Secured credit card and proposal

  • 10 Replies
  • 1868 Views
*

Jordan

  • Newbie
  • *
  • 1
  • +0/-0
    • View Profile
Secured credit card and proposal
« on: August 30, 2017, 02:49:06 AM »
I have a secured credit card from CapitalOne. The security deposit was $75, my credit limit is $2000, and  balance is always over $1000. I'm preparing a consumer proposal. I have another unsecured card with CapitalOne with a balance over $4000 that would be included in my proposal.

Is it any way to save that secured credit card?

*

CP_2_be_BetteR

  • Full Member
  • ***
  • 135
  • +0/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #1 on: August 30, 2017, 10:08:52 AM »
I have a secured credit card from CapitalOne. The security deposit was $75, my credit limit is $2000, and  balance is always over $1000. I'm preparing a consumer proposal. I have another unsecured card with CapitalOne with a balance over $4000 that would be included in my proposal.

Is it any way to save that secured credit card?

I was told when I signed my CP that any $0 balance credit cards at the time of signing by law are not required to be included in a proposal. In fact, I applied (and got) for 2 unsecured cards weeks before signing and still have them today almost 3 years later. It also helped keep my credit rating decent throughout the proposal. I dont know that your trustee is supposed to tell you that or not, but I would do your own research to find out. Good luck!

*

Wetcoaster

  • Full Member
  • ***
  • 160
  • +4/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #2 on: August 30, 2017, 10:33:52 AM »
Both cards are with Capital One so it is highly unlikely you can keep the secured card especially with a balance that high but see what your Trustee says.

*

LT

  • Jr. Member
  • **
  • 51
  • +0/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #3 on: August 30, 2017, 02:22:22 PM »
Why not include that card in your CP?  You can always get another secured CC from another bank.  You can also get a prepaid CC, for example the BMO Travel Mastercard.

*

Wetcoaster

  • Full Member
  • ***
  • 160
  • +4/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #4 on: August 30, 2017, 06:30:55 PM »
Exactly..... I got a secured M/C from Peoples Trust a few months after our CP was waiting to be accepted.

*

CP_2_be_BetteR

  • Full Member
  • ***
  • 135
  • +0/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #5 on: August 31, 2017, 10:38:05 AM »
Why not include that card in your CP?  You can always get another secured CC from another bank.  You can also get a prepaid CC, for example the BMO Travel Mastercard.

The difference is that a prepaid card (secured) will not help your credit rating. If you can get 1 unsecured card and have a 0$ balance when you sign, you can keep it and keep using it throughout your proposal helping keep your rating decent.

My rating never fell below 600 all throughout my CP.

*

Wetcoaster

  • Full Member
  • ***
  • 160
  • +4/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #6 on: August 31, 2017, 10:53:16 AM »
A secured card does indeed help your credit rating and gets reported to both Equifax and Transunion.  I am at 649 at Equifax 8 months after paying off our CP.

There is a difference between a prepaid card and a secured card.

« Last Edit: August 31, 2017, 11:21:35 AM by Wetcoaster »

*

LT

  • Jr. Member
  • **
  • 51
  • +0/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #7 on: August 31, 2017, 02:26:44 PM »
Every bank is different.  Six months into my CP, I got a Capital One secured CC for $300. Six months later, they increased to $2300 without any extra security funds.  Affirm Financial approved me for $1000 a year into my CP.  Costco gave me $10000 limit 2 years or so into my CP.  All of this with my credit score in the low 500's.

I guess my point is, try to include everything into your CP and worrying about getting a credit card later.  Getting a secured CC is fairly easy, getting a Pre-paid CC is even easier.

*

Trae

  • Newbie
  • *
  • 1
  • +0/-0
    • View Profile
Secured credit card and with a current CP
« Reply #8 on: October 17, 2017, 11:59:00 AM »
Hello,

I'm currently 10mths into my CP......I tried to get a Honda with a very strong co-signer, however I was declined. Folks are telling me to apply for a secured CC, is it too soon to do this? if not , which one do I have a better chance of getting. Also, seeing I was just denied for the car, should I wait a few months before applying for the secured card? if so , how long should I wait.

Thank you


*

Wetcoaster

  • Full Member
  • ***
  • 160
  • +4/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #9 on: October 17, 2017, 07:46:44 PM »
Secured card should be no problem to get.  Keep in mind you are putting down the deposit.  I have a People's Trust secured card.  If I keep it for 5 years I get the deposit back which was put into a GIC.

Depends who is on your CP.

 Capital One is good but they were on our CP.

*

LT

  • Jr. Member
  • **
  • 51
  • +0/-0
    • View Profile
Re: Secured credit card and proposal
« Reply #10 on: October 17, 2017, 07:58:37 PM »
Unless they were a part of your CP, try Capital One. You are pretty much guaranteed that they will give you a secured credit card. They is no downside for them, they have your deposit.  I got a secured CC from Capital One for $300 (I could have increased my deposit, but didn't).  After about 6 months, they increased my limit to $2300, 6 months after that, they returned my $300 deposit and kept my limit at $2300.  All of this with my credit score in the low 500's.

 

Sitemap 1 2 3 4 5