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best secured C/C


mrflip09
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I would try your local bank (where you have your checking or savings account) and see if they have programs.  The other good place to try are credit unions.  

i have chase bank and those suckers wont give me ****! i have the preimer platinum account where it has to have over $85,000 in to stay open

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i have heard from freinds and research that sercured cards do bring up ur score! i know my gf's credit has come up alot

 

Which score?  There are multiple FICO scores...secured cards have little effect on the FICO Bank Card score.  FAKO scores, on the other hand, overlook the fact that the card is secured.  If your GF's FICO Bank Card rose, there must have been other reasons.

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One more time.  There are like 17 different FICO scoring algorithms.  Us consumers are allowed to see the FICO Consumer Score which is closest to the FICO Bank Card score (the "sucker score") which CC company use to predict who they will make money on...by charging interest and occassional late fees...this has a large "utilization" factor...CCs want people who carry balances and pay them interest.  Contrary to the TV ads, the "sweet" spot for the sucker score is in the mid 600's.

 

The FICO Mortgage Score wants few "unsecured" accounts and all of them paid.  The FICO New Car score depends more on past history paying off car loans.

 

IMHO, an informed consumer has only two CCs..  One, with a credit limit around $1500 that you use for online shopping and the like and pay in full each month; the other with as high a limit as you can get ($8-15k) for emercencies.

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One more time.  There are like 17 different FICO scoring algorithms.  Us consumers are allowed to see the FICO Consumer Score which is closest to the FICO Bank Card score (the "sucker score") which CC company use to predict who they will make money on...by charging interest and occassional late fees...this has a large "utilization" factor...CCs want people who carry balances and pay them interest.  Contrary to the TV ads, the "sweet" spot for the sucker score is in the mid 600's.

 

The FICO Mortgage Score wants few "unsecured" accounts and all of them paid.  The FICO New Car score depends more on past history paying off car loans.

 

IMHO, an informed consumer has only two CCs..  One, with a credit limit around $1500 that you use for online shopping and the like and pay in full each month; the other with as high a limit as you can get ($8-15k) for emercencies.

ok dude one more time like u put it! i cant get an unsercured card with my scores! so i have to start some where!

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Start by getting a debit card on your checking account (I think you've already done that).  Use that when you need plastic.  If you can, have your paycheck direct deposited.  if you haven't already, open a savings account at the same bank.  Make sure to transfer some money into savings each pay.  Opt out of checking overdraft "protection" where they'll let you write bad checks and charge you fees (unless your bank provides for automatic transfer from savings to checking...but, be sure to read what the fees are).

 

Wait.

 

After 6-12 months or so of keeping the minimum balances required to have "no fee" checking and savings, apply for a CC thru that bank.

 

If you'd prefer, you can do this with a local credit union...they sometimes react a liittle faster than banks, but realize that most CUs simply rebrand CCs...so you may wind up with what is actually a Crap 1 card.

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Start by getting a debit card on your checking account (I think you've already done that).  Use that when you need plastic.  If you can, have your paycheck direct deposited.  if you haven't already, open a savings account at the same bank.  Make sure to transfer some money into savings each pay.  Opt out of checking overdraft "protection" where they'll let you write bad checks and charge you fees (unless your bank provides for automatic transfer from savings to checking...but, be sure to read what the fees are).

 

Wait.

 

After 6-12 months or so of keeping the minimum balances required to have "no fee" checking and savings, apply for a CC thru that bank.

 

If you'd prefer, you can do this with a local credit union...they sometimes react a liittle faster than banks, but realize that most CUs simply rebrand CCs...so you may wind up with what is actually a Crap 1 card.

 

dude i been with my bank for a year and had the debit card and savings and investment and business account with them.....lots of money in both accounts and investment account! and nothing...denied cant even borrow agaisnt my money! i was like wtf!

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WOW, now I am totally confused also.  I have heard that getting a secured card is great for rebuilding credit.

 

I have read that using the card and paying it off in full each month will get you a unsecured card in 6-12 months.  Maybe not with the same creditor who issued the secured card.

 

I guess some secured cards can switch over to unsecure but only if that creditor offers those type cards.

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@Corvetteman - before signing up for a secured card, I would check with the company to see what their policy is on switching it over to an unsecured status.  If they don't offer it, it is best to shop around.  Like admin stated, a local credit union is a great place to ask about unsecured cards - if they offer them and if you can get one with a lower score.  Credit unions have less stringent rules - since they are there to serve their customers - not the board members.

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