Did I make the right choice with secured cards?

[stormb28]

If i knew thats How you played the game id put $5k on a BOA secured card, but since i just got a card from Barclays i dont want to app for the next 6 mos.

[kevinjjc]

Just curious, which Barclays card? Priceline?

[stormb28]

No, NFL extra points.

[kevinjjc]

Nice! I'm hoping the $400 signup offer returns!

[stormb28]

Not for me, i got $100 (10k points), got sub from Subway, $6, day later, 10,006 points.

[kevinjjc]

Oh, $100 is not enough to lure me in. 

[stormb28]

The $400 offer was like a Phoenix riding a unicorn, something we prob wont ever see.

[jsucool76]

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@Mutterz wrote:

I know for a fact that the BoA and Wells Fargo card will report as non secured cards. That I asked them. All three bankers thought it was a great idea and that I would be getting my deposit back in one year. So it should all work out good.

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@SnackTrader wrote:
Yes. I agree with Kevin. If any of the OP's cards report as revolving credit (and don't specify secured) then future lender analysis will show that the OP has had high limit cards and has managed them well. This will enable OP to receive higher limit cards in the future. Plus, if the cards insecure at their current limits, OP will have $14.9k in unsecured credit.

Good plan, and good luck, Mutterz!

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I hate to be the bearer of bad news, but I am 99.99997% certain the WF secured card reports as secured. 

[financekid]

Like jsucool76 I have bad news too, I have BofA secured on my report it does say secured, although I understand it doesn't matter for FICO scoring.
The other thing with BofA unsecuring requires another credit check which you may or may not qualify even if its been a year, in that case the only way to get your funds back would be to close the account. Don't quote me but I could have sworn that's what my rep said , it could be different for each bank.

[jsucool76]

Also, call up and have the 1-2-3 cash rewards added to your secured card to take full advantage of it. Good Deal.