10-03-2012 02:54 PM - edited 10-03-2012 02:56 PM
Just curious if all secured cards report as secured credit card? I just had US bank secured card hit my Equifax today and unfortunately it says "Secured Credit Card" in big bold writing.
Should it even matter to me? I guess I was thinking that lenders might see that and be less inclined to want to grant me credit a year from now.
Also my score went up from 673 to 725 with the deletion of one 25 dollar collection and also I guess because of the new credit.
10-03-2012 03:02 PM - edited 10-03-2012 03:03 PM
I don't know if they all do, but the one I'm an AU on says secured on it, too.
Congratulations on the score jump!
10-03-2012 03:02 PM
USAA Secured Cards don't. I can't speak for any others.
It probably only makes a difference in a manual review of your credit file.
If this is your only open CC, that would sure give you a point increase.
Along the same lines, if that was your only (or most recent) collection, your score would see a boost.
10-03-2012 03:18 PM
Thanks Fuzzybean, I had no idea one 25 dollar collection would drag me that far down. Or maybe it's the opening of the new US Bank Secured that has me up. I have no idea which bumped me up that high, just happy.
10-03-2012 03:30 PM
10-03-2012 03:43 PM
That's good to know, thanks for the info.
I'm wondering what's going to happen with my Repossession falls off next month. That's the last negative trade on my equifax report and the worst of the baddies with a 6000 balance. 725 to 775 maybe? I will check in next month.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.