Looking for a secure credit card

[QueBert]

My credit sux0rs, bad enough to where getting an un-secure Visa or MC isn't going to happen. I'm reading up on secure cards but what I'm finding on Google all seems like crap spewed directly from the banks to try and lure you in. I know some don't report to the credit bureaus. I know the majority of people here have damn near perfect credit scores and Amex Black cards. But perhaps somebody has been where I'm at and has some advice. I'd like to avoid a card that has tons of fee's and an interest rate. Was looking at Captial One, they charge interest which is WTF to me. This Platinum Zero one I'm looking at seems good, but I'm imagining they have a lot of hidden shit because the application has no solid info I can read up on.

 

[summit]

any reason why you would want a credit card if your credit is so bad?

 

[OverVolt]

To rebuild a non-shit rating before taking any big loans?

I can't help you though I am clueless on this stuff. The credit card is just going to cost you money with fees... I wouldn't care that much.

 

[QueBert]

any reason why you would want a credit card if your credit is so bad?

I want better credit, and a secure card that reports to the 3 bureaus would be 1 of the only ways I can think to help start building it up. Everything else that would increase my score would require me to have decent credit in the first place. So it's like a catch 22, I'd like to 1 day get a condo of my own or even apply for a car loan. My last car I just saved $$$ up for 4 years and flat out bought it. Not exactly my ideal way to get one IMHO.

 

[aceO07]

Why do you have bad credit? Have you changed so that it won't happen again?

 

[QueBert]

Why do you have bad credit? Have you changed so that it won't happen again?

I had bad credit for a buncha reasons, everything from me not being that responsible when I was a young adult. To an ex roomate who screwed me over and ended up almost going to jail for stealing my personal information. They did their damnedest to make my credit even worse. What have I changed, well I'm a lot older and have matured quite a bit. I don't have a desire to buy any and everything I see that I want. And I could afford a good deal of it, 15 years ago I would have used up every penny of credit I have. Today I have an account with a credit union that has $ in it and I don't have a desire to blow it needlessly. 15 years ago my CU account would either be on empty, or a day away from being on empty due to me buying stupid shit. I don't think if in 3 years I had another unsecure Visa I'd be any less responsible than I am currently.

My fucked up credit is 60% me 40% my POS ex roomate.

 

[aceO07]

It seems like secured credit cards have annual fees and high APR.

I googled the Platinum Zero. It has $119.40 annual fee. If you pay on time, you might as well go for something that has a $30-20 annual fee (or less).

 

[Bignate603]

I want better credit, and a secure card that reports to the 3 bureaus would be 1 of the only ways I can think to help start building it up. Everything else that would increase my score would require me to have decent credit in the first place. So it's like a catch 22, I'd like to 1 day get a condo of my own or even apply for a car loan. My last car I just saved $$$ up for 4 years and flat out bought it. Not exactly my ideal way to get one IMHO.

That seems like a great way to buy a car if you ask me. The only way I'd prefer financing if I had the ability to save up for a car is if they had a promotional rate around 0% and you didn't have to give up any other incentives to get it. Often it's a certain amount of money cash back OR the low interest rate.

 

[OverVolt]

That seems like a great way to buy a car if you ask me. The only way I'd prefer financing if I had the ability to save up for a car is if they had a promotional rate around 0% and you didn't have to give up any other incentives to get it. Often it's a certain amount of money cash back OR the low interest rate.

Minus the 4 years of not having a new car.

 

[QueBert]

It seems like secured credit cards have annual fees and high APR.

I googled the Platinum Zero. It has $119.40 annual fee. If you pay on time, you might as well go for something that has a $30-20 annual fee (or less).

The ones with no yearly fees seem to have high APR's, and the ones with yearly fees seem to have no APR. I'm not too worried about APR because I'll be paying it off every month. I wish I could find a site that had actual reviews of these cards and not FUD which banks obviously paid to have added. $120 annual fee is too much for my blood though. I guess I'll look elsewhere.

 

[OulOat]

My fucked up credit is 60% me 40% my POS ex roomate.

If you have proof, you can dispute the 40% with the credit companies. Should help your credit somewhat.

 

[kranky]

Do some research on the creditboards.com Credit forum. Decent amount of discussion and first-person experiences with secured credit cards.

 

[QueBert]

That seems like a great way to buy a car if you ask me. The only way I'd prefer financing if I had the ability to save up for a car is if they had a promotional rate around 0% and you didn't have to give up any other incentives to get it. Often it's a certain amount of money cash back OR the low interest rate.

It is a good way to buy a car if you don't need a car, it wasn't like for those 4 years I had a bad ass ride though. Believe me when I say the saving up $$$ for 4 years wasn't done because I liked the idea. It was the only way I was going to get a car.

 

[JS80]

Lol why am i not surprised

 

[Bignate603]

Minus the 4 years of not having a new car.

It's significantly cheaper to save up for things BEFORE you need them, rather than pay for it after. As soon as you get a car you know that it will need to be repaired and eventually replaced. If you toss $100 or $200 a month into savings (less than what you would be paying for a car payment) by the time you need a new car you've already got it all saved. It gives you quite a bit more flexibility than a car payment, if you run into an issue you can stop putting money in for a few months. I'd like to see a car loan place that would let you stop payments for a few months without any penalty.

Right now I'm stashing away close to $400 a month. Sure, there's plenty of things I'd love to buy but there's more important things I want to save up for.