Wells Fargo and Chase Manhattan Credit Card Consumer Review
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Posted: Sat Jan 01, 2005 2:38 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Bruce
Date: 10/12/2000 4:56 pm CDT
I am interested in building my credit back to + status with well known credit card companies such as: Wells Fargo,Chase Manhattan and Citibank, but need to know how difficylt it is to get secure cards from the three above banks other than send require deposits. What experiences have others on this board had getting secure cards with these banks? TIA!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Sat Jan 01, 2005 2:38 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Eugene Skorodinsky
Date: 10/12/2000 11:07 pm CDT
Bruce, secured cards by definition mean that you are supposed to open another account at the same bank and deposit funds there to secure your credit card account.
If you do not want to give them security deposit, you should probably look for cards from sub-prime lenders, those mentioned in your post are NOT among them. (Providian is the biggest one that comes to mind). Expect higher APRs, annual fees, aplication fees, processing fees, NSF fees, returned payment fees, late fees and other your-bank-is-not-in-the-right-mood-today fees, which, together with the pain of less courteous service from those issuers, can really cost you more than that security deposit in a better bank.
Another thing is: why do you want to rebuild credit "with well known credit card companies"? The fact that they are well-known does not neccessarily mean your credit with them will be. In fact, when I researched secured card opportunities about a year and a half ago, I found out that Citibank does not report secured credit card activity for as long as 18 months. Then they review you account activity and MIGHT offer you an unsecured card. Now imagine for a second they don't - you are screwed, you HAVE TO stay with them untill they finally do, and that might mean more than just two annual fees and a lot of waiting. I personally wanted to be more in control, and I was right - I opened a card at a bank that does report and got the first offer for an unsecured credit card without any extra fees from another bank after only 6 months of using the secured card.
Don't look for a "well-known" bank to open a secured card, open for a bank that:
(1) makes you "well-known" - regularly reports your positive activity to credit bureaus;
(2) does not have a bad reputation (I get an impression that Providian does, by the way);
(3) pays higher interest on your security deposit;
(4) charges lower annual fee;
(5) preferably, gives you higher credit line than the amount they require as security deposit (most banks require 100% of requested credit line, though).
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Posted: Sat Jan 01, 2005 2:39 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Linda
Date: 10/13/2000 0:18 am CDT
I used Providian to rebuild my credit. I had no problems with them at all. Now I invest in them. They know what they're doing.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 01, 2005 2:39 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
tim
Date: 10/13/2000 8:10 pm CDT
I agree. Providian does have a high interest rate but they are the only one who gave me unsecured credit after a period of bad credit.In the course of a year my limit went from $650 to $1950. Although they did charge me a one time credit limit increase fee of $100.00, I paid it. I paid it becuase it was far worth the benefit of showing that i could handle the extra responsibility of additional credit.The interest rate is high but I am slowly transferring the balance to a Capital One Card where the interest rate is 9.9%, but my limit is not that high. I will still keep the Providian because I am loyal.They helped me when I was in need, and I feeel that I owe them at least until the time when other banks offer me a lower interest rate and higher credit limit.
Posted: Sat Jan 01, 2005 2:38 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Bruce
Date: 10/12/2000 4:56 pm CDT
I am interested in building my credit back to + status with well known credit card companies such as: Wells Fargo,Chase Manhattan and Citibank, but need to know how difficylt it is to get secure cards from the three above banks other than send require deposits. What experiences have others on this board had getting secure cards with these banks? TIA!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 01, 2005 2:38 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Eugene Skorodinsky
Date: 10/12/2000 11:07 pm CDT
Bruce, secured cards by definition mean that you are supposed to open another account at the same bank and deposit funds there to secure your credit card account.
If you do not want to give them security deposit, you should probably look for cards from sub-prime lenders, those mentioned in your post are NOT among them. (Providian is the biggest one that comes to mind). Expect higher APRs, annual fees, aplication fees, processing fees, NSF fees, returned payment fees, late fees and other your-bank-is-not-in-the-right-mood-today fees, which, together with the pain of less courteous service from those issuers, can really cost you more than that security deposit in a better bank.
Another thing is: why do you want to rebuild credit "with well known credit card companies"? The fact that they are well-known does not neccessarily mean your credit with them will be. In fact, when I researched secured card opportunities about a year and a half ago, I found out that Citibank does not report secured credit card activity for as long as 18 months. Then they review you account activity and MIGHT offer you an unsecured card. Now imagine for a second they don't - you are screwed, you HAVE TO stay with them untill they finally do, and that might mean more than just two annual fees and a lot of waiting. I personally wanted to be more in control, and I was right - I opened a card at a bank that does report and got the first offer for an unsecured credit card without any extra fees from another bank after only 6 months of using the secured card.
Don't look for a "well-known" bank to open a secured card, open for a bank that:
(1) makes you "well-known" - regularly reports your positive activity to credit bureaus;
(2) does not have a bad reputation (I get an impression that Providian does, by the way);
(3) pays higher interest on your security deposit;
(4) charges lower annual fee;
(5) preferably, gives you higher credit line than the amount they require as security deposit (most banks require 100% of requested credit line, though).
archive
Posted: Sat Jan 01, 2005 2:39 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
Linda
Date: 10/13/2000 0:18 am CDT
I used Providian to rebuild my credit. I had no problems with them at all. Now I invest in them. They know what they're doing.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 01, 2005 2:39 pm
Post subject: Wells Fargo and Chase Manhattan Credit Card Consumer Review
tim
Date: 10/13/2000 8:10 pm CDT
I agree. Providian does have a high interest rate but they are the only one who gave me unsecured credit after a period of bad credit.In the course of a year my limit went from $650 to $1950. Although they did charge me a one time credit limit increase fee of $100.00, I paid it. I paid it becuase it was far worth the benefit of showing that i could handle the extra responsibility of additional credit.The interest rate is high but I am slowly transferring the balance to a Capital One Card where the interest rate is 9.9%, but my limit is not that high. I will still keep the Providian because I am loyal.They helped me when I was in need, and I feeel that I owe them at least until the time when other banks offer me a lower interest rate and higher credit limit.
posted by CardRatings.com at 12:50 PM
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