Rwmtd, do you have the Citibank checking account that pays you interest monthly? I am interested in that checking account but I think they want to charge me $25 monthly if I don't meet their requirements. If that's the case, I'll just stick to my BofA checking account.

SECURED CARD

Hi Thomas1, I currently have a checking and savings with Citibank and yes I do agree they are terrific. I have also been considering opening a secured account with them as well. That way I'll have two big name banks reporting.

SECURED CARD:

I would go with the Citi Secured card.....just read their info...Having worked for this bank, i can tell you they are terrific...Account funds held in CD for 18 mos.....then money returned, and credit line increased in increments as high as $800-$1000...WHAM!!! I think interest rate is like 14.99%, but AF is like $29..........But with the name Citibank behind you, who cares about the annual fee, or the rate for that matter, if you PIF each month.....Also, once that card is unsecured, look for the credit line ceiling to jump big time, we always told cardmembers to inquire every 4 months, but sometimes depending on usage, the system auto enhance increases card lines when it sees balances growing and lots of usage, even before paying in full..... Citi, for some reason likes high usage, some banks don't. Average increase is approx $500 every 4 months or so.. Hope this helps

Way to go, I am going to follow right behind you in a little while.

Rwmtd, did you get the 99/500 by any chance? Or was it the 100% secured bofa visa? Hjm331, I am thinking about taking a hit on experian for bofa secured in Jan 09 to help start off with my teir one apps in Aug 09. Like you said, it will at least get my foot wet with teir one cards.

Meya, I got the 100% secured bofa visa. I was reading over the disclosures that I received and it seems that the 100% apr is 18.5% and the partial is 20.74%

I plan to sock draw it and use it only for very small purchases.

Improved credit here I come!!

Rwmtd, did you get the 99/500 by any chance? Or was it the 100% secured bofa visa? Hjm331, I am thinking about taking a hit on experian for bofa secured in Jan 09 to help start off with my teir one apps in Aug 09. Like you said, it will at least get my foot wet with teir one cards.

I just wanted to let you all know that I am applying for a Bank of America Secured Card. One of the customer service people they have on live chat at Bof suggested that I apply for the unsecured visa Platium but when I did it said that I was preapproved for the secured Visa.

I will be sending in my money soon.

Thanks for your help you all make it seem so easy

RWMTD

Yoyo is right. It all depends on if you need the money you are depositing. If you need the money back as soon as possible, then go for the Bank of America secured card. The word on the street is that they return your money in 6-9 months.

However, if you have money to spare, then go for the Citi secured card because the money you deposit goes into two accounts as Yoyo explained. It acts a credit card an a CD. You gain interest on the CD and it becomes your credit limit. It's a good deal.

Good Luck

Hello, if I were you I would apply for a bank secured credit card. Not from those sub prime lenders. Try Bank of America ,..Washington Mutual, or Citibank. Citibank have a new secured credit card that actually acts as a CD. The money is held for 18months and earns interest. Say you put in $400, after 18 monhs you're get about $440 back. On this post some people that have Bank of America and Washington Mutual...recieve their money back in less than 1 year and the card is issued as an regular mastercard/visa. Hope this helps.

Hope I am posting in the right place. I wanted your expertise in selecting a secured credit card. Which are the ones you would suggest

In my short time using this forum I have learned quite a bit from just reading.

Thanks for all of your advice