Which secured credit cards are the best?

[budgetgal]

I think I'm going to take the plunge and see if I can get a secured credit card next week. Are there any that stand out as better? I did some googling and Capital One, orchard bank and US Bank all sound pretty good. Just thought I'd check in here before I applied anywhere. My discharge was 10/24/11 and my FICO is 611.

[justbroke]

You may actually get an unsecured card from those places. I would wait several months before applying to have a better chance. The BK will "season" a little. Does the discharge show or does it only show your "filing"?

[budgetgal]

That was my first instinct, but some other threads were saying don't wait. I'm in no hurry. My goal is to be able to buy a new car in a couple of years. So I do want to rebuild, but I can certainly wait a few months before applying for a credit card. I was surprised that the FICO from equifax did show it as a discharged Chapter 7 that was reported on 10/26/11. So Equifax knew before I did. I got my notice in the mail on the 28th. Maybe I'll wait another month and pull Experian and Trans Union to see what they are looking like. I know you can get a free credit report from all 3 credit bureaus once a year. Maybe I'll do that in December of this year and then again in the Spring of next year. Although that doesn't give you your score. The Experian looks good. Just all 0 balance and "included in bankruptcy". There are two revolving cards 0 balance that I forgot I even ever had that are still on there. They are in good standing, both last used in 2003. I don't know if those are still active though but I figure they could only help my score, so that isn't anything I want to dispute.

[justbroke]

Yes, "GOOD" accounts stay on your report forever. Bad accounts stay for 7 years (in most cases, unless it's a judgment or public record). The more good accounts and "history" you have, the better!

[IBroke]

I got my Capital One secured card virtually the day after discharge. That is quite easy to get and they already increased my CL. I think I deposited about $450 so far and my current CL is $700. Increasing your CL is just as easy as making an online-payment and takes less than 10 days.

[budgetgal]

Thanks IBroke. I was leaning toward Capital One. I appreciate you sharing your experience. I love being able to gather info. before making the plunge.

[BankruptinNJ]

I was in PNC Bank the other day and asked them about their SECURED credit card, which is apparently a big secret. (I somehow stumbled upon it on some website). I have bank accounts with them, so I was curious (no, I don't want it now, but maybe in the future). The customer rep smiled and said that they do have one, which you must apply for at the bank. She did mention that they check your credit. I wonder how strict they are about bankruptcies and stuff? After all, the whole point of a secured card is to establish or re-establish credit and is supposed to be easier to get.

[IBroke]

I wonder how strict they are about bankruptcies and stuff? After all, the whole point of a secured card is to establish or re-establish credit and is supposed to be easier to get.

Ha, a good point. Bank of America, btw, doesn't issue secured cards to recent BK-filers. Period. I thought that was quite funny because they were advertising that card as a "credit-rebuilder". When I asked why they couldn't simply point that out right away so that I could have prevented a useless inquiry, they told me that was against the law. Yeah.....

Just another indication that BoA is really the worst bank out there..