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Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
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benefit to secured CC if I have other CC

Would there be any benefit to me to get a secured CC from a major bank if my only CC are from a CU & store cards?  I know I can't get an un-secured. 
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
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Re: benefit to secured CC if I have other CC


mt2va wrote:
Would there be any benefit to me to get a secured CC from a major bank if my only CC are from a CU & store cards?  I know I can't get an un-secured. 

 

From a scoring standpoint, there would be, as CCs from 'major banks' are weighted more heavily in scoring than CU cards, and from a mix stand point, having a major bank CC in addition to what you have would round out your revolving mix favorably, too.

 

Can't say how much of a bump you might get from adding it, but you should see at least something.

 

Hope this helps.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
0

Re: benefit to secured CC if I have other CC

Thanks for the info.  I thought that's what I had read.  I was looking maybe at Citi.  They have so many cards available its hard to know which one I might qualify for if any.  I'm leery of the secured cards as I've heard sometimes those aren't even approved. 
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: benefit to secured CC if I have other CC


mt2va wrote:
Thanks for the info.  I thought that's what I had read.  I was looking maybe at Citi.  They have so many cards available its hard to know which one I might qualify for if any.  I'm leery of the secured cards as I've heard sometimes those aren't even approved. 

 

Like any other CC, they're subject to credit approval, so yes, you can be turned down.  One option that might reduce that risk would be to print a copy of at least one of your reports and scores and take it to the local branches of whatever big box banks are in your area and ask to speak to a personal banker about the matter.  They couldn't guarantee anything, obviously, but I'd like to think a decent PB looking at your report would let you know if you'd be turned down flat and/or give you some idea of your chances of being approved.

 

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
0

Re: benefit to secured CC if I have other CC

I love my local bank but they will NOT give me credit. I gave up on trying.  LOL 

 

Who else is considered a MAJOR lender for a secured credit card?  Preferably one that pulls EQ.  I'm leaning towards Citibank.  Bank of America is out for me.  I had a bunch of research a few months ago for secured cards that I tossed when NFCU approved me for not one but two actual un-secured CC.  A lot of the secured CC folks were banks I had never even heard of so I doubt they were considered a major lender. 

 

Reading up on Citibank's offering they say I can possibly graduate in 18 months so I'm wondering if that is better to do or just wait on things to age on my report & try again for one of their regular cards.  Surely it won't take me 18 months to be approved?  I wish CCC would post on their card offerings what score range they look at for each card.  (although I know income & other factors come into play as well)  I try to stay away from applying for anything that says World MC or Visa signature as I know those are the "big boys"  I app for the Citi Forward card & that is the one they denied me for.  I do have a Sears Charge card backed by Citi but maybe since it is a store card it doesn't have as much pull as far as my excellent payment history & low utilization??

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: benefit to secured CC if I have other CC

Whereabouts are you?  If Wells Fargo is in your area, that might be an option.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
0

Re: benefit to secured CC if I have other CC

[ Edited ]
I'm in Virginia but I defaulted on an un-secured loan to WF 3 years ago.  I think we are just now past the SOL & currently it is not even showing up on my EQ report (which I find strange but who am I to complain).  So I don't feel like they are an option. 
Message Edited by mt2va on 09-27-2009 11:08 AM
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)




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