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New Contributor
Posts: 53
Registered: ‎07-09-2008
0

Secured Cards and Inquiries?

I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?
Established Contributor
Posts: 610
Registered: ‎08-01-2008
0

Re: Secured Cards and Inquiries?

Most likely, yes. :-/

 

Although you want them to report on  your CR as well, right? :-D

08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
0

Re: Secured Cards and Inquiries?

Yes, it was a hard inquiry on Experian only for me at the end of June.  
11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Frequent Contributor
Posts: 455
Registered: ‎06-08-2008
0

Re: Secured Cards and Inquiries?

Hi

 

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line.  Three inquiries for $1K over 10 months is not worth it unless you need a cc.  

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Secured Cards and Inquiries?


Scuba wrote:

Hi

 

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line.  Three inquiries for $1K over 10 months is not worth it unless you need a cc.  


 

The inquiries that are a year old no longer count against FICO, so there is only 1 inquiry at the end which is calculating.  After 2 years there is no record.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
0

Re: Secured Cards and Inquiries?


Scuba wrote:

Hi

 

It was a hard inquiry (EX) to get turned down for an unsecurred card, 


 

You can apply for the secured card without applying, and getting denied for, the unsecured card.  This saves from having 2 inquiries in the beginning. 
11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge

Valued Member
Posts: 39
Registered: ‎06-30-2009
0

Re: Secured Cards and Inquiries?

I got a secured card from my credit union and I did not get a hard inquiry---they will only make an hard inquiry when you are ready to convert that to a regular unsecured credit card.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Secured Cards and Inquiries?


blooro wrote:
I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?

 

You will end up with at least one and possibly more than one hard INQ app'ing BofA for a secured card. Best route is to call the secured department at BofA directly and ask them. There may be a number in the backdoor thread.
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