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Regular Contributor
Posts: 197
Registered: ‎01-07-2012
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WellsFargo Secured Card reports different!!!

Hello Everyone, I got a secured credit card from WellsFargo like 2 weeks ago and used it. I thought they would have reported usage after a month or so but they did right away. Today I ran my CR and notice they are already reporting and also under account type they have "Secured Credit Card". My CapOne secured credit card does not report that way, they just put "Credit Card". Now my question is, how do creditor would see me as the account report as "Secured"? Me been a creditor and seen someone with this marking, will not convience me of the person doing any better than before. It does not prove me that the person can manage his credit. 

 

Question:

How does that affect me with future creditor?

 

THANKS IN ADVANCE

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

Goal Score: 800's Rank
Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011
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Re: WellsFargo Secured Card reports different!!!

[ Edited ]

A creditor is not so much concerned about the "secured" notation as they are with the AMOUNT of your credit limit.  As long as you have funded the maximum limit allowed on that card, that is what is going to help you the most with them.   They much prefer to see a $5,000 + secured credit card limit.

 

FICO® scores the same without any judgment. 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
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Re: WellsFargo Secured Card reports different!!!

[ Edited ]

Well, Wells Fargo is right. That is how secured CC supposed to be on CR.

 

It does not affect credit score. It may have an influence when your CR is reviewed manually.

 

Lenders care more about payment history than CL or type of CL.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Regular Contributor
Posts: 197
Registered: ‎01-07-2012
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Re: WellsFargo Secured Card reports different!!!


discernment wrote:

A creditor is not so much concerned about the "secured" notation as they are with the AMOUNT of your credit limit.  As long as you have funded the maximum limit allowed on that card, that is what is going to help you the most with them.   They much prefer to see a $5,000 + secured credit card limit.

 

FICO® scores the same without any judgment. 


Thanks for the reply Decernment, but this card offers a deposit up to $5000 and I only opened it with $300 as my understanding to credit building, it doesn't matter the amount of the credit account. Does it change in my situation, as I don't have that much on the credit line limit? Thanks again

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

Goal Score: 800's Rank
Regular Contributor
Posts: 197
Registered: ‎01-07-2012
0

Re: WellsFargo Secured Card reports different!!!


trumpet-205 wrote:

Well, Wells Fargo is right. That is how secured CC supposed to be on CR.

 

It does not affect credit score. It may have an influence when your CR is reviewed manually.

 

Lenders care more about payment history than CL or type of CL.


Yes, that's what I meant, if it's manually reviewed. I did notice a score drop of 23 points after getting this card. My score on 7-09-2012 was 637 with NO WellsFargo on it and today I ran it again, it is at 604 with WellsFargo on it.

 

Question: 

What do you guys think happened that my score took a dive?

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

Goal Score: 800's Rank
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: WellsFargo Secured Card reports different!!!


Fresh101 wrote:

trumpet-205 wrote:

Well, Wells Fargo is right. That is how secured CC supposed to be on CR.

 

It does not affect credit score. It may have an influence when your CR is reviewed manually.

 

Lenders care more about payment history than CL or type of CL.


Yes, that's what I meant, if it's manually reviewed. I did notice a score drop of 23 points after getting this card. My score on 7-09-2012 was 637 with NO WellsFargo on it and today I ran it again, it is at 604 with WellsFargo on it.

 

Question: 

What do you guys think happened that my score took a dive?


Inquiries and new account lowers your score for awhile.

Regular Contributor
Posts: 197
Registered: ‎01-07-2012
0

Re: WellsFargo Secured Card reports different!!!

When should I expect increase score? I was already on the 658 in Eq and believe it also went down. I was planing on placing an application with a lender to buy my first house and now this happen. How can I improve my score quickly? I am asking as many people after getting a CL it reflect as a credit jump but not in my case.

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

Goal Score: 800's Rank
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: WellsFargo Secured Card reports different!!!

There is no quickly or asap when it comes to score increase always remember that. Your gonna have to wait at least 6 mos before you app for a mortgage
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Contributor
Posts: 1,112
Registered: ‎07-18-2009
0

Re: WellsFargo Secured Card reports different!!!

Check your utilization. The best strategy to maximize FICO is to have one card reporting a small balance 1-5% and the rest at zero.

 

Also, Score Plus scores are not very reliable indicators and can vary a lot from FICO scores.



I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: WellsFargo Secured Card reports different!!!

FICO scoring model will ignore the secured designation and treat it the same as unsecured card.  In both cases, you are being given credit (for whatever reason) and FICO is measuring your use of that credit.  On the other hand, I can imagine under manual review that secured accounts carry less weight.

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