PNC Bank Secured Visa Waiting For Approval

[ccmisery]

I am a PNC Bank customer and I came across their not so widely advertised or promoted Secured Visa CC, went to a local branch and asked some questions about it. Decided to sign up for it, was told that PNC does not look at your credit report only your banking history with them. So knowing this was 100% positive in my case, that is no bounced checks or etc, I filled out the application. Was quite easy, and you have to withdrawal (in the form of a cashiers check) the secured amount of credit. I started with $250, but you can add up to $2500 Max any time (in $50 increments).

The APR is high, 18.99% but I do not plan on ever rolling a balance, the yearly fee is $36 or $3/month, not great but oh well. The biggest thing I liked was the grace period applies like a normal credit card and also was told that they report it to the Credit Agencies as a normal/unsecured credit card.

I was also told after 1 year or so, PNC will look at the history and possibly offer me a unsecured card, but read that you have to reapply, not totally clear on that one but I believe this will not graduate.

I am waiting to be approved was told it could be a week or two, if for some reason they do not approve me (and the manager at the bank said he never seen anyone declined) I'll have to try someone else. Was looking at Opensky, but the nonexistent grace period is a big negative.

[paulsk]

I am looking for something similar, been 6 months into BK. Let me get this right, you have to deposit 250$ and they charge 18% to use it? Am I missing something here? I recently saw the Paypal debit card which taps into your checking account, thinking about that one too.

[RichM]

You may want to check out First Tech Federal Credit Union. Their rates are a bit lower.

Many local credit unions will also create secured cards, even if they don't advertise them, by collateralizing the card against a share account or CD.

If you're a veteran, check out USAA's secured cards, which have the lowest rates I know of. If I were still looking at secured cards, I'd definitely be leaning toward USAA.

-Richard

[PhillyGuy]

I am a PNC Bank customer and I came across their not so widely advertised or promoted Secured Visa CC, went to a local branch and asked some questions about it. Decided to sign up for it, was told that PNC does not look at your credit report only your banking history with them. So knowing this was 100% positive in my case, that is no bounced checks or etc, I filled out the application. Was quite easy, and you have to withdrawal (in the form of a cashiers check) the secured amount of credit. I started with $250, but you can add up to $2500 Max any time (in $50 increments).

The APR is high, 18.99% but I do not plan on ever rolling a balance, the yearly fee is $36 or $3/month, not great but oh well. The biggest thing I liked was the grace period applies like a normal credit card and also was told that they report it to the Credit Agencies as a normal/unsecured credit card.

I was also told after 1 year or so, PNC will look at the history and possibly offer me a unsecured card, but read that you have to reapply, not totally clear on that one but I believe this will not graduate.

I am waiting to be approved was told it could be a week or two, if for some reason they do not approve me (and the manager at the bank said he never seen anyone declined) I'll have to try someone else. Was looking at Opensky, but the nonexistent grace period is a big negative.

I am a PNC user as well, please keep us posted on your progress. I may go and look into that as well.

[ccmisery]

I am looking for something similar, been 6 months into BK. Let me get this right, you have to deposit 250$ and they charge 18% to use it? Am I missing something here? I recently saw the Paypal debit card which taps into your checking account, thinking about that one too.

$250 is the minimal amount, but you can deposit more if you wish and I do not think they charge you a fee like Opensky does each time you bump up the limit.

You have to be a PNC Bank Account Holder, probably with some history but I do not know if that's the case, history meaning positive banking with them, no bounced checks.

The 18.99% APR is only if you carry a balance, plan is to pay off the debt monthly, within the 21 day grace period, and use this as a means to improve my credit. I will use it for gas purchases mainly.

I got the PayPal Business Debit Card, aside from using your PayPal balance which if it's $0 dollars, it will fall back to your bank account. It's not a Credit Card and you have daily limits on how much you can charge on it, PayPal let's you set up thresholds, but if there are outstanding charges, the card will get denied until the amount posts. Kinda screwy, but for security it's great. I just found this out the other day, tried making a purchase of $150 and my threshold was set at $200 but a charge did not post, so my card was denied.

It's alos not much use for big charges that go over $3K daily, even if you have the money in your account it won't allow for much.

1% cashback is nice if it's eligible.

Also the debit card does nothing for rebuilding credit, it will not show up on your credit report like a Credit Card.

[ccmisery]

I am a PNC user as well, please keep us posted on your progress. I may go and look into that as well.

Will do

[paulsk]

Thanks for explaining. I am going to try and apply for the pnc card, been a long time customer with them.

[iswmle]

This is interesting. I know PNC is a love 'em/ hate 'em bank. I left USAA for PNC, and I absolutely LOVE their virtual wallet. My husband has their cash back credit card and I am an authorized user on it. We use it to pay our monthly bills (cable, phone, online purchases, etc) and PIF every month. I usually use his profile for online banking, but whenever I log in under mine there is usually an invitation to apply for a credit card. I hesitate, though, because my husband's credit is amazing, and they only gave him a $1000 limit (they have since increased it, but still). Let us know how it goes, I am curious about this as well.

[TXskyblue]

If you are eligible for NFCU, I would recommend looking into their secured card. Min is $500.

[ccmisery]

Well got some disappointing news today, PNC declined my request. Sent me two letters, one had the Cashiers Check in it, not endorsed and the other had the letter explaining why I was declined.

In a nutshell they said they were unable to approve my request due to a "credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application". " The numerical values are based upon the results of analysis of repayment histores of a large number of customers".

Said that I did not score well compared with other applicants. Then they also claimed they reviewed my application and credit report which did not otherwise meet their credit criteria.

Had "Bankruptcy" listed as one line item.

Then listed "Experian" as the credit agency they used to review and that my credit score was 600.

Well the results went totally against what the branch manager told me when I signed up for the card, he claimed they only look at your banking history with PNC. Not the case!

Hard to believe they would not give me a secured card for $250, so I would rate PNC not BK friendly afterall. I have been past discharge for 4 months however my case has not been closed yet, I do not know if things would have been different after 6? This was the 2nd "Secured" credit card I applied for that declined me. Also I am sure there was a hard pull on this one, that also urks me, need to check my credit report to see if that was the case?

I do not know what they used for "data", I never bounced a check and have no idea on how they based repayment history out of checking my credit report?

Now I have to go back to the branch and cash in the check, if I see the branch manager I will be sure to report my experience.

[ccmisery]

If you are eligible for NFCU, I would recommend looking into their secured card. Min is $500.

Nope, not a veteran so no USAA or NFCU.