Just to add about USAA - you can be NON-Military to take advantage of the credit cards ( I have one) or the credit monitoring service that they offer.

Keep your fingers crossed for me everyone, my hooters mastercard will close it's 6th statement in the next 1 or 2 days, and i am really hoping for a limit increase!!!

did you know that USAA is now doing a pilot program with secured credit cards. give them a call. they'll hook you right up

WHAT?!?!?! Thank you!

I actually bank with USAA, it's a bank for military people (I don't really know anybody else that has it) and it's actually really great

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did you know that USAA is now doing a pilot program with secured credit cards. give them a call. they'll hook you right up

FutureEsq -

Yea, you are right; I knew it wasn't open to everybody. I love USAA and I want to stay with them. I'm not even sure what is classified as a "local bank" or where to find out. I'm currently looking into a few credit unions, so, we'll see.

FutureEsq - I am a member of the USAA Federal Savings Bank which is a special bank for those with military service past or present and there extended family members. USAA Federal Savings Bank has a complete listing of services that rivals and exceeds the big boy banks. They are not open to everyone. There USAA World Master Card and USAA American Express Card have very complete benefit packages that matches or exceeds most other card issuers. That said, there are better rewards programs out there and you can earn higher interest on CD's and Savings somewhere but... overall they are at the top of the heap. You may want to do a recon with them and review what you have and see if they can help you grow.

Also, we hear a lot about credit unions and it is pretty much true (they are federally tax exempt and that is why they can provide services the regular market place can't and they are more like your bank next door or in your regional area). Most CU's are competitive .

Another option is your local bank or regional bank. Many of them to survive in today's market place have had to expand there services and found ways to be competitive on the Debit/ATM cards and usage fees. Expanded services may include investments, insurances, loans/lines of credit and home mortgages to mention but a few .

In my financial life I have the USAA Bank and a local bank. I have had credit unions before but, I don't have one near me or I likely would be there.

I actually bank with USAA, it's a bank for military people (I don't really know anybody else that has it) and it's actually really great

Also noting all credit unions are not-for-profit and typically put more money back into the community. That right there is enough for me.

I agree, credit unions are great. I also suggest you banking fully with one. This will allow them to see your direct deposits, etc. Pick a credit union apart of the Shared Branching network. With Shared Branching, you have access to other credit unions that may be more convenient. In other words there isn't a single bank in the world that is more convenient than a credit union apart of the Shared Branching network. The biggest myth (presented by big sucker banks) is that credit unions are not convenient, that is proven wrong with the shared branching network. And remember, you will always get a better rate with a credit union.

Credit unions are also apart of the co-op ATM network, which allows free ATM uses. That's over 28,000 ATM's and includes all 7-Elevens stores.

I actually bank with USAA, it's a bank for military people (I don't really know anybody else that has it) and it's actually really great: no atm fees, they are really helpful, and it has a great reputation. IDK about switching to a credit union at this point; I love USAA, but I will look into those links.

I agree, credit unions are great. I also suggest you banking fully with one. This will allow them to see your direct deposits, etc. Pick a credit union apart of the Shared Branching network. With Shared Branching, you have access to other credit unions that may be more convenient. In other words there isn't a single bank in the world that is more convenient than a credit union apart of the Shared Branching network. The biggest myth (presented by big sucker banks) is that credit unions are not convenient, that is proven wrong with the shared branching network. And remember, you will always get a better rate with a credit union.

Credit unions are also apart of the co-op ATM network, which allows free ATM uses. That's over 28,000 ATM's and includes all 7-Elevens stores.

http://www.cuservicecenter.com/


http://www.co-opfs.org/public/locators/atmlocator/index.cfm

No worries. Maybe before you apply see if you can speak to someone in customer service to get a better picture of it. But they do eventually unsecure. I also strongly suggest looking into a local or national credit union that you are able to join and see what kinds of secured cards they offer. You will likely get better service and rates from a credit union.

I agree, credit unions are great. I also suggest you banking fully with one. This will allow them to see your direct deposits, etc. Pick a credit union apart of the Shared Branching network. With Shared Branching, you have access to other credit unions that may be more convenient. In other words there isn't a single bank in the world that is more convenient than a credit union apart of the Shared Branching network. The biggest myth (presented by big sucker banks) is that credit unions are not convenient, that is proven wrong with the shared branching network. And remember, you will always get a better rate with a credit union.

Credit unions are also apart of the co-op ATM network, which allows free ATM uses. That's over 28,000 ATM's and includes all 7-Elevens stores.

Okay, I looked around and could not find an unsecured date for the Cap1...although, at this point, I'm not too worried about when it will unsecure, I just want to make sure it does eventually. Thanks for all the help!

No worries. Maybe before you apply see if you can speak to someone in customer service to get a better picture of it. But they do eventually unsecure. I also strongly suggest looking into a local or national credit union that you are able to join and see what kinds of secured cards they offer. You will likely get better service and rates from a credit union.

For sure, because you don't want to have to close it eventually. I honestly do not know how long it takes Capital One to unsecure-they had largely gotten out of the secured card business until recently. I would guess that it would be 12 months. Citibank seems to be the bank with the longest requirement (18 months). I would just go with a Capital One secured card or one from your credit union if they offer it. Then in about one to two years your score will shoot up and you can start getting qualified for prime banks (Bank of America, Citi, Chase, US Bank) without needing a security desposit.

Does anybody know how long Cap1 requires the security deposit for? I would hate to steer anybody in the wrong direction. Thanks!

Okay, I looked around and could not find an unsecured date for the Cap1...although, at this point, I'm not too worried about when it will unsecure, I just want to make sure it does eventually. Thanks for all the help!

Oh thanks for the advice with Orchard...I want a card that will unsecure eventually, and I have been searching the forum all day (home sick, don't want to chance it by going out! Gotta make this money! lol) to see what people say about Orchard unsecuring. In your opinion, how long do you think it takes the capital one to unsecure?

For sure, because you don't want to have to close it eventually. I honestly do not know how long it takes Capital One to unsecure-they had largely gotten out of the secured card business until recently. I would guess that it would be 12 months. Citibank seems to be the bank with the longest requirement (18 months). I would just go with a Capital One secured card or one from your credit union if they offer it. Then in about one to two years your score will shoot up and you can start getting qualified for prime banks (Bank of America, Citi, Chase, US Bank) without needing a security desposit.

Does anybody know how long Cap1 requires the security deposit for? I would hate to steer anybody in the wrong direction. Thanks!

FutureEsq - I forgot about Orchard Bank not unsecuring their secured card (I forgot I had an unsecured card and the biggest CL I ever got was $800)... that's a good point. It seems from reading other posting on this site that Capital One either secured or unsecured has the best "take care of you" attitude. Some have had CitiBank which takes 18 nonths to unsecure where Bank of America will unsecure at as early as nine months and as to Capital One I haven't seen any comments as to how long they take to unsecure but, I would guess around one year more or less. Wells Fargo Bank NA has a secured card that unsecures as early as six to nine months but Wells Fargo Bank NA has been playing games lately and few on this site have been excited over Wells Fargo Bank.

Any other "sub-prime" card you find on this site has huge fees, doesn't grow with you and has large interest rates. Note, there is a Household Bank Card that is a step up from the Orchard Bank Card (few have tried it) that might work and they do unsecure.

Personally, I started with Capital One and a $200 CL unsecured and an Orchard Bank unsecured with a $300 CL. Grew the Orchard Bank to $800 CL and moved into a Household Bank Card with an $1800 CL and today an HSBC MC at $7.5K CL and an HSBC AX $10K CL with a Ch7 BK and eight years of effort. Note I had a Wells Fargo Bank NA secured card and had to close it when Wells wouldn't unsecure it. Food for thought!

Well the student loans are installment as opposed to revolving (credit card); however, they do get factored into your total debt. So your debt-to-income ratio is a bit high.

I would not even mess with Orchard Secured. From what I understand, Orchard will never unsecure your card. Try that link I sent you for Capital One (unless you previously had a Capital One that was charged off). Eventually it will become unsecured and the card can grow with you.

Oh thanks for the advice with Orchard...I want a card that will unsecure eventually, and I have been searching the forum all day (home sick, don't want to chance it by going out! Gotta make this money! lol) to see what people say about Orchard unsecuring. In your opinion, how long do you think it takes the capital one to unsecure?