $300 deposit? Are their banks that would let me deposit so much money each paycheck into an account & when I reach the right amount then I could get a secured card? All of them seem to want the money up front. I've determined I'm going to re-build my credit without going the subprime route as that is part of what caused my problems to start with. The only TL I currently have are student loan (on time but its only $36/month) & installment car loan. (also always on time) My FICO is around 578 I think when I pulled it last week. My goal is to re-finance the car loan at some point because I'm paying an extremely high rate but had to have a car to get to work.

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You might want to go into your local credit union, and see what they can do for you. Whenever I joined Bank of America's secured credit card, I had to give them $500 for a deposit. After a year though, the deposit was given back to me, and the card was promoted into an unsecured credit card.

Pull your credit report and see what you can start clearing up to improve your credit.

I would try to get a store/gasoline credit card, if you are not able to get a secured credit card.

If I were you, I would try to get a store/gasoline credit card first (pick one), and if you get declined, I would wait until my credit score is in the 600's before applying again - also I would do this b/c of the economy at the moment.

Good luck!

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I have my credit report & am working on that but my only 2 TL are my installment car loan (its only 2 months old) & my student loans. (old but only $36/month payment) Both paid on time. I think I need a CC to add to this mix. I have older stuff I'm working on to see if I can get it off.

Funny thing is I tried to get an Exxon card which my mom sent a letter saying she would be responsible for & they said they won't accept joint account holders?? (crazy because I know my mom & dad have a joint Exxon account because I'm an authorized user on it)

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Maybe you can open a new savings account that you can use to save up the $300? Why not?

Agreed.

I have had outstanding results from my US Bank secured credit card. Others on here like Bank of America and a few other places.

Not to sound mean or anything but if you don't have the $300, then you should think twice about getting a credit card right now. Think about saving up for it just like you would a large purchase. Once you have the money then go for it. Again, not to be mean but I'm learned my lessons about my own misuse of credit cards.

Good luck!

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I understand completely what you are saying about the misues of credit cards but I think while I'm trying to rehab my credit the lack of a credit card on my CR is probably not helping. I'm sure they look at installment loans differently. I mean you kind of have to pay them unless you want your car repossessed. We didn't really misuse the cards so much as we had to quit paying them. I had a couple subprime cards & the same thing happened to me. (my fault I admit) One late payment & suddenly you have late fees, overlimit fees, etc etc so my $24/mos payment I could afford became almost $90 which I couldn't pay & then it just spirals from there. :cool:

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Okay after much research & debate I'm definately going for a secured card (not a subprime card with all those fees but they approve everyone) I'm a little concerned though because in the paperwork I printed for a couple secured cards it says they are subject to credit standards & several mention pulling your credit report. I dont' understand that because I thought that was the whole point of the security deposit? Is there a way to find out ahead of time if I can get the card before I tie up my money for up to 30 days to find out if I'm approved for a secured card???

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The CU I had the auto loan with offers no secured credit cards. I don't understand the concept of credit checks for secured cards...isn't that the reason for the secured deposit??

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To my understanding, the secured deposit is for the default if anything should happen to the account. They will use the money to pay off/some of the balance you owe.

Since it is a secured card, the company/bank wants to watch their backs as well. It's a good way also to keep those wanting to repair their credit responsible, and you get the deposit back after a year or so of timely payments.

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I completely understand that & am willing to do it but that's why I dont' understand about the credit check & hearing about people being turned down for secured cards that have a better FICO than I do.

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Ah...like everything else...you never know the true reason on why Mr. Fico likes to turn down people; everyone's different. The credit check I bet is for the current situation you are in. The lenders can still be a little suspicious about someone wanting more credit or wanting credit at all when their scores are hurting. Or even them being currently late/defaulting on another loan or credit card. It's only for them to watch their backs as well.

...so try some of these suggestions people have been posting

1. Save up the $300 and open up a savings account

2. Save up the $500 and get a secured credit card through Bank of America

Best of luck to ya!

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Okay after much research & debate I'm definately going for a secured card (not a subprime card with all those fees but they approve everyone) I'm a little concerned though because in the paperwork I printed for a couple secured cards it says they are subject to credit standards & several mention pulling your credit report. I dont' understand that because I thought that was the whole point of the security deposit? Is there a way to find out ahead of time if I can get the card before I tie up my money for up to 30 days to find out if I'm approved for a secured card???

Hey mt2va, I had to respond to this post because I just went through this whole process 2 months ago. I have read some posts about people not liking orchard secured card, but I have been completely happy with mine. It takes a minimum $200 deposit to open the account. You do not have to send in the $200 just to apply. You can get the application started online, and they will do a soft inquiry to prequalify you. And then if you appear to qualify you can give the go-ahead to apply. Then they will send you final approval in the mail, and then you send in your deposit 2 or 3 weeks later. Then you receive your card in the mail after that. Mine only has a $35 annual fee, which is waived for the first year, and there are no other fees. It has a 7.9% variable interest. If you're interested in more info, I can send you the link.

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Hey mt2va, I had to respond to this post because I just went through this whole process 2 months ago. I have read some posts about people not liking orchard secured card, but I have been completely happy with mine. It takes a minimum $200 deposit to open the account. You do not have to send in the $200 just to apply. You can get the application started online, and they will do a soft inquiry to prequalify you. And then if you appear to qualify you can give the go-ahead to apply. Then they will send you final approval in the mail, and then you send in your deposit 2 or 3 weeks later. Then you receive your card in the mail after that. Mine only has a $35 annual fee, which is waived for the first year, and there are no other fees. It has a 7.9% variable interest. If you're interested in more info, I can send you the link.

Thanks for your reply with your experience & yes certainly I would have considered them but I owe Household Bank money so I can't get even get a secured card with Orchard (which is Household Bank).

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Patience----- find a different credit union- and make regular deposits until you reach 1000. Then ask for a card. You have to show reliability. They can still lose $$ on secured card, make yourself trustworthy.

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