Best Secured Card

I think that cap1 has a good secured card.But I had a previous problem with them so I went with my credit union and found I got a better deal they let me start with what ever I amount I wanted. I only had 700 to spare at the time. no anual fees! at a rate of 12.5%.

 

I think that Cap 1 has the best credit rebuilding program. I don't know for sure, but I have seen threads that their secure card is pretty good without a lot of upfront costs. Charlie

 

You are correct Charlie.

Secured card comes with:

No application fee
No processing fee
No monthly participation fee
AMF is usually $29-$39
Deposits are usually $49 or $99
APR (usually) 19.8%

The only fee is the AMF. Pretty good when comparing to a First Premier card with AMF, monthly participation fee, program fee (one-time), and account set-up fee(one-time).

After 12 months, you can (through Mr. Cooke) receive your second credit line increase, get your deposit (with interest) back, and maybe even get your APR bumped down slightly.

 

I went through my credit union...

They gave me a no anual fee card, I don't remember the interest rate. This is my first credit card fully in my name, and the first since my BK and foreclosure in 1998.

Originally I applied for overdraft protection, and was approved for $500, so I thought it would be possible to get a CC. Unfortunately, they wouldn't give me an unsecured card...

 

rblues,

Yes it's true C1 does not report credit limit, rather they report "high credit". For example:

Your credit line is $1000
The most you have charged is $500
When your account cycles, it will appear on your report that your limit is $500 rather than $1000. Also, during that first month (unless you pay it off immediately) it will appear you are 100% utilizied, when in reality you're only 50% utilized.

One way to counter this is to charge up to the limit, then either pay it off, or return the item.

Even though C1 doesn't (and probably never will) report your true credit limit, I find them to be a great company to deal with.

 

You're welcome

 

Cap One is great for a secured card. Stingy increases though, even if you have great credit.

 

Cap1 is the best secured card to rebuild. So make sure you pay them off, wait 6 months, then file the chap 7 bankruptcy. This way, it doesnt look like you played favorites, a bankruptcy rule. You can have max 2 secured accounts. Apply,then wait 45 days to get another one.
(1st best secured card)

American PAC Bank is also good. They dont have online access, they report unsecured. They report the credit limits. Though they just started a 11 day hold on deposits and payments, your avail credit will wait. till it clears. They were getting fake cashiers checks. Have 2 sec accounts with them . http://www.apbank.com
(2nd Best Secured Card.)

 

In my opinion Capital One is the best secured card. Back in 1998 I got an offer for a mastercard with a $1000 guaranted credit line and only $99 deposit. Annual fee was $29 and APR was 19% I got this card unsecured last year and got my deposit back with interest. Today that same account has a fixed APR of 13.9%, no annual fee, upgraded to gold, and a higher credit line. I also like the fact that Capital One has online payments and you can get your account to prime terms with proper management of your account. This card helped me get my Capital One Platinum Visa and a Kmart Mastercard all with prime terms and higher credit lines.

 

This is kind of a dumb question, but does Cap1 do a credit check for their secured cards?

 

Not a dumb question, and the answer is yes. The reason: C1's secured card is not 100% secured like some others. The deposit for the secured card is usually $49 or $99 dollars, which will get you a credit line between $200 and $500.

 

I thought so, but just wanted to be sure . I need to get cracking on cleaning up my credit so I can get a cap1 card .

 

For me, the best secured card was First Consumers National Bank. I received double my deposit as a credit limit. Capital one ranks second.

tix