Other Secured Cards

[Christie0909]

With Income tax time being so close I am trying to decide how much of a deposit I want to put down for a secured card. Also, I was wondering who to try besides Capital One. I have heard some good things about Orchard Bank, but I am really not sure. Any advice?

Thanks!

[fontanaman]

I’ve had the Bank of America Secured Card for about 3 months now and I couldn’t be happier. It’s also a cash rewards card so you get money for every purchase you make. It’s not much (1% for regular purchases, 2% for groceries and 3% for gas) but it’s definitely a big plus. Your account is reviewed after 9 months and if you’ve handled your card responsibly, you could get your deposit back. The great thing about this card is that it can grow with you. I feel my Capital One will not grow with me at all (but it was definitely a good start).

I was just out of the country and used the BOA card abroad and had no problems whatsoever. If you are considering this card, the only advice I would give you is to go to the bank and apply in person. I think you have a bigger chance if you do this, but of course it’s only my opinion. I initially made a big deposit which boosted my credit score.

I can’t talk about the Orchard secured card, but I’ve heard good things. If you haven’t already check out this thread: http://www.newdirt.org/forums/topic.php?id=48

[Christie0909]

Thanks.

[fontanaman]

No problem

What other cards are you considering?

[Christie0909]

So far I think just Orchard. Bank of America sounds nice, but we do not have one of those where I live. With Orchard they have a pre-approval process and I have hear that they usually do not deny people for their secured card unless you have a shady background, you know theft and such. I am really ready to get my credit on the right track so I am hoping this will work out.

[fontanaman]

The Orchard card sounds like a great option to me. I would go with that one. Citi also offers a secured card, but I’ve heard you can get denied if you have past delinquencies on your report. These are two other secured cards I just found online:

– First Progress Platinum Secured MasterCard: http://www.firstprogress.com

– First PREMIER Bank Secured Credit Card: http://www.firstpremier.com

Apparently First Progress requires no credit history or minimum credit score for approval and reports to all 3 major credit bureaus. The minimum deposit needed is $300 and you can apply online. So, if all else fails, this doesn’t sound like a bad option. I don’t have much information about the First Premier card yet, but I will post it as soon as I do.

[billy777]

I read somewhere the BoA secured card says “secured” on your credit report. Can you confirm if this is true or not? I am looking for a second secured card to put my money in. I will not deposit any money in the Capital One account, read what I put about them in the Capital One section to see why.

[fontanaman]

Hello Billy and welcome to the forums.

Yes, I can confirm that the BoA secured card reports as “secured” on your credit report. At the beginning this bugged me a bit, but now I have to say it doesn’t anymore. As soon as I opened the account with BoA, my score went up almost 30 points, so the card really helped my credit even if it reports as “secured”. Plus, if you think about it after 9-12 months it will not say this anymore (if you treat it right). But most importantly, the BoA card will grow with you and I can’t say the same about Capital One. It was definitely a good card to start with, but I wouldn’t put more money on it knowing that I have to close it to get it back.

I used to have an unsecured BoA card, and it went from $500 to $2500 in just a couple of years. So I know BoA rewards you if you are a good customer. Unfortunately I was not an ideal customer back then and they closed my account. That’s why now I’m happy to have a card with them again, plus it’s a cash rewards secured card so I can’t complain.

I also considered Citi (I used to have an unsecured citi card as well, but now I’m rebuilding). I think that it’s probably similar to BoA’s card, in the sense that it wil unsecure and grow with you. Orchard looks like a good option as well, but I’ve never banked with them so I can’t really comment. I’ve heard good things though.

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