This has probably been asked in the past, but info changes so much and when I searched on the web I got a million hits, half of which looked like scams... so, my question is: what is a good secured card for re-building credit? and how/where can I apply? After working on my reports, I realized that I really didn't have an open good credit card account. I've heard cap 1 had a good secured card, but they don't seem to offer them anymore. Does anyone have any good advice on where and with who to apply?
Orchard (issued by Household) is a pretty good card. Ones to stay away from (aka do not touch w/ a 39.5' pole): o Cross Country o First Bank of Marin o any credit card that requires to pay up front before they issue you a card...no bank recognition Iffy: o First Premier Dani
Adding my 2 cents..... I have been with First Premier almost 6 months .. yes they charge fees but, I've had no problems with them (knock on wood). I pay on time and over my minimum payment each month. When I got the card it was just before I started on my credit in other words my credit was horrible.
Dani, tea: Do either of these report to the CRAs? if so, what kind of deposit do they require and can you apply on-line? Thanks for the info!!
Capital One has pretty decent secured cards. Sure the interest rate is high, but the annual fees are reasonable. They report to all three CRA's. Some people complain that they don't report your limit, which is true, they report high credit so you have to run it up for your report to show the highest possible limit. Don't be late, they will tack on a late fee of $29. Sometimes that will put you over your limit, another $29.
Yeah, but I thought Cap 1 wasn't issueing anymore Sub-Prime/secured cards. I can't find any info on applying for their secrured card.
First Premier reports to all three plus the credit limits. My limit is like $300.00 however, they did charge about 149.00 in total fees. These fees were attached to the card---in other words I started with a 150.00 bill. The only thing I do not like is that they charge 6.00 as a maintenance fee every month for just having the account with 1st premier.
Dani, Do you have links to Orchard??? Also, what was your score (if you don't mind me asking) and which CRA did they report????
tea, I am sorry I have never had the Orchard card. Just reading this board and various other boards alot of people were happy with them for rebuilding credit. Their webpage is: http://www.orchardbank.com/care/CustomerCare?cmd_Redirect=HomePage Also check out millcbs.com and depending on your state the site should tell you which CR they are most likely to pull. Hope this helps. Dani
tea, Just checked the millcbs site and Experian seems to be the only report they pull. Of course, after I tell you this they will probably pull TU or Equifax. Also looking at some of the entries acceptance seems pretty leinent - scores in the mid to high four hundreds and five hundreds. Dani
