cancel
Showing results for 
Search instead for 
Did you mean: 

Secured Credit Cards -

Established Member

Secured Credit Cards -

Hoping I can get some good information from you guys.  I am rebuilding my credit.  My scores range from 550-589.  I consolidated my bills about 3 years ago with MMI.  Things are going well and I have 9k left to pay off by 10/12.  The only other thing on my report is a student loan for 150k.  Its in forbearance and haven't started to pay yet.  My question is...what are your thought on secured cc's?  Can one help build my credit and if so...which one?  I heard some report negatively on your CR.  Please advise.  Many thanks.

Message 1 of 10
9 REPLIES
Established Member

Re: Secured Credit Cards -

I have the Cap One secured card and they say they report to the 3 beaurus, one month and they still haven't reported. I paid $49 for a $200 limit and plan to add more. My husband was approved for an Orchard platinum card with $300 limit no security deposit and the moment he activated the card it reported and his score jumped up 30 points with TU. That is all the input I have, I'm sure others who are a lot more informed will jump in.

Starting Score: 517
Current Score: 517TU 566 EQ(lender denial-WFNNB)
Goal Score: 640


Take the FICO Fitness Challenge

Message 2 of 10
Established Member

Re: Secured Credit Cards -

My Credit Union has secured cards and I was leaning towards that.  But, i will wait to hear what others have to say. Thanks

Message 3 of 10
Frequent Contributor

Re: Secured Credit Cards -

There won't be any negative impacts from a secured besides a hit to your AAOA and if it's the only CC on your CR(revolving) you could get a nice jump. Secured or unsecured it looks the same to your actual score.

As far as which ones, things to look at are AF, growth(does it graduate?), rewards?

Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


Take the FICO Fitness Challenge
Message 4 of 10
Established Member

Re: Secured Credit Cards -

Awesome job on your CS!!!  Forgive me 'm a newby... what is AAOA and AF?  Thanks for the information   Smiley Wink

Message 5 of 10
Established Contributor

Re: Secured Credit Cards -


Jewel1 wrote:

Awesome job on your CS!!!  Forgive me 'm a newby... what is AAOA and AF?  Thanks for the information   Smiley Wink



AAoA = Average Age of Accounts; AF = Annual Fee

 

The following link will take you to a list of commonly used abbreviations: Common abbreviations

Enjoying your freedom? Thank a servicemember and their family!

In the garden since 26 Jun 14...

I am digitaldiva's alter-ego
Message 6 of 10
Highlighted
Established Member

Re: Secured Credit Cards -

Thanks!  I appreciate that!  I made a mistake when I was cleaning my credit report and took off accounts that were old in good standing. Smiley Sad

Message 7 of 10
Moderator Emerita

Re: Secured Credit Cards -


Jewel1 wrote:

Thanks!  I appreciate that!  I made a mistake when I was cleaning my credit report and took off accounts that were old in good standing. Smiley Sad


It's a common mistake. Smiley Sad You have lots of company.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 8 of 10
Established Contributor

Re: Secured Credit Cards -


hetday wrote:
I have the Cap One secured card and they say they report to the 3 beaurus, one month and they still haven't reported. I paid $49 for a $200 limit and plan to add more. My husband was approved for an Orchard platinum card with $300 limit no security deposit and the moment he activated the card it reported and his score jumped up 30 points with TU. That is all the input I have, I'm sure others who are a lot more informed will jump in.

It's common for them to take 2 statements (60+ days) before it shows up on your reports. It'll be monthly after that, but it usually doesn't start showing up immediately once you get the card - you have to wait a few months.

On the topic of Cap One secured cards, it's not a bad choice since it does report to all 3, the AF isn't absurd and it doesn't report as secured. However, you'll never see the card secure - so that's something to keep in mind.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 9 of 10
Senior Contributor

Re: Secured Credit Cards -

A Secured card is a good way to go.   I suggest you consider more than the minimum.   A decent CL helps in many ways.

 

Credit Union is usually best choice.   Cap1 is a good choice among major banks.    Orchard is being bought by Cap1 so I would avoid them.   

Message 10 of 10