Secured Credit Card vs Unsecured Credit Cards

[vear23]

I'm in the process of building my credit.  I was offered a secured card from Discover and already have an unsecured CreditOne Bank card.  My question is, should I accept the secured card will it show up on my report as a secured card and/or will other card/companies know it's a secured card?  FYI, the secured card would have a much higher credit limit should I accept the offer.

[Anonymous]

Questions!

How many different CLs do you currently have? One?

What are their credit limits?

What is your current plan to increase your Fico 8 Scores?

What is your current plan to increase your total available line of revolving credit?

Also, if you want more information on the Discover Secured card, consider reading Beverly's reveiw of it, and how it may compare to other card, and when they may graduate.

http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

Best Wishes!

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vear23 wrote:

I'm in the process of building my credit.  I was offered a secured card from Discover and already have an unsecured CreditOne Bank card.  My question is, should I accept the secured card will it show up on my report as a secured card and/or will other card/companies know it's a secured card?  FYI, the secured card would have a much higher credit limit should I accept the offer.

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[vear23]

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@Anonymous wrote:

Questions!

How many different CLs do you currently have? One?

What are their credit limits?

What is your current plan to increase your Fico 8 Scores?

What is your current plan to increase your total available line of revolving credit?

Also, if you want more information on the Discover Secured card, consider reading Beverly's reveiw of it, and how it may compare to other card, and when they may graduate.

http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

Best Wishes!

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vear23 wrote:

I'm in the process of building my credit.  I was offered a secured card from Discover and already have an unsecured CreditOne Bank card.  My question is, should I accept the secured card will it show up on my report as a secured card and/or will other card/companies know it's a secured card?  FYI, the secured card would have a much higher credit limit should I accept the offer.

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So far 2 CL's, 300 Increased to 450 & 800 since February.  I don't want many inquiries on my report so I'm taking it slow with applying for anything.  I was offered the secured card when I applied for the unsecured and discovered it was a soft pull.  I figured I would wait at least 6 months before applying for other cards.  Everything is PIF every month.

Thanks for the info.  I will take a look.

[brother7]

I would accept the Discover Secured card because 1) it's a rewards card which is rare for secured cards and 2) it has the potential to graduate after 12 months.

With Discover, I believe your deposit = starting credit line, up to $2500. I hope you're able to afford a nice-size deposit. I LOVE rewards and would run everything I can through it!

Does your CreditOne card charge an AF? If so, I would cancel it. I'm not a fan of paying AFs. I prefer the Capital One Platinum which is a good no-AF card for rebuilders.

[Anonymous]

The Capital One Platinum is decent for rebuilding credit. There's also a card for students called the Capital One Journey which can help re-build credit too, but gives you 1.25% cash back for every dollar you spend if you pay your bill on time each month. I'm not sure about the Platinum, but the Journey has credit steps too, just like the Quicksilver One. 

[Anonymous]

I heart secured CC

Especially when you can bump your util.!!! Secure or unsecured all banks see is your making gd on your agreement to pay every Mo. I started with secured cc..I roll my deposit to the next lender and keep bumping it up;US bank may be my last if post on here are true about them😞

[takeshi74]

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@vear23 wrote:

My question is, should I accept the secured card

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We'd need a lot more info regarding your credit profile to answer that.  The decision doesn't solely hinge on whether or not you have an unsecured card.  If you're trying to build credit a secured card may be of benefit.

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@vear23 wrote:

I don't want many inquiries on my report so I'm taking it slow with applying for anything

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Inquiries are not the only thing you should be concerned about.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

A new account drops your AAoA (Length of Credit History) and there is also impact just from having new accounts on your reports.  Inquiries are typically a small factor but they can have a bigger impact for someone like you who has a young, thin profile and you'll also see a bigger impact from new accounts as a result of that.  You definitely want to slowly add new accounts but it's not just a matter of inquiries.

[vear23]

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@brother7 wrote:

I would accept the Discover Secured card because 1) it's a rewards card which is rare for secured cards and 2) it has the potential to graduate after 12 months.

With Discover, I believe your deposit = starting credit line, up to $2500. I hope you're able to afford a nice-size deposit. I LOVE rewards and would run everything I can through it!

Does your CreditOne card charge an AF? If so, I would cancel it. I'm not a fan of paying AFs. I prefer the Capital One Platinum which is a good no-AF card for rebuilders.

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Thanks. The CreditOne card is very limiting especially now that I want to go on vacation.  I can use the Discover to give myself a much larger credit line giving me some breathing room and rewards.  Unfortunately the CreditOne card does come with AF's ($75).  I was planning on canceling right before my anniversary.

[Anonymous]

Yes take the Discover.  They are a top notch provider.

[Anonymous]

For fun, if you have not had the opportunity to read this thread, it is full of exceptional information.

Now, I am not advocating you go out and do any or all of this. Rather, it lays out One Person's Plan, and why. The comments from other people posting to it add further dimensions which broaden one's understanding of various choices available, and why they may benefit someone.

Just Food for Thought.

by SoulMaster

    to 700 in 24 months or less

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...

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vear23 wrote:

I'm in the process of building my credit.