Does it matter if a CC is reporting Secured?

[Cheryla18]

I will be getting a secured CC today thru my Credit Union....Does it report secured matter on the scoring aspect?

Cheryl

[alexhortdog]

I don't believe it does in the long run.  The more important thing is your payment history and the length of time you had each account.

I've had a secured credit card for 6 months and just applied for a VA loan a week ago.  He said the only thing holding me up is the age of the accounts and the fact I don't have much moolah in my bank accounts.  The fact that it was a secured card never came up.

[guiness56]

No, it doesn't matter.  Most secured report as a regular CC anyway.  I've only seen one or two that report as secured.

[Cheryla18]

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@guiness56 wrote:

No, it doesn't matter.  Most secured report as a regular CC anyway.  I've only seen one or two that report as secured.

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Is that normally different than with a secured loan? I had a secured loan with a CU a few years back and it reports as secured. Just last Friday .....since I need revolving credit applied and was approved for a secured CC with the same Credit Union...Of course...hoping to see a jump up in score when it finally hits my report.

Cheryl

[guiness56]

It depends on how the creditor reports it.  You can always ask them how it will report.  FICO wise it makes no difference.  The CC works the same as an unsecured.

[Milgal_302]

I have a secured card through Cap One and I don't believe they report it as secure. (But now I'm going to check to be sure). Regardless it doesn't seem to have hurt me in any way even if they do.