@Freefall wrote:Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's
Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!
@Anonymous wrote:
@Freefall wrote:Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's
Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!
Not wiser, but a lot creakier and greyer. 
Secured vs non-secured has no effect on your scores.
Many people worry that other lenders will get all sniffy when they see "secured" on your reports.
My own feeling is that hey, we all have to start/ re-start somewhere, and lenders are certainly familiar with all the things that consumers have gone through over the last 3-4 years. I've never seen convincing evidence that a lender has gotten sniffy about the presence of a secured account. (It does seem that if all you have are a bunch of $300-$500 cards, they're often reluctant to be the first to take you up to $1K.)
If a secured card will help you establish/ re-establish your credit by providing month after month of clean credit history, then I think they're worth it. I don't see much point in being defensive about the presence of a secured card on your reports. From what I've read here on the forums, lenders have seen far, far worse. 
@haulingthescoreup wrote:
@Anonymous wrote:
@Freefall wrote:Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's
Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!
Not wiser, but a lot creakier and greyer.
Secured vs non-secured has no effect on your scores.
Many people worry that other lenders will get all sniffy when they see "secured" on your reports.
My own feeling is that hey, we all have to start/ re-start somewhere, and lenders are certainly familiar with all the things that consumers have gone through over the last 3-4 years. I've never seen convincing evidence that a lender has gotten sniffy about the presence of a secured account. (It does seem that if all you have are a bunch of $300-$500 cards, they're often reluctant to be the first to take you up to $1K.)
If a secured card will help you establish/ re-establish your credit by providing month after month of clean credit history, then I think they're worth it. I don't see much point in being defensive about the presence of a secured card on your reports. From what I've read here on the forums, lenders have seen far, far worse.
+1 
Very wise words.
I started with a $300 secured US Bank visa with fico credit scores hovering around 573 and a couple of nasty public records. I have had the account 18 months and my fico is up to 619. I requested an account review for a status upgrade to unsecured. After hitting all 3 CRA's with hard inquiries....I was decllined. The simple reason for them was I need to achieve a 650 to qualify for unsecured status.
Perfect payment history and I carry a small balance from kmonth to month. I would close the account and try somebody else but my credit history account length of time is a major factor; since the average account age is only 2 years.
I have the same issue with my Wells Fargo secured visa. Minimum requiredment is 650 to get the account unsecured.
I suppose I am stuck with the 2 capital one Visa and Barclay NFL rewards Visa accounts. Niether Capital One or Barclays will provide CLI. after 2 years of perfect payment history.
@slund5499 wrote:I started with a $300 secured US Bank visa with fico credit scores hovering around 573 and a couple of nasty public records. I have had the account 18 months and my fico is up to 619. I requested an account review for a status upgrade to unsecured. After hitting all 3 CRA's with hard inquiries....I was decllined. The simple reason for them was I need to achieve a 650 to qualify for unsecured status.
Perfect payment history and I carry a small balance from kmonth to month. I would close the account and try somebody else but my credit history account length of time is a major factor; since the average account age is only 2 years.
I have the same issue with my Wells Fargo secured visa. Minimum requiredment is 650 to get the account unsecured.
I suppose I am stuck with the 2 capital one Visa and Barclay NFL rewards Visa accounts. Niether Capital One or Barclays will provide CLI. after 2 years of perfect payment history.
This is an OLD thread
