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Credit score increase how many points secured vs. unsecured

Visitor

Credit score increase how many points secured vs. unsecured

I have two credit cards with B of A. One has a limit of $500 and the other was a secured card for $10,000. They just unsecured the card and bumped the credit line on that one to $10,500. My current score is 689, how many points a month should my score go up, I keep a balance of zero dollars each month? Does it make a difference credit score wise whether the card is secured or unsecured, I assume it does?

 

thanks 

 

Matt

Message 1 of 6
5 REPLIES
Established Contributor

Re: Credit score increase how many points secured vs. unsecured

I hate the be the bearer of bad news, but I don't think it matters whether your credit card reports as secured or not (except to visible inspection, possibly).  As far as scores I'm pretty sure they're the same.
Message 2 of 6
Established Contributor

Re: Credit score increase how many points secured vs. unsecured

As far as your FICO is concerned, there is no difference between secured and unsecured. It does look better on manual review, but FICOwise there shouldn't be a change.

 

And out of curiosity, you had a $10,000 secured card? As in you put up $10k? If so, wow. I've never heard of anyone securing quite that much.

Message 3 of 6
Visitor

Re: Credit score increase how many points secured vs. unsecured

Yes, I put up $10,000. I have been told that my score will go up based on the percentage of credit I use vs my credit line. B of A unsecured it after 11 months, I asked for two secured cards for $10,000 each and would not let me, they only let me have one of these cards.

 

-matt

Message 4 of 6
Established Contributor

Re: Credit score increase how many points secured vs. unsecured

Yeah that is pretty amazing.  Out of curiousity what credit limit did they give you when it unsecured?

 

EDIT: Duh, it's right there in your first post.

Message Edited by vonMannstein on 05-07-2009 02:44 PM
Message 5 of 6
Highlighted
Visitor

Re: Credit score increase how many points secured vs. unsecured

$500 more, so $10,500
Message 6 of 6