Secure credit card

Madmike48

Does anyone know of any company doing a secured credit card where u pay like £200 deposit and if u use the card the correct way u get increase after use.. I know capital one did this a few years back.. just want one to start building my credit rating up.   Thanks 

zzyzx1221

I've only ever heard of Capital One doing it.  Any reason why you can't go with one of the other subprime lenders?

older_wiser

Madmike48 said:

Does anyone know of any company doing a secured credit card where u pay like £200 deposit and if u use the card the correct way u get increase after use.. I know capital one did this a few years back.. just want one to start building my credit rating up.   Thanks 

i believe if you apply for a card with tymit if you don't get the advertised card they offer what they call their boost card which is a secure card whereby you pay a deposit which becomes your credit limit.

there are still unresolved questions regarding how they report this on your credit file and how long if at all will it take with good management of your account to get your card upgraded to the tymit card they advertise. 

I haven't got either card so this is just information i've read on their forums  i signed up for their waiting list back in 2019 and still get new monthly forum posts lists sent to my email address. 

Madmike48

zzyzx1221 said:

I've only ever heard of Capital One doing it.  Any reason why you can't go with one of the other subprime lenders?

Because I’m still being punished from years back when I was younger and got into debt. I nearly paid everything off.   I seen the banks get a second chance when they are on the fall they get bail out, (they deserve a second chance but people don’t) 

zzyzx1221

Madmike48 said:

zzyzx1221 said:

I've only ever heard of Capital One doing it.  Any reason why you can't go with one of the other subprime lenders?

Because I’m still being punished from years back when I was younger and got into debt. I nearly paid everything off.   I seen the banks get a second chance when they are on the fall they get bail out, (they deserve a second chance but people don’t) 

That doesn't answer the question.

Why can't you use a non-secured subprime option?

dr_adidas01

zzyzx1221 said:

Madmike48 said:

zzyzx1221 said:

I've only ever heard of Capital One doing it.  Any reason why you can't go with one of the other subprime lenders?

Because I’m still being punished from years back when I was younger and got into debt. I nearly paid everything off.   I seen the banks get a second chance when they are on the fall they get bail out, (they deserve a second chance but people don’t) 

That doesn't answer the question.

Why can't you use a non-secured subprime option?

Perhaps the "being punished" bit is a clue, and the clue is to me that they have tried getting a non secured card and have been declined hence the question about a secured credit card.

I know Capital One used to do one I don't know if they still do, and as someone else mentioned there is Tymit credit builder option which gives you a limit equal to the deposit paid and also has a monthly fee attached to it.

zzyzx1221

dr_adidas01 said:

zzyzx1221 said:

Madmike48 said:

zzyzx1221 said:

I've only ever heard of Capital One doing it.  Any reason why you can't go with one of the other subprime lenders?

Because I’m still being punished from years back when I was younger and got into debt. I nearly paid everything off.   I seen the banks get a second chance when they are on the fall they get bail out, (they deserve a second chance but people don’t) 

That doesn't answer the question.

Why can't you use a non-secured subprime option?

Perhaps the "being punished" bit is a clue, and the clue is to me that they have tried getting a non secured card and have been declined hence the question about a secured credit card.

I know Capital One used to do one I don't know if they still do, and as someone else mentioned there is Tymit credit builder option which gives you a limit equal to the deposit paid and also has a monthly fee attached to it.

I'd rather they just say what's happened than give a few cryptic clues and leave it up to me to guess what's maybe happened.  What's the point of being cryptic about it?

And if they have applied to all the unsecured subprime lenders and been knocked back it's far more likely that there is something else that's causing it other than being a naughty boy in the past (given that is exactly the customer base subprime cards are going for) and means that applying for a secured card could end up with the same result.