Credit Cards

[Jewel1]

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.

[hetday]

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.

[Jewel1]

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

[xlr8d]

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?

[Jewel1]

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

[digitaldiva]

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Jewel1 wrote:

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

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AAoA = Average Age of Accounts; AF = Annual Fee

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

[Jewel1]

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.

[haulingthescoreup]

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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.

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

[AndyK]

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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.

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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.

[Wolf3]

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.