I am starting to cleanup/restore my credit from the ground up. I need to start out by getting a secured credit card but my credit is so bad that some of these secured credit card companies are denying me. Does anyone have any recommendations on a company I can contact about obtaining a secured card that won't charge these horrendous fees and is a good company to work with? Thanks! Mjrcleanup
Capital One is a good company to start with. Even with bad credit you can get a secured card for $99 security deposit (accrues interest for you), minimum credit line is $200, no application fee/processing fee, APR usually starts at 19.8%, they report to all 3 CRA's every 30 days which will help you as long as you make your payments on time. -After six months, write them via PFB, you'll get a call back from a Mr. Cooke or Mr. Miller, and either one will give you a cr line increase slightly better than what a CSR can give you, and get your APR lowered as well.
For the best deal on a secured credit card, check your credit union. Many of them offer secured cards and loans at the best rates around. Not all of them do, but it's worth it to at least ask. One of my credit union offers a secured Visa with no annual fee and a low APR -- and it doesn't even pull a credit report on fully secured credit cards and loans.
I'M KINDA' CLULESS...but HOW could they get away with PULLING a credit report on a 100% SECURED ACCOUNT???
I have FCNB, they even have a website now www.fcnb.com. They gave me a card when NOBODY would!! You get anywhere from 150-300% of your deposit. So, if you deposit $100 (minimum required) they match it up to 300%. I only got 150% but that started me with $150 CL. They send things from time to time saying if you send an additional deposit ($50 minimum) we will match it 300%, so you can increase your limit frequently. I usually get these every 2-3 months and they report on all 3 and don't report as secured.
I know, George, that is doesn't make sense. But even for fully secured loans, most creditors will still pull a credit report. And some creditors won't even consider you for a fully secured loan if you have had a BK.
