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This makes me so angry even though I know FICO does not see a difference, but it's the principle! It NEVER reported this way before now all of a sudden under the 'Type of Loan' section on EQ it is reporting as "Secured Credit Card."
So for prospective rebuilders who wish to apply for the SDFCU secured card, it will be reported that way.
I'm so mad that after my 12th statement cuts in a few months I'm closing the card and getting my deposit back. I've outgrown the card anyway. The number of reward points needed for decent products are impossible to achieve on a $300 card, and it's not like I would use a $300 card in Europe, so the EMV chip is useless for me too.
I feel betrayed!
@toi34 wrote:This makes me so angry even though I know FICO does not see a difference, but it's the principle! It NEVER reported this way before now all of a sudden under the 'Type of Loan' section on EQ it is reporting as "Secured Credit Card."
So for prospective rebuilders who wish to apply for the SDFCU secured card, it will be reported that way.
I'm so mad that after my 12th statement cuts in a few months I'm closing the card and getting my deposit back. I've outgrown the card anyway. The number of reward points needed for decent products are impossible to achieve on a $300 card, and it's not like I would use a $300 card in Europe, so the EMV chip is useless for me too.
I feel betrayed!
I didn't even know they could report a trade line as a "Secured Credit Card".
On the bright side you have outgrown them and moved on That's always a good thing. Congrats on your better cards.
My SDFCU card has started reporting as secured also.
After getting nowhere with them on the phone, I decided to google the issue.
I expressly asked this question, on more than one occasion, before applying for my card. "Do you report to the credit bureau as a secured CC or just a CC?" No problem for almost 7 months.
I monitor my credit very closely and as of two weeks ago "Type of Loan" was just Credit Card.
I increased my savings account last month and raised my balance and I thought that was that catalyst for the situation.
What I find to be the most infuriating outside the change itself, is when I call on the phone they act like it as always been this way. ...That is not the case.
I have a call in to one of the Managers for some type of answer.
I believe they are evaluating their change. If this has happened to you and you are unhappy about it, please reach out to SDFCU and express yourself. By customers speaking up, it could be corrected.
@toi34 wrote:
I noticed a manual review (sp) at the end of January, now this....why the change? Anyway, in calling them later on today.
I called them today. The Credit Department insisted that they have always reported "secured," to which I replied that I wouldn't be calling so concerned if that were a fact. Long story short: he had me email PDF copies of 'before' and 'after' credit reports. If what I was saying was true (whixh it is) he will send updated comments to all three CB's. I did that ASAP.
I guess I'll ask, why is this a big deal?
Banks keep track of things from an underwriting perspective for manual reviews, and a 5K SDFCU card doesn't carry the same weight as a 5K Chase tradeline arguably just for this reason: that said, FICO doesn't care, and from a rebuilding secured perspective it is still one of the top 3 cards in my estimation.
I never worried about whether a secured card reported as such, every underwriter in the world could tell I was rebuilding anyway so it didn't matter... I still have two secured tradelines and that hasn't hurt me with either Amex or apparently now Chase: I would suggest everyone will fall into that category.
Personally I'd keep a small limit SDFCU card forever unless I really needed the deposit underlying it: it's a card you can effectively keep as a tradeline anchor forever, and the odds of something like a BOFA graduated card being closed via AA or bank realignment is a lot higher than a small $0 AF card from a CU. I may do that with the DCU secured card I have even though it's simply not as useful as a SDFCU one especially in this day and age where purchasing online may want things from a foreign currency store which SDFCU's no forex is pretty nice compared to a 2.7 or 3% instant currency exchange penalty.
Think even one of our high level credit members on our forum (Open123) may still have a large limit secured account there: if I do come back into solid income via a windfall, I will likely be doing the same: crap can happen, and having a card which is effectively guarunteed to be there can be useful.