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CC that rebuild poor credit history

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Hi y'all,

I've been researching credit card companies that cater to people with low scores. I have a 546 with TU right now. Does anyone know of a secured CC with fees below $300 to activate? Thanks!

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Your best bet is to try a local credit union. They are member owned, so the policies vary from CU to CU.

It is very possible you may be able to obtain a cc without a deposit, maybe not. But the important thing with the CU is their interest rates are generally much better and the fees are extremely low. If you get turned down by one, keep looking for others. Good luck! :)

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Household, Orchard (Household), and First Premier come to mind. Craptastic banks to deal with but in the beginning of the rebuilding process ya gotta do what ya gotta do. They are a necessary evil.

You'll get flyers in the mail for cards with $200 limits that are maxed out to start with and then go from there. At this point you don't have much choice. Good luck getting anything out of a credit union with a sub 600 score these days, even a secured card. I hope you can pull it off, but don't get your hopes up.

Also, when you are talking about such minimal credit lines ($300), the savings of a lower interest rate is minimal. Besides, we all pay in full, right? Whatever you do, don't miss a payment! At that point its just like starting over.

Eddie

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Hi y'all,

I've been researching credit card companies that cater to people with low scores. I have a 546 with TU right now. Does anyone know of a secured CC with fees below $300 to activate? Thanks!

BOA offers a $300 minimum secured card with a $39 per year fee. After a year of good payment history it converts to a unsecured card. You can add more funds to the card if you want a higher limit and ofcourse when it converts to a unsecured card you are refunded your "downpayment"

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BOA offers a $300 minimum secured card with a $39 per year fee. After a year of good payment history it converts to a unsecured card. You can add more funds to the card if you want a higher limit and ofcourse when it converts to a unsecured card you are refunded your "downpayment"

I had this card and it did convert into UNSECURED after a year or so...you might have to call to get it switch after the anniversary date. It was a great card to help me rebuild my credit when I first started off, and my credit scores were a lot lower, though the credit crunch right now is still not looking too hot.

Good luck though and let us know how the approval goes...

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Denita - thanks for the info I'm going to join a local CU in my area.

Slow Eddie - I finally opened my mail and have an offer from first premiere I'll check them out though. Not sure if they report to CRAs etc.

Cashman and Esquire - will look into BOA to be honest that's a lot of money for me to just plunk down.

Thanks guys!

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Denita - thanks for the info I'm going to join a local CU in my area.

Slow Eddie - I finally opened my mail and have an offer from first premiere I'll check them out though. Not sure if they report to CRAs etc.

Cashman and Esquire - will look into BOA to be honest that's a lot of money for me to just plunk down.

Thanks guys!

Be careful. From what I've heard you can save money with the BOA secured card over the first premiere unsecured card.

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Denita - thanks for the info I'm going to join a local CU in my area.

Slow Eddie - I finally opened my mail and have an offer from first premiere I'll check them out though. Not sure if they report to CRAs etc.

Cashman and Esquire - will look into BOA to be honest that's a lot of money for me to just plunk down.

Thanks guys!

Well, honestly, if you can't drop $300 into a secured card, when you get the First Premier with the $300 limit, and it's already got $200 in fees on it, if you can't pay that off right away, you'll already be at 66% (or so) of your available credit. That doesn't look good for your scores. Go with the BoA card if you can. At least they are considered a major lender and it will probably look better in the long run than First Premier. I got the BoA secured card with $1000 limit. So far so good.

Just my $0.02

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Good point. They sent me an offer for $250 :cry: with 179 bucks in fees:shock: get real. I told them if they increased the credit limit I would consider it. Geez. Will look into BOA.

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Orchard secured Min.Bal. $200

BofA Secured Min. Bal. $300

US Bank Min.Bal. $300

Wells Fargo Min. Bal $300

All report to 3 mjor credit bureaus.

They DO NOT charge you $79-$179 of your available balance.

All have an annual fee between $18-$35.

Good Luck.

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Hi All!

I asked if BOA reports to all 3 CRA's as a "secured card" and they do. I thought I read somewhere that I should try to find a secured card provider that reports it as a regular card. Heard it was bad for my credit to show as "Secured."

Is this true? I was ready to walk into BOA and sign up for their secured card.

Happy New Years!

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Hi All!

I asked if BOA reports to all 3 CRA's as a "secured card" and they do. I thought I read somewhere that I should try to find a secured card provider that reports it as a regular card. Heard it was bad for my credit to show as "Secured."

Is this true? I was ready to walk into BOA and sign up for their secured card.

Happy New Years!

Can someone answer this question? I've been wondering the same thing.

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Can someone answer this question? I've been wondering the same thing.

I had this card and it helped improve my credit score greatly! I do not think it was listed as "secured" or "unsecured"; regardless, it was a great CC to help improve my credit score.

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I filed against BA with two cc, one in my name other in wife's name. Are they going to have anything to do with me for filing against them? Scores are 571 & 581.

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Did you "file" bankruptcy?

When was that?

Was it discharged?

What were the amounts?

I filed against BA with two cc, one in my name other in wife's name. Are they going to have anything to do with me for filing against them? Scores are 571 & 581.

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I filled a month and half ago. Our hearing is next week. About 12k with all the fees between the two of us.

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Hi Buc,

If you are looking to get a secured CC, MOST if not all banks will require your BKP to be discharged first. Read the fine print to see if they spell it out. If not, contact them and ask questions first.

As far as BOA wanting to do business with you again, that is tough to pinpoint, but probably not. Some banks hold a grudge forever. Others soften up with time and when the economy is doing better.

Example: I have student loans with Citi. I filed BKP and they lost 500 bucks on me for a credit card. Of course the Student Loans are not dischargable in BKP. 7 years later, I applied for a checking account to direct pay the student loans, and DENIED me. Flat out told me because I defaulted on them for 500 bucks. Over a 500 loss they won't open a checking account!

Take care and I hope the discharge goes smooth.

I filled a month and half ago. Our hearing is next week. About 12k with all the fees between the two of us.

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I have never had CC's I dont like them. I am considering trying one of these cards to boost my score but I am kinda leary about CC's

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For a long time I only used an Amex charge card, which had to be paid off in full every month. That gave me the convenience of a CC without piling up the debt. At one point I closed it. The annual fees were going up, and the quality of the service was going down. At one point they moved all the customer service to India. Nothing against the folks in India, but they had just fired everyone in customer service who knew what was going on. I had horrible problems with customer service for a while, no matter how helpful the folks in India were. So, I cancelled my card. Why should I pay more money so they can pay a lot less for service and the quality was less?

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Just got an offer from First Premier with a $300 limit. The fees were $241 to start for one card and an interest rate of 59.6%. Am going to try for secured card after it is discharge in May. Already been and everything went well. Now the wait.

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Buc,

Take you time. I am surprised they sent you an app before you got the discharge.

I had a friend which received one from 1st Premier for 80% interest.

I read that they are offering less apps because there is such a demand for their cards and people are snapping them up even @ 80% APR + fees. They also are not giving out credit limit increases as easily as before.

This recent legislation will help them in the long run as the APR will add up over the life of the card as opposed to getting some fees at the onset.

Best of luck!

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I've had a BoA secured card for two years. They will not graduate me to unsecured. After 12 months I clicked the "request cli" button and I got a letter saying that on secured cards I must send a check for the amount of Increase I want. I just tried again and got the same letter.

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