My girlfriend has very bad credit. She will not be accepted for any unsecured credit card. I assume she will have to get a secured credit card. We want a card that will report timely payments to as many agencies as possible. Goal: to rebuild her credit. Who offers the best credit card for my girlfriend?
American Pacific Bank doesn't report secured cards as secured. Interest Rates and fees are similar to BofA BofA is very good too but they report as secured both have low minumum deposits 250 or 300$
I heard that American Pacific Bank is good, but as soon as Iâ??ve seen their application for secured card â?? I decide not to go with them. They are asking every possible question on the earth about applicant â?? its like you are applying for American Express Black card !!?? Iâ??ve never seen so far application that is so detailed â?? and I didnâ??t like it because of that.
If you belong to a credit union, and that CU offers Visa/Mastercard, that'd be your best choice. I know of no CU that would offer an unsecured Visa but doesn't offer secured ones. I belong to *5* credit unions. Their secured cards typically have zero fees, and involve no inquiry. BofA and American Pacific bank secured cards will pull your report to offer your own money to you. To me, that defeats the purpose of asking for a secured card; and I wouldn't take that offer. Your mileage may vary of course. If you DON'T belong to a credit union, it's time now that you should. Drawbacks: You cannot get it unsecured without taking a hard inquiry at a later time when your credit improves. Credit unions DO NOT run account reviews like big banks do. Normally that's a positive (your credit card rates won't get jacked because you were late in paying other creditors) -- but in this situation, it is a negative.
Are you sure about this? They already pull hard when they issued secured card. So they will do AR at the time they want to transfer to unsecured card. Why should they pull second hard if they already have hard inquiry and based on that they can do AR with no problems.
Credit unions *DO NOT* pull a hard when issuing a secured card. Or at least, none of the credit unions that I belong to, do. Hence they'd for pulling a hard when you want to unsecure the card. Incidentally, they will also not offer credit line increases without a hard on regular unsecured cards. They do not do account reviews. As I said before, that may be good or bad, depending on your point of view.
Re: Re: Re: Best secured card for rebuilding Ooooops sorry you were talking about credit unions. Yes that's probably true. I was thinking that you were refering to BofA and second hard in time when they transfer to unsecured card, which is not true.
