Secured credit card

[Hayder 22]

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?

[TheCaptain 67]

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!

[marriott574 13]

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   .

[Hypnos 6,576]

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. 

[Jnin 0]

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 

[yuna628 9,528]

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?

[Hypnos 6,576]

Income is probably the biggest factor when applying for a secured CC, the same as for an unsecured CC. 

 

Discover do report to all three major credit bureaus. 

[EmilyW 1,222]

We got ours through Bank of America.  After 10 months, they automatically turned them into unsecured and refunded our deposits.

[p-ana 933]

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.

[Hypnos 6,576]

I was also declined by Capital One the first time I applied. 

[yuna628 9,528]

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.