I have Capital One and Providian, Capital One is by far better. The only problem is that they don't report limits, but I have heard of people adding these to their reports, also you can charge near the limit one time, and then pay it off, it appears that on my report EQ will use the high credit as the limit if its not posted. I would recommend Capital One, I have read others with certain problems, but for sub-prime they seem to be pretty good. Request credit limits frequently and if you maintain the account well, they seem to be happy to increase your limits, in my experience.
From the looks of it ANB & WellsFrago offer good secured cards. http://www.anbcards.com/assoc_sec/index.htm This card has a 15.45% APR but dont ever pay late as they collect $30 for late fee. The annual fee of $35 is average. I believe they report to all 3 CRAs. I have to confirm if they report balance and pay history. It is critical that they report that for your scores to improve. http://www.wellsfargo.com/credit_cards/select_card/secured/ This card has a 19.80% APR with the same late fee policy and annual fees. It seems to have a few more peerks in exchange for the higher APR. Direct quote from the site: "After 12 to 18 months of timely payments you may be eligible for an unsecured Wells Fargo credit card. which requires no security deposit." I am leaning towards WellsFargo. You can apply online for the secured card. Hope this helps!
I think Capital One is the best way to go. I received a card 3 years ago with the infamous $200 limit. It has since grown to $4000. Customer service is great and they have awesome online access. I don't have any experience, but I have also heard FCNB is very good. They do report limits which can help your ratio if you get a Capital One as well. Good luck!!
Something to keep in mind about the Wells secured card: currently, the credit line, or any portion of it, never becomes unsecured. You get your money back only when you close the account. The statement quoted above means that, at the end of the 12 to 18 month period, your credit will ostensibly be good enough to qualify for one of their unsecured cards. There's nothing really set in stone or automatic about this, though; you still have to apply for one of their "regular" cards at that time, which will result in a hard inquiry, and I'm only guessing that your payment history on the secured card will carry some additional weight. wajaba
For what it's worth, I've also had good luck with Cap 1. I started with a $300 limit and never asked for an increase or a rate change. The CL has been upped to $900 (in 2 years' time) and the interest rate dropped from 21% to 17.1% as well. I make all payments online the day my new statement appears. Don't know whether that helps or not but I applied for a Cap 1 Plat in December and got it for Christmas with a $7500 CL. Have not had any problems with them. PS: Experian went up by 2 points today - I am nearly a credit score junkie bc
Capital One is your best bet for the long term. Over time, your account terms will significantly improve and eventually you can unsecure the card and get your security deposit back. As far as getting an accurate "high balance" (translate credit limit) on your credit reports, you don't have to charge up to the limit and then pay it down. The week after your account cycles, just buy an item very near your limit, wait for it to post to your account and then return the item before it cycles again. All Capital One needs is for it to post to your account as a high balance. You don't have to incur debt to do it.
I now have 3 accounts with Orchard and I have to say that I am happy wth them....I have been a joint on a card since August and they sent me an offer for another one with a 9% interest rate..They also just gave me another card as well..Love there online Ebill system too.........
DH can't get a Cap One card to save his life, he has a 629 CE score and that's who the pull for him, once they pulled TU he's at a 535 now (up 20 points from 1 paid CA being deleted.). He has a paid R5 from providian and a paid CA on CE. On TU well it's just garbage, but he gets denied everytime! Do you have to wait 30 days to apply or 45? And if he gets denied should he PFB or call Mr. Cooke?
i got cap 1 with lower scores than your hubby...... even though i didn't get the 49/500 offer i just needed to get in... i got 199/200 (i know). seems like he should have gotten some kind of offer, did you apply online?
FCNB I say go w/FCNB. They will report your limits, don't put you down as secured, and will allow you to go w/there Spiegel/Eddie Bauer card after 6 months or so if have a good payment history. Most of the time they will allow you to go unsecured after 12 months but I've seen them do this at 9 months. I wouldn't go w/Cap one b/c they don't report your limits and that REALLY hurst you when you are trying to start out!
Re: FCNB I like and prefer FCNB because your initial credit line is 150-500% of your deposit. So you are guaranteed at least $150 line if you open with $100, that is IF you can't get Capital One. They do give increases and I get things all the time saying if you deposit an additional $50 (minimum) we will match it at 200 or 300%. At Christmas time it was 200%, last week it was 300% and they report as UNSECURED. I have 2 charge-offs with Capital One or I would have them again, but along time ago they did give me $99/$400 and I was up to $850 in less than a year.
