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Established Contributor
Posts: 500
Registered: ‎02-02-2013
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Simple Question- Secured CC

Simple questions, based on your experiences does a Secured CC report right away or do they wait unil the agreed upon term is over to report?

 

Specifically with Wells Fargo (if any of you have done so with them)

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Regular Contributor
Posts: 216
Registered: ‎08-15-2012
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Re: Simple Question- Secured CC

I don't know what you mean by "the agreed upon term" but Wells Fargo reported as I remember within the first billing cycle, as did Applied. CapOne on the other hand has yet to report and I got their card end of November.

Established Contributor
Posts: 500
Registered: ‎02-02-2013
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Re: Simple Question- Secured CC

I worded that I bit funky, I meant the time frame.


From my research most secured CC are either 6 or 12 months, I just didn't know if they start reporting right away or after the 6 months is up.

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Simple Question- Secured CC


2FixMyCredit wrote:

I worded that I bit funky, I meant the time frame.


From my research most secured CC are either 6 or 12 months, I just didn't know if they start reporting right away or after the 6 months is up.


Most cards report after the first statement date.  But you should dig around here for information before choosing one.  Try to choose one that reports as a normal card, and is eligible for graduation later.  And avoid annual fees if you can.

 

Consider going to your local Credit Union; many of them allow you to place a certificate of deposit to secure the card, but report as an unsecure card and release the deposit later.  That allows you to have a card that will grow with you as your credit improves.

 

I'm not sure if they still do it, but USAA had a secured version of their Amex for a while, and Wells Fargo started graduating theirs again, but they report as secured.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Posts: 500
Registered: ‎02-02-2013
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Re: Simple Question- Secured CC

That is definitely good to know that they report right away. 

 

I was considering WF because that is who I bank through now but since they report as secured I'll look around, although I don't think I'll be going with the AMEX since it is a two year time frame, I'm hoping for around 6-12 months.

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

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