FWIW, I hit a 677EQ myFico today using my plan. I'm 18months 5 days out of BK. I'm not saying that there are other plans that may work, I'm saying that my plan absolutely does and it's very simple.
-SM
Starting Score: ~470 preBK(8/2010)
Are you guys sure of your information on how secured cards report? Just talked to my banker at Wells Fargo and he said their secured card should report like a regular card. Where are you guys getting your info from?
Talked to my local CU as well, they said they report their secured card and there is no way different than how a unsecured card is reported.
The fact is I know using secured cards with higher limits works. Helped my buddy with this credit situation. His first unsecured card had 7.5k limit likely because he had multiple 5k secured cards. Doubt he would have gotten it with a bunch of unsecured toy limit cards. BTW, he did orchard and I know for fact it didn't indicate secured in any way. And neither did the other 2 secured cards (public savings, and CU).
If some report as secured card, then don't get those. But the advice others gave that if you have the cash, you can have a leg up doing secured cards is still correct.
LIMITS IN CARD DESCRIPTIONS
Apparently it's a YMMV thing.
7. Do you report to all three major credit bureaus?
The reason for having a secured card goes far beyond being able to buy CDs online. It's a vehicle for building a good credit history. If the issuer doesn't report, you've lost a major benefit. (Tip: If you start getting mailers offering you unsecured cards after you've made several months of payments on time, you'll know that the bank is reporting.) Ask if the issuer will flag the report to the credit bureaus as a secured card. Consumer Action points out that such a flag could be a deterrent to rebuilding credit.
They agree though, if it reports as secured, it may hinder you.
-SM
Obviously, if you can find a Secured card that doesn't report "secured" then go for it! But I'd still be very careful about apping for too many things too fast post-BK.