It was very literally my job at one point to get (mostly Japanese) professionals onto US financial rails, and you want to set someone up in such a way that they can pass a credit check to e.g. rent an apartment.
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The other majority case for this is someone who is newly financially independent, which is common for e.g. people who have recently moved away from parental support, divorced, etc.
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If you’re curious why secured cards disappeared: the underwriting standards for unsecured cards ate most of the market for them. Back in the day getting your first credit card was actually pretty hard for almost everyone.
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That stopped being true in about the early 2000s as banks loosened underwriting standards and found that, even with increased defaults, the business is still a happy one to be in on a portfolio basis as long as one is not adverse selected against.
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This caused secured cards to be... adverse selected against, which didn’t increase losses (tough to lose money on a secured card) but did increase ops cost and, crucially, meant graduators from the card were far less likely to be good customers than previously.
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I think I've recently been denied for that very one. I've moved to .us from .mx a little over a year ago and been relaying on my debit card for everything but I'm told I "need to build credit" Got any other ideas aside from
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Sorry. I don't have an updated list since this hasn't been my job in a while, but my first choice would be whatever your deposit institution is and my second would be a department store card or Best Buy / etc.
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I am not familiar with the US financial system. What does it mean that a card is secured or unsecured?
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My first card was secured: $500. I skipped college and straight into software dev and couldn’t get an unsecured card anywhere in ‘99 as a 19yo. Still a Citibank card customer all these years later, with a much higher, unsecured limit.
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