I've searched the archives and am still looking for recommendations for secured cards. I'm setting up my grandmother (no history) with some secured cards but most important criteria are: 1. report to all 3 CRA's 2. no annual fee I don't care about rate as these will be PIF each month. There are a few subprime secured cards that charge annual, initiation, or participation crap fees. I don't want that. I just want to plunk down a few thousand on 2-3 cards and get my grandmother started. I've looked at Wells & BofA and I think they both report. Will also do the passbook loan thing as well. Any recommendations?
Well, low annual fees would be sufficient. Like BofA has $29 which isn't bad. My main concern are that they report to all 3 bureaus. If they don't explictly report as "secured" all the better, but the goal here is to build credit history for the grandmother. Citibank used to have an awesome one where you setup a CD of at least $5k and they give you a credit card for the full balance with the CD as deposit. No fees and it was not reported as secure card.
I hear BofA has a good one. I had a secured card thru Capital One many years ago that I have closed out after establishing credit. I don't know if they still offer them but at that time they were offering me 100.00 deposit for a 500.00 CL
Hey Ficofighter - my best recommendation is Amalgamated Bank of Chicago. They charge an annual fee - but I started with them after my Chap 13 in 1996 - started with a $500 secured mastercard. It reports to all three - and still shows up as a positive reference now. Later I sent them $5000 and they sent out a GOLD MC - back when GOLD meant $5K minimum limit. They will issue the card and they will pay 1% on deposits. I highly recommend them - and may get them again when my credit records are clear. I'll post the web site: www.aboc.com good luck - the good news is they will issue a secured card - regardless. arrf - dogman
>Hey Ficofighter - my best recommendation is Amalgamated Bank of Chicago. >They charge an annual fee - but I started with them after my Chap 13 in 1996 - started with a $500 secured mastercard. It reports to all three - and still shows up as a positive reference now. >Later I sent them $5000 and they sent out a GOLD MC - back when GOLD meant $5K minimum limit. Dogman, thanks for the info. I saw them highly rated on some of the secured card sites. I was hoping some people had other recommendations from places like local banks or credit unions. I.e. the BofA and Wells Fargo secured cards I've heard good things about but none of the typical credit card offer sites review them b/c they can't make affiliate revenue off them. All the secured cards that offer affiliate revenue are total ripoffs. In fact Amalgamated Bank was really the only decent one!
Hi ficofighter - I think Chase offers a secured - maybe others here have the Chase secured? also - check www.cardtrak.com and look at the secured card list. I pulled the $5 report several years ago - and it lists all banks in detail - and how they report. good luck! Dogman
