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Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Secured vs unsecured

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Moderator
Revelate
Posts: 9,486
Registered: ‎12-30-2011
0

Re: Secured vs unsecured


TrishN wrote:

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?


Generally secured cards report as secured (few exceptions, NFCU, Cap One, USAA secured credit card to my knowledge); however, they make no difference as far as FICO scoring is concerned and both report as revolving accounts - credit cards; the secured detail is a note in the margins which doesn't factor into the scoring algorithm and as such they're useful for building or rebuilding one's credit report and score.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Re: Secured vs unsecured

What about BOA secured card. Do they report secured or just revolving ?

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Secured vs unsecured


Revelate wrote:

TrishN wrote:

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?


Generally secured cards report as secured (few exceptions, NFCU, Cap One, USAA secured credit card to my knowledge); however, they make no difference as far as FICO scoring is concerned and both report as revolving accounts - credit cards; the secured detail is a note in the margins which doesn't factor into the scoring algorithm and as such they're useful for building or rebuilding one's credit report and score.


it's good to note that even if your Fico is ok some companies watch out for sub predatory lenders so you have to be very careful. Don't settle for a terrible company like First Premier where you'll just waste your money. if your building or rebuilding always use secured no matter what imo. Also get a secured card that graduates. Digital credit union, Navy Federal, and many other banks are the ones you want. have those cards for a year and start applying for prime credit cards. In a manual review secured cards are great cause it can show lenders that you do not live paycheck to paycheck.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
tattooedhusker
Posts: 504
Registered: ‎10-25-2012
0

Re: Secured vs unsecured

OpenSky reports as a normal revolving CC, all depends on the bank I suppose

NFCU CashRewards $13.5k | AMEX BCE $9.5k | Lowes $17k | Sportsmanss guide $6.6k | Chase Freedom $1k | Discover IT $1.4k |
Walmart $8k | Gordman's $2150 |
Scores: EQ: 676 EX: 714 TU: 720 Goal: 750 across the board
Moderator
Revelate
Posts: 9,486
Registered: ‎12-30-2011
0

Re: Secured vs unsecured


TrishN wrote:

What about BOA secured card. Do they report secured or just revolving ?


Secured but it graduates reliably.  Personally I don't worry about secured vs. unsecured when it comes to building, and the BOA secured with the 1-2-3 rewards package is really about as good as you can possibly do from a secured card perspective.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

Re: Secured vs unsecured


Revelate wrote:

TrishN wrote:

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?


Generally secured cards report as secured (few exceptions, NFCU, Cap One, USAA secured credit card to my knowledge); however, they make no difference as far as FICO scoring is concerned and both report as revolving accounts - credit cards; the secured detail is a note in the margins which doesn't factor into the scoring algorithm and as such they're useful for building or rebuilding one's credit report and score.


I've read that USAA secured cards do report as Secured.

 

Don't know as I don't have experience, but thats what some ppl on here have reported.

Moderator
Revelate
Posts: 9,486
Registered: ‎12-30-2011
0

Re: Secured vs unsecured


ccnewcc wrote:

Revelate wrote:

TrishN wrote:

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?


Generally secured cards report as secured (few exceptions, NFCU, Cap One, USAA secured credit card to my knowledge); however, they make no difference as far as FICO scoring is concerned and both report as revolving accounts - credit cards; the secured detail is a note in the margins which doesn't factor into the scoring algorithm and as such they're useful for building or rebuilding one's credit report and score.


I've read that USAA secured cards do report as Secured.

 

Don't know as I don't have experience, but thats what some ppl on here have reported.


USAA secured loans definitely report as secured (personal experience); however, whenever I have mentioned that fact as a possibility with their secured credit cards, it has always been stated differently by people who currently have one.  That may have changed at some point again as I can't remember the topic in the last 2-3 months, but as of latest information that's what's been stated.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Re: Secured vs unsecured

Is it the best if you handle big CL like 10k better than 1k secured?

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Secured vs unsecured


TrishN wrote:

Is it the best if you handle big CL like 10k better than 1k secured?


like stated secured cards are best option when building or rebuilding, but if your in prime credit score territory 720+ then apply for the best cards and for the ones you want, higher limits are good cause it makes your fico score a steady stream instead of a rocky road with credit/debt utiity.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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