Choosing a secured credit card...

[Anonymous]

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@creditwherecreditisdue wrote:

If/when the card unsecures they return your deposit to you.

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...wait a minute. Are you saying that if a person with a secured card decides they want to close the collateral account before the card goes secured, they can't just close the account and get their money back?I hadn't even thought of that...

[DI]

I got my first credit cards in while in colllege.  My first card was with Cap 1.  Later a GTE Visa, ATT Universal Card, and Discover Card.  Target and JC Penney card.  I got all those cards while in college  around 1999-2001.  I defaulted on the all.  I guess Iived it up!! 

None of the cards are reporting now except for the Cap 1 and Target.  They were they only the creditors who stucked with me.  

Now that my credit is pristine again, I have a new card with Discover and Citi. I wish Discover and Citi would report my original member date with them rather than 2009.   

[creditwherecreditisdue]

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@Anonymous wrote:

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@creditwherecreditisdue wrote:

If/when the card unsecures they return your deposit to you.

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...wait a minute. Are you saying that if a person with a secured card decides they want to close the collateral account before the card goes secured, they can't just close the account and get their money back?I hadn't even thought of that...

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I didn't say that at all.

If you want to cancel out of the deal they will return your deposit. You will get your money back - they will cancel your card.

[creditwherecreditisdue]

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@DI wrote:

I got my first credit cards in while in colllege.  My first card was with Cap 1.  Later a GTE Visa, ATT Universal Card, and Discover Card.  Target and JC Penney card.  I got all those cards while in college  around 1999-2001.  I defaulted on the all.  I guess Iived it up!! 

None of the cards are reporting now except for the Cap 1 and Target.  They were they only the creditors who stucked with me.  

Now that my credit is pristine again, I have a new card with Discover and Citi. I wish Discover and Citi would report my original member date with them rather than 2009.   

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Be glad many issuers purge stuff after a while. Chances are if the above mentioned were aware of your previous experience with them you would not have gotten a new account. Amex won't offer the olive branch of backdating your account until/unless you make good on every single dollar you owe them!

[DI]

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@creditwherecreditisdue wrote:

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@DI wrote:

I got my first credit cards in while in colllege.  My first card was with Cap 1.  Later a GTE Visa, ATT Universal Card, and Discover Card.  Target and JC Penney card.  I got all those cards while in college  around 1999-2001.  I defaulted on the all.  I guess Iived it up!! 

None of the cards are reporting now except for the Cap 1 and Target.  They were they only the creditors who stucked with me.  

Now that my credit is pristine again, I have a new card with Discover and Citi. I wish Discover and Citi would report my original member date with them rather than 2009.   

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Be glad many issuers purge stuff after a while. Chances are if the above mentioned were aware of your previous experience with them you would not have gotten a new account. Amex won't offer the olive branch of backdating your account until/unless you make good on every single dollar you owe them!

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They knew about them.  Before applying with Citi, I had them to send me a statement indicating my $0 balance.  I had two account with them.  

I'm not sure if Discover knew.  Their tradeline was gone off my credit  reports well before 7 years. I disputed the account two years after I defaulted.  

[creditwherecreditisdue]

I defaulted both of those issuers and neither one of them asked me for a thing. And both of them have given me major CL's, particularly Discover. You may have been asked because you rushed the process and were still on the radar. You don't have to be if you wait long enough.

[Anonymous]

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@creditwherecreditisdue wrote:

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@Anonymous wrote:

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@creditwherecreditisdue wrote:

If/when the card unsecures they return your deposit to you.

---

...wait a minute. Are you saying that if a person with a secured card decides they want to close the collateral account before the card goes secured, they can't just close the account and get their money back?I hadn't even thought of that...

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I didn't say that at all.

If you want to cancel out of the deal they will return your deposit. You will get your money back - they will cancel your card.

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Oops, jumped the gun there. Thanks for clarifying. That makes a lot more sense.

[DI]

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@creditwherecreditisdue wrote:
I defaulted both of those issuers and neither one of them asked me for a thing. And both of them have given me major CL's, particularly Discover. You may have been asked because you rushed the process and were still on the radar. You don't have to be if you wait long enough.

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I wasn't asked about past accounts. 

[creditwherecreditisdue]

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DI wrote:

They knew about them.  Before applying with Citi, I had them to send me a statement indicating my $0 balance.  I had two account with them.  

I'm not sure if Discover knew.  Their tradeline was gone off my credit  reports well before 7 years. I disputed the account two years after I defaulted.  

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1) If the old accounts were paid without issue then why on earth would you do this?

2) You specifically mention a Discover default. That account was bad and it wasn't a problem. Probably a good thing it didn't come up.

3) What would the statement show for a balance if the account had been charged off and sold? Technically the balance would be zero! At that point you don't owe the OC a dime. Proves nothing!

Message Edited by creditwherecreditisdue on 09-21-2009 04:32 PM