Jump to content
Hayder

Secured credit card

11 posts in this topic

Recommended Posts

Take a look at the Capital One Secure Credit Card. This is the card that I chose. It reports on your credit as a non secure card which is important to other lenders.

 

With the Capital One card you apply for the card and if you get approved, are asked to deposit a minimum of $99 as a security deposit. You will usually get a credit limit around $200. The higher the deposit the higher the limit.

 

Just remember that you will NOT get this deposit back unless you close the account. Do not listen to anyone online who says you will get it back by converting it to a non secure card. It will simply not happen.

The problem with closing the account is that you loose any established credit history with the card. This means if you have this card for 3 years and apply for another credit card and then 3 months later close your Capital One secure card you will only have 3 months of credit history rather than 3 years and 3 months.

 

The best thing it to write off the deposit as a donation to establish your credit score.

 

Good luck!

Share this post


Link to post
Share on other sites
1 hour ago, Hayder said:

can anyone tell me what is the best secured credit card. I am considering Discover secured credit card. but what about wells fargo and others? what is the best to build my credit score?

I got one from PNC. I hated the thing, as soon as I got an insecure card offer in the mail with no annual fee which happened to be a capital one card I cancelled the PNC card. It took about 3 months before I started to recieved card offers.  It then took about 2 years to build sufficient credit to get a decent mortgage rate. It does not take long to build a credit history   .

Share this post


Link to post
Share on other sites

Discover and Capital One have solid secured cards. 

 

I actually got mine through Merrick Bank. I kept it for a year then closed it and moved on to unsecured cards through offers that had started to appear, as well as directly applying for other cards. 

Share this post


Link to post
Share on other sites

I got one from Open SKy.  They will approved you not matter your credit history.  I sent in $200.00 and in about a month I got the card.   It help my credit soo much in the last year.  Now it is at 723 at transunion.. Just make sure you pay it in full  every month and do not use more than 10% of your total balance.    and of course pay on time.   https://openskycc.com/  that is their website.    I already got approved for another regular visa credit card.    Good luck 

Share this post


Link to post
Share on other sites

Just wondering, but is it hard to get a secured credit card with no credit history, or does it not matter since you put a 'deposit' down on the card? What are the factors they are looking for to approve a person? I'd like to know what the best card is for my husband. My family is very loyal to Discover, with the cash back and no fee, but do they report on your credit as Capital One claims to?

Share this post


Link to post
Share on other sites
6 hours ago, yuna628 said:

Just wondering, but is it hard to get a secured credit card with no credit history, or does it not matter since you put a 'deposit' down on the card? What are the factors they are looking for to approve a person? I'd like to know what the best card is for my husband. My family is very loyal to Discover, with the cash back and no fee, but do they report on your credit as Capital One claims to?

I applied for the capital one and was declined because when they "looked me up" there was no info available, apparently even after living here for a whole year I'm still sorta inexistent :(

I applied last December16, I've been living here since dec15, checking account jointly with my husband since mar16, working since sep16 and green card in hand since sep16 as well. 

I ended up going to my bank (TDbank) and they gave me a secured one.

Share this post


Link to post
Share on other sites

Perhaps it might be based on how long the person is established working? He has a pretty good job for a couple months but it is only part time salary for now, even if it is a decent amount per month. Unfortunately our bank only offers normal credit cards and nothing secured that I can find. We'll give something a try in a couple more months I suppose.

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×