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Did I make the right choice with secured cards?

New Contributor

Re: Did I make the right choice with secured cards?

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.
Message 11 of 25
Valued Contributor

Re: Did I make the right choice with secured cards?

Just curious, which Barclays card? Priceline?

Message 12 of 25
New Contributor

Re: Did I make the right choice with secured cards?

No, NFL extra points.
Message 13 of 25
Valued Contributor

Re: Did I make the right choice with secured cards?

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

Message 14 of 25
New Contributor

Re: Did I make the right choice with secured cards?

Not for me, i got $100 (10k points), got sub from Subway, $6, day later, 10,006 points.
Message 15 of 25
Valued Contributor

Re: Did I make the right choice with secured cards?

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

Message 16 of 25
New Contributor

Re: Did I make the right choice with secured cards?

The $400 offer was like a Phoenix riding a unicorn, something we prob wont ever see.
Message 17 of 25
Super Contributor

Re: Did I make the right choice with secured cards?


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. Smiley Happy


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!




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

Message 18 of 25
Established Member

Re: Did I make the right choice with secured cards?

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.
Starting Score: FAKOS EQ 627 TU 687 EX 627 CK 713 (12/12)
Current Scores: FICOs EQ 698 TU 708 (7/13)
Goal Scores : 720+ across the board..........no apps till Jan 2014

In wallet:CAP1 (Closed)/BOA CASH (5k)/DISCOVER (5.5k)/CHASE FREEDOM (3k)/BARCLAYS (3.3k)/AMEX BCE(1k)
Future wallet: Citi,
Message 19 of 25
Super Contributor

Re: Did I make the right choice with secured cards?

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

Message 20 of 25