Thank you for your input.Geordi wrote:
ENOUGH IS ENOUGH! Not necessary to holler; we're all right here.
If you are considering or need a secured credit card then you are in the rebuilding stage of credit repair. If I were, then you'd be right. Please re-read the end of my original post, which I've now highlighted.
There is no such thing as a prime or sub-prime secured card, whether or not it reports as SECURED OR NOT. OVER 95% of applications for credit are done by computers that could care less if your card had the words SECURED next to it. A computer may not care about a word, but if a secured card is scored lower for any reason, a computer WILL care about that. Hence, my questions/comments about this point, which now have been very informatively addressed in others' posts.
If it makes someone FEEL better than their SECURED credit card doesn't not report as secured then good for them. My comment about my bank telling me my secured card wouldn't show as such on my report was intended to explain my own experience with a secured card and to elicit information from more knowledgeable members on the subject, but strictly relative to whether or not a secured card is scored differently from unsecured, and/or whether LENDERS view such more negatively than subprime unsecured when considering applications for credit. It had nothing to do with how I felt about the matter, as I didn't care at all whether it said 'secured' or not in any kind of vanity sense, only from the standpoint of how lenders and FICO might view it.
Please try to keep in mind what the optimal goal of credit repair is: To improve your credit score and credit history. It doesn't matter a tiny bit if you have tradelines that have the word SECURED next to it. Please see above responses.
Just pay your bill on time, never be late and get some history. As your score improves, you will be offered non-secured accounts. Yes, I know; this has already happened - please see end of my original post.
If I have offended anyone then my apologies, but it seems that everyone WANTS to have their cake and eat it too. Please see above responses.Please remember that when you were a toddler you most likely used TRAINING WHEELS on your bike. Some of the older kids probably teased you about using TRAINING WHEELS but they were necessary at the time. No comment.
Please obtain positive tradelines with some age to them. Once you build that, you wont be bothered about the word SECURED. Please see above responses.
Just my two cents :/