12-25-2012 09:02 PM
12-25-2012 09:47 PM
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.
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.
12-25-2012 10:35 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO