Credit Card Center Advertiser Disclosure†
06-28-2008 02:02 PM
06-28-2008 04:00 PM
06-28-2008 04:21 PM
06-28-2008 07:26 PM - edited 06-28-2008 07:45 PM
06-29-2008 07:12 AM
Thanks for all of the responses.
Just a clarification on the points part... I understand that the secured card doesn't give any perks, but what I'm looking for is to eventually get there. I figure once I get the secured card to turn to an unsecured card that I will eventually be able to apply for whatever point card I'm looking for.
I'll check out the cards listed, as well.
Basically the reason I was looking to up the secured card over time, though, is that several of the cards I lost due to the CCCs had limits north of 10k, and I think that low limit cards would be useless to me; I would end up using my bank card for purchases and the CLI will never increase because of the lack of usage. My wife and I tend to burn through 3-5k a month on things that can be purchased by a card (now we make enough to pay it off every month), and once we can get to a place where we can get points for it, we'll rack them up pretty quick. But that requires a card with a high limit.
Thanks again everyone!
Message Edited by IKnowDoYou on 06-28-2008 07:45 PM
06-29-2008 10:38 AM
06-29-2008 10:43 AM
Secured cards do report as such and they do not aid your score as much as unsecured lines, but they won't hurt your report. The BoA card shouldn't harm your score, it just wouldn't raise it as an unsecured card with spotless payment history. Your score is getting into the acceptable range for prime cards, I would think you could pick up a secured and by the time it converts over, apply for another prime card that you want with rewards with another bank as well.
06-29-2008 10:44 AM
marcuscan wrote:The key is, once that 9 - 12 mos time frame has passed be sure to not keep that particular card.I can recall having clients come to me and they had kept that Secured card years after they're funds had been refunded.mc
06-29-2008 12:37 PM - edited 06-29-2008 12:37 PM
Sorry Cheddar, that reads counter to what I have read on other threads in the past. So a secured card from a bank is equivalent to an unsecured bank card?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.