Where to get a Secured Credit Card with only $100?

Question

I need to rebuild my credit and cannot qualify for a non-secured cc (or even dept. store card).

I am on SSD and receive about $700 a month now. After rent, etc. I'm lucky if I end up with $50 left over the day after the direct deposit. Therefore, I need a secured cc which will not require more than $100 deposit (I am really short on cash right now).

All the cards I've seen so far require minimum $200-$500 deposit to get started; and I absolutely cannot manage that amount (with the SSD I get). I have a Wells Fargo checking account with Direct Deposit but they have turned me town for a non-secured cc twice.

Please, only *specific* card suggestion/advice. I've gotten plenty of general credit advice. I'd like to get started building my credit with a card that reports my on time payments to ALL THREE credit bureaus. This is a requirement since it will be for rebuilding my credit.

Thanks very much!

I could go a maximum of $200 if there are no fees to get setup on top of that. I know that B of A (and possibly others) will convert a secured card to nonsecured in 9 to 12 months with on time payments. I only wish to purchase gas with it in order to establish a credit charge / payment history which is positive to improve my score (now at 520).

Answer 1

Go to Orchard Bank. You can get an unsecured, low limit card through them. The initial fee is under $100.

Answer 2

There is no quick answer to this question. From my experience (and I have a secured credit card), and if it's still run the same as it was a few years ago, you need $200-$300 down and must be earning $16,000 a year. Usually people who know they are going to go on SSD start their credit card and get a vehicle when they get that initial lump of money (from working prior to going on SSD). The secured credit card cannot be changed over to a regular credit card. I would suggest that you find a relative who would be willing to be a co-signor on a credit card, and then after you've proven yourself they would remove their name, or just let you continue with their name on the credit card. With only $700 a month it's going to be difficult to make payments anyway at 20-25% interest per year on a credit card. And, there is a new law out that credit card companies/banks take advantage of (starting this past January) that if you are late on the payment of any monthly payment like a utility bill or even a car payment or car insurance payment and that shows up on your credit report, then the credit card company is allowed to start charging you double payments per month against your credit card, and that's a tough situation. Maybe you could be more specific about what you need that credit card for and instead find other ways of buying what you need instead of that high interest charge, plus the credit card companies can charge you an additional $6 a month just to use their card. Be careful before signing on any dotted line and agreeing to anything you really don't agree with. I know in getting SSD your credit report is very important to you. Good luck.

Answer 3

This Site Might Help You.

RE:
Where to get a Secured Credit Card with only $100?
I need to rebuild my credit and cannot qualify for a non-secured cc (or even dept. store card).

I am on SSD and receive about $700 a month now. After rent, etc. I'm lucky if I end up with $50 left over the day after the direct deposit. Therefore, I need a secured cc which will not require...

Answer 4

I don't think it matters what you do. You'll just have to wait 7-10 years until stuff does come off your credit report. With your bad credit history NO CARD with take on the risk unless its some rip off deal. If you only have $50 left over from your monthly income, why waste $100-200 a year in fee's and deposits? Just use the power of cash and forget about those credit cards because they won't rebuild your really bad credit!

Answer 5

i would go here you'll be approved for an unsecured card
http://www.wesayes.com

Answer 6

amazed that I found this topic already answered! its like you've read my thoughts!

Answer 7

Not completely sure about this one

Answer 8

There is some useful advice here.

Answer 9

i