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I used to think that rewards secured cards were the best cards to start with, but on second thought having a card that does not report as "secured" would benefit me more until I get my first non-secured cards.
I know there are a few out there that belong to this category. Do you know any particular ones?
@HiLine wrote:I used to think that rewards secured cards were the best cards to start with, but on second thought having a card that does not report as "secured" would benefit me more until I get my first non-secured cards.
I know there are a few out there that belong to this category. Do you know any particular ones?
Capital One definitely does not. However, there is no negative effect on having it report as secured, it is only a comment and not involved in scoring. I'd go with the rewards.
When manually reviewed, your application looks better with a non-secured card than with a secured card. I've been told this by a credit analyst, so it's not my theory.
As long as the card doesn't report as secured, I'd have no issue with it not graduating. I'd simply close it after opening a non-secured card.
@HiLine wrote:When manually reviewed, your application looks better with a non-secured card than with a secured card. I've been told this by a credit analyst, so it's not my theory.
As long as the card doesn't report as secured, I'd have no issue with it not graduating. I'd simply close it after opening a non-secured card.
Same thing I was told by two credit analyst, through post in myfico forums, other credit forums,and my personal banker at Citibank. I was told it doesn't affect your score, but as a credit analyst the thought becomes are you credit worthy since you had to use your own money to receive a card. My opinion on a card reporting as secured, defeats the purpose of building or rebuilding your credit, because its like a warning to creditors, in there eyes the comment "secured" reads, "potential risk".
@HiLine wrote:
As long as the card doesn't report as secured, I'd have no issue with it not graduating. I'd simply close it after opening a non-secured card.
Same theory I have! I plan to close the card after I receive my third unsecured card, since I am reading that 2-3 revolvong credits reporting maximize your score. I already have two. Want them to grow a little first.
I have USAA Secured Mastercard as well as the USAA Secured AMEX. Neither one reports as secured.
When I got my secured card from Orchard it was not reported as secured. They are now Capital One so I don't know now. It was graduated in 11 months. A few months after getting the Orchard I got a Wells Fargo. There was a note that says "secured".
@92235 wrote:When I got my secured card from Orchard it was not reported as secured. They are now Capital One so I don't know now. It was graduated in 11 months. A few months after getting the Orchard I got a Wells Fargo. There was a note that says "secured".
Orchard doesn't offer new accounts anymore AFAIK. Capital one cancelled all of their applications and it just redirects to capitalone.com now The cap1 doesn't report as secured though.
I have a Fulton Secured CC through Elan finacial and it reports as a secured card but in Feb it will be a year and they said they will upgrade the account and card to unsecured so I don't have to close the account. Really great company. I just got approved for a Capital one card last week for $300 so it's really helped heading in the right direction.