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Helena_313
Posts: 63
Registered: ‎04-29-2008
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"Rebuilder" Round 2

[ Edited ]
Okay, I made mistakes in college and am in the rebuilding process. I even messed up with Orchard and First Premier and both of those were charged off (and paid in full) and closed. I've had a WaMu, and Cap1, and First Financial Bank, my horrible record with them is still fresh and clear in their minds too. My scores are in my siggy - would my best bet to try to re-establish a positive revolving line be with a secured card?


Message Edited by Helena_313 on 09-24-2008 07:35 AM
03/2013 EQ 606 TU 609
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: "Rebuilder" Round 2

Secured is the way to go to start rebuilding. I have a secured card and it reports to all three CRA's. Since I have only had the card four months now, I still am not qualifying for any unsecured cards. But hopefully once I get a real FICO score it will be good enough to get a few unsecured cards.
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"Evacuate, in our moment of triumph? I think you overestimate their chances."
New Contributor
Helena_313
Posts: 63
Registered: ‎04-29-2008
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Re: "Rebuilder" Round 2

That's kind of what I figured - I just wanted to hear from some other people, too. Thanks! If you don't mind me asking, who is your secured card with?
03/2013 EQ 606 TU 609
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: "Rebuilder" Round 2

Orchard. Their customer service isn't the best, but they report to all three CRA"s and to me that was a deciding factor. They also report as a credit card, not a "secured" credit card on the reports. (Some banks report a secured credit card as a "secured credit card" on the reports.)  
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"Evacuate, in our moment of triumph? I think you overestimate their chances."
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laz98
Posts: 4,334
Registered: ‎09-06-2008
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Re: "Rebuilder" Round 2

how does it look to creditors to have "secured" on your report?
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 716. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: "Rebuilder" Round 2

I don't know, that is why I am glad Orchard does not report it that way. I am not sure how it looks to potential creditors.
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"Evacuate, in our moment of triumph? I think you overestimate their chances."
Senior Contributor
score_building
Posts: 3,553
Registered: ‎01-10-2008
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Re: "Rebuilder" Round 2



laz98 wrote:
how does it look to creditors to have "secured" on your report?

a bit risky, i'd imagine...
but there are many other things they'll look at that may weigh more heavily, on it's own prolly not a deal breaker, but it depends... also, if the card 'graduates', this notation is likely updated to reflect 'cc' instead of 'secured cc'

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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