US Bank Secured Credit Card
Author: premise75
Joined: 24 Sep 2004
Posts: 3
Posted: Wed Jan 26, 2005 7:35 pm
Post subject: US Bank secured credit card
Does anyone know if you will get approved for a us bank secured visa card if you have a recent chapter 7 bk .Also do they report as secured or unsecured. Thanks
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Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 563
Posted: Thu Jan 27, 2005 10:01 am
premise75,
Thanks for the post and welcome to the board! Don't know U.S. Bank's exact policy, but generally you can get a secured card if your bankruptcy has been discharged. Also, most secured cards do report as unsecured. I would definitely call them before applying, though. Let us know what they say!
By the way, you can review more secured cards here:
http://www.cardratings.com/cardrepfr.html
Out of curiosity, how did you find out about our website?
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-301-8474 FX
View our latest credit card ratings!
Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2601
Location: Illinois
Posted: Sat Jan 29, 2005 4:07 pm
http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=1896
List I nabs while back shows US Bank as bankruptcy unfriendly, but there are others at this link you might consider going with.
Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX
View our latest credit card ratings!
Author: premise75
Joined: 24 Sep 2004
Posts: 3
Posted: Mon Jan 31, 2005 6:41 pm
US banks response was they do report as secured with the three major agencies,also said they do approve some applications with a discharged BK.
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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2601
Location: Illinois
Posted: Mon Jan 31, 2005 7:25 pm
Interesting, so I am betting it depends on how up to date your credit report is...
Like if you have accounts that were included in bankruptcy you need to make sure they are all reporting zero balance with bankruptcy status... so it don't look like you are still owing on anything.
Also it might be a time issue, as to how long since filing bankruptcy is allowed before re-establishing credit.
Also depends on which bankruptcy you filed, I would guess, cause if you are in the middle of a chapter 13 not yet discharged, then that would not be acceptable, were as a chapter 7 is discharged sooner allowing new credit to be obtained.
Them would most likely be the conditions I would see affecting their approval.
Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX
View our latest credit card ratings!
Author: Nathan
Joined: 09 Apr 2004
Posts: 42
Location: Arizona
Posted: Mon Jan 31, 2005 11:07 pm
My 2 cents on a secured C.C.:
A secured credit card is just that, a secured credit card. A few of the many downfalls are that if the secured C.C. company lists your limit and it is only say… $300, the next time you apply for a new card from another company (even in 5 or 10 years), they will look at that limit and use it determine the limit on your new card. Fees! I researched these in great depth and never found, or heard of anyone getting good terms, credit limit increases, perks, even good service & accurate statements. If you pay well for 12 months, I think credit is deserved and should possibly be rewarded in some respect!
On credit bureaus, the terms of the account are typically spelled out, so everyone would know that you have a “secured” credit card. I’m not 100% that this will hurt chances of any future approvals from other companies, but I can tell you that it’s not good.
A secured C.C. will always be visible to an actual person underwriting your credit for car/home and loans that are not automated approvals. A secured C.C suggests new credit, or bad credit and DOES have a negative stigma.
I believe you would be better off with a 12 month secured loan from a credit union. After the 12 months, ask the credit union for an unsecured or partially secured C.C. If you feel you need a secured C.C., I'd get it through a credit union also.
Good luck.
There are no stupid questions -- only stupid answers.
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Author: premise75
Joined: 24 Sep 2004
Posts: 3
Posted: Sun Feb 13, 2005 9:47 pm
How do CUs report a share secured loan to the CRAs,If they report it as a secured loan wont that work against your fico score.Also just found out iam able to join a cu though my employer.I will be joining them soon.Thanks
View our latest credit card ratings!
Joined: 24 Sep 2004
Posts: 3
Posted: Wed Jan 26, 2005 7:35 pm
Post subject: US Bank secured credit card
Does anyone know if you will get approved for a us bank secured visa card if you have a recent chapter 7 bk .Also do they report as secured or unsecured. Thanks
View our latest credit card ratings!
Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 563
Posted: Thu Jan 27, 2005 10:01 am
premise75,
Thanks for the post and welcome to the board! Don't know U.S. Bank's exact policy, but generally you can get a secured card if your bankruptcy has been discharged. Also, most secured cards do report as unsecured. I would definitely call them before applying, though. Let us know what they say!
By the way, you can review more secured cards here:
http://www.cardratings.com/cardrepfr.html
Out of curiosity, how did you find out about our website?
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-301-8474 FX
View our latest credit card ratings!
Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2601
Location: Illinois
Posted: Sat Jan 29, 2005 4:07 pm
http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=1896
List I nabs while back shows US Bank as bankruptcy unfriendly, but there are others at this link you might consider going with.
Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX
View our latest credit card ratings!
Author: premise75
Joined: 24 Sep 2004
Posts: 3
Posted: Mon Jan 31, 2005 6:41 pm
US banks response was they do report as secured with the three major agencies,also said they do approve some applications with a discharged BK.
View our latest credit card ratings!
Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2601
Location: Illinois
Posted: Mon Jan 31, 2005 7:25 pm
Interesting, so I am betting it depends on how up to date your credit report is...
Like if you have accounts that were included in bankruptcy you need to make sure they are all reporting zero balance with bankruptcy status... so it don't look like you are still owing on anything.
Also it might be a time issue, as to how long since filing bankruptcy is allowed before re-establishing credit.
Also depends on which bankruptcy you filed, I would guess, cause if you are in the middle of a chapter 13 not yet discharged, then that would not be acceptable, were as a chapter 7 is discharged sooner allowing new credit to be obtained.
Them would most likely be the conditions I would see affecting their approval.
Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX
View our latest credit card ratings!
Author: Nathan
Joined: 09 Apr 2004
Posts: 42
Location: Arizona
Posted: Mon Jan 31, 2005 11:07 pm
My 2 cents on a secured C.C.:
A secured credit card is just that, a secured credit card. A few of the many downfalls are that if the secured C.C. company lists your limit and it is only say… $300, the next time you apply for a new card from another company (even in 5 or 10 years), they will look at that limit and use it determine the limit on your new card. Fees! I researched these in great depth and never found, or heard of anyone getting good terms, credit limit increases, perks, even good service & accurate statements. If you pay well for 12 months, I think credit is deserved and should possibly be rewarded in some respect!
On credit bureaus, the terms of the account are typically spelled out, so everyone would know that you have a “secured” credit card. I’m not 100% that this will hurt chances of any future approvals from other companies, but I can tell you that it’s not good.
A secured C.C. will always be visible to an actual person underwriting your credit for car/home and loans that are not automated approvals. A secured C.C suggests new credit, or bad credit and DOES have a negative stigma.
I believe you would be better off with a 12 month secured loan from a credit union. After the 12 months, ask the credit union for an unsecured or partially secured C.C. If you feel you need a secured C.C., I'd get it through a credit union also.
Good luck.
There are no stupid questions -- only stupid answers.
View our latest credit card ratings!
Author: premise75
Joined: 24 Sep 2004
Posts: 3
Posted: Sun Feb 13, 2005 9:47 pm
How do CUs report a share secured loan to the CRAs,If they report it as a secured loan wont that work against your fico score.Also just found out iam able to join a cu though my employer.I will be joining them soon.Thanks
View our latest credit card ratings!
posted by CardRatings.com at 11:39 AM
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