Best Secured card to establish credit for the first time?
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I have no credit and would like to establish some. I'm hearing so many things about different cards. I was considering Orchard Bank because they had the lowest deposit, but I'm hearing mixed reviews about them...then I was also thinking about Bank of America as well, but for anyone who has gotten a secured credit card when trying to establish credit, which one helped you the most and the one where you saw results the fastest?
I'd like to build my credit so I can apply for a student loan and I don't have a creditworthy co-signer so I thought building my own credit would help the situation now and in the future when I will need credit to purchase things.
So which card helped you?
Thanks in advance.
Best Secured card to establish credit for the first time?Believe it or not, I've actually used both.
Orchard Bank:
Pros: higher maximum credit limit($15,000),lower required deposit($200) deposit is linked to a savings account that yields interest, lower interest rate (14.9%?)
Cons: Higher annual fee: ($39), Longer time it takes to convert (18 months), no rewards or purchase protection feature
Bank of America:
Pros: Easier to apply for if you're a BOA customer, lower anuual fee ($29), balance transfer capable(providing if there is available credit), fastest conversion time of all secured cards (9 months) More reputable (largest CC issuer in the world)
Cons: Higher minimum deposit($300), deposit doesn't gain interest.
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