American Pacific Bank. You need to deposit minimum of $300, with which they open a savings account. Your card limit is this amount minus fee, which is, I believe $35. Interest rate: 17.9% Reports as unsecured to all 3 bureaus. The more money you deposit in the saving account, the higher your credit limit. After 9 months of good payments, you can request a 20% increase above your "secured" amount, but you must ask for it, they will not offer it unsolicited. After 18 months, the card becomes truly unsecured and you can either keep your deposit as a savings with them or withdraw it. We called customer service 3 times and they were extremely polite and prompt. Takes almost a month to get your card even if you send a cashier's check, but worth the wait. Hubby just charged a $40.00 item so we'll see how it goes.
I have 12 negative accounts and 13 positive accounts on my credit report. I have two unpaid collections. Should I get a secured credit card in hopes that it will improve my credit score which is 500. Or should I just focus on getting rid og the collections. The two collections have been verified by the CRAs. I am sending a settlement letter to one of the cas.
I don't see where getting a secured card can hurt, although you may have a harder time since there are a lot of ongoing credit problems on your report. But it's worth a try. They have already report my husband's account as "Paid As Agreed, Never Late". It's a start.
Not sure, we have to order updated reports and then I'll find out. Actually, I think it's mostly based on the fact that they use the amount in your savings account with them to open the account. Forgot to mention your BK must be discharged. They ask for a copy of the discharge paperwork when you apply. I'll let you know after we get our updated accounts.
