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HiLine
Posts: 2,880
Registered: ‎10-19-2012
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What secured cards do not report as "secured"?

[ Edited ]

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?

Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
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Re: What secured cards do not report as "secured"?

I have Capital One. It does not report as secured. But keep in mind it also does not graduate. 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: What secured cards do not report as "secured"?


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.

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HiLine
Posts: 2,880
Registered: ‎10-19-2012
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Re: What secured cards do not report as "secured"?

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.

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Unique620
Posts: 233
Registered: ‎10-03-2009
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Re: What secured cards do not report as "secured"?


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".

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
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Re: What secured cards do not report as "secured"?


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. 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Contributor
dmorey
Posts: 80
Registered: ‎11-27-2012
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Re: What secured cards do not report as "secured"?

I have USAA Secured Mastercard as well as the USAA Secured AMEX. Neither one reports as secured.

Regular Contributor
92235
Posts: 140
Registered: ‎03-30-2010
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Re: What secured cards do not report 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".

Senior Contributor
jsucool76
Posts: 3,241
Registered: ‎12-11-2011
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Re: What secured cards do not report as "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 :smileyvery-happy: The cap1 doesn't report as secured though. 

Regular Contributor
SE7EN57
Posts: 177
Registered: ‎12-08-2012
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Re: What secured cards do not report as "secured"?

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.

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