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secured credit card? Wells Fargo?

Submitted by smo65d11 on Sat, 09/29/2012 - 14:21
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Does anyone have any feedback on Wells Fargo's secured credit card product? I have a mortgage, checking account and savings account with them, and need to start rebuilding my credit, so am looking for the best option for me. I know about orchard and emblem, any others that you guys can suggest? Pros, cons?


If you have a relationship with WF it isn't a bad idea. The USAA card gives interest which is nice. I highly suggest either USAA or capital one... the best part about them is that you can increase your deposit on both. So if you set up USAA or cap1 plus WF (I recommend both if possible, 2-3 secured cards to rebuild is great) you will be in great shape. If you don't qualify for USAA set up cap1 and WF. If you qualify for USAA set up that and WF.


Submitted by waffles on Sat, 09/29/2012 - 15:42

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As I said above CAPITAL one's secured card is one of the best on the market. If you can't qualify for USAA then I would go for theirs. The bank of america one unfortunately is more of a 'builder' than it is a rebuilder. If your score is really in the dumps (sub 550) you are not going to get accepted for it. It is more a card for people who have extra money to throw around and want to get their credit up. Like a 680 to 730 type of thing. The reason is bank of america automatically graduates the card to unsecured after 18 months as well as allows you to have the rewards structure. They will not allow anyone off the street to have it like capital one will.


Submitted by waffles on Sat, 09/29/2012 - 23:38

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