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Member
Posts: 31
Registered: ‎08-08-2008
0

Secured cards

I got a secured card in August from my bank Wells Fargo and havent pulled my credit since they have reported it. I have made two payments so far on time and wonder how much of point jump people have seen after only a month. Thanks!

6/25/2008 FICO: TU: 0 EXP: 581 EFX: 548
8/8/2008 FICO: TU:606 EXP: 590 EFX 573
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Secured cards

If this is your first, second, or even third reporting CC, then you likely would have seen an increase already, effective the day it reported. If this is your 4th card onward, then you'd likely see a decrease, but would also see a gradual bump over the next 4 or so months. You may also have score changes, up or down, based on utilization and usage.

 

For cards 4-10, for myself, I have seen about a 20-25 point drop per CC, with about 90% of those points returning after 4-6 months.

Member
Posts: 31
Registered: ‎08-08-2008
0

Re: Secured cards

I had a first premier card that charged off and I recently paid off. In tryign to rebuild I got the secured from my bank. It is my only cc now.
6/25/2008 FICO: TU: 0 EXP: 581 EFX: 548
8/8/2008 FICO: TU:606 EXP: 590 EFX 573
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007

Re: Secured cards

So as long as you kept your balance reporting low, and nothing else happened, then you should see a decent increase right now.

 

You may benefit by adding one more CC: a store charge card.

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