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Established Member
intherightdirection
Posts: 24
Registered: ‎08-20-2012
0

Impact on credit score after opening Secured Card

Hi All,

 

I recently received an Open Sky secured CC for $300. I chose that one after learning on this board that they don't check your credit, so there is no inquiry/HP. (yeah!) I can't afford an inquiry right now.

 

I received credit alerts yesterday re a new account on my credit reports and here is the change in my scores:

 

EQ: down 9 - from 599 to 591 :smileysad:

TU: up 31 - from 550 to 581  :smileyhappy: :smileyhappy:

EX: the same- not reporting yet.

 

It's interesting how they affect the different CRA's differently. I'm very happy with Trans Union increase, as that score went down and has stayed down, after I disputed items on my credit report.

 

Anyways, no question. Just sharing for anyone wanting to open a card.

 



Starting Score 08/12: EQ 526 | EX 552 | TU 569
Current Score: EQ 613 | EX 574 | TU 632
Goal Score: 700 Club


Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Impact on credit score after opening Secured Card

You usually receive a hit for AAoA initially.  However give it a bit and it will go up.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
sbeasl11
Posts: 122
Registered: ‎07-23-2012
0

Re: Impact on credit score after opening Secured Card

Was this your first credit card opened? Just curious about the number of credit cards needed for rebuilding...

Congrats on your score increase!

Established Member
intherightdirection
Posts: 24
Registered: ‎08-20-2012
0

Re: Impact on credit score after opening Secured Card

Thank you!!  Yes, this is my first one opened so far.... I'm not sure how many are recommended; I've heard a couple are good to have in the rebuild process... I'm debating on another secured or waiting a bit and applying for a non-secured to see if I can get. I just don't want to waste an inquiry, so maybe I'll research the boards some more to see what's best. :smileywink::smileywink:



Starting Score 08/12: EQ 526 | EX 552 | TU 569
Current Score: EQ 613 | EX 574 | TU 632
Goal Score: 700 Club


Frequent Contributor
novabama
Posts: 305
Registered: ‎08-24-2012
0

Re: Impact on credit score after opening Secured Card

Wow so glad I came across this! Forget capital one and their two HPs on my credit. Do they report as secured or unsecured on your CRs? Congrats on your first rebuild cc!

Goal Score: 640 Good things come to those who wait.
Good things come to those who work their butt off and never give up.

Removals - Asset Acceptance, Receivable Solutions, LVNV Funding, Enhanced Recovery, Credit Systems Int, Discover Financial, Amchek/Amsher, Financial Adj Services, Chase, Target, AFNI, RJM, Portfolio Rec!
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Impact on credit score after opening Secured Card


novabama wrote:
Wow so glad I came across this! Forget capital one and their two HPs on my credit. Do they report as secured or unsecured on your CRs? Congrats on your first rebuild cc!

Sky is a predatory lender.  The fees and costs of it are ridiculous.  My personal opinion is to stay away from it.  Cap1 is bad enough, but Sky is worse.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Frequent Contributor
novabama
Posts: 305
Registered: ‎08-24-2012
0

Re: Impact on credit score after opening Secured Card

Sky is a predatory lender.  The fees and costs of it are ridiculous.  My personal opinion is to stay away from it.  Cap1 is bad enough, but Sky is worse.


I would love to say that I can wait and get an awesome card... but I just can't! I can't afford ANY more hard pulls on my reports. Cap 1 pulled all THREE twice and so did that stupid credit union, just for a checking account! At this point... if I get any credit card it will help. I have no actual intention to use this card except for a 20 dollar purchase and pay off the next day. The only fees to this I have found is a $50 annual... which, ok whatevs... I'll be cancelling right before one year anyway. And they start charging interest the day that the purchase processes. I only plan to do this because I have been denied for no revolving credit and too many inquiries, catch 22 almost. I have lived with no CC for 6 years... I think I can manage having a low lim one and not using it for the next 11 months haha. I hope anyway because I don't see ANY other option. The other reason is because I don't want my AAoA to be so low bc I couldn't get a credit card until next year either.. when I go to app for a mortgage or car next year I want to have had a CC for a while. After having this for a while I plan to go for another sec cc. but I'd like to have one start reporting in 2012, make sense?


Thanks for looking out as always... I just don't have the time to spare to wait it out for a cc like I wish I could. :smileysad: Sometimes I think you have to take the stick even if it is only the short end...?


Goal Score: 640 Good things come to those who wait.
Good things come to those who work their butt off and never give up.

Removals - Asset Acceptance, Receivable Solutions, LVNV Funding, Enhanced Recovery, Credit Systems Int, Discover Financial, Amchek/Amsher, Financial Adj Services, Chase, Target, AFNI, RJM, Portfolio Rec!
Established Member
intherightdirection
Posts: 24
Registered: ‎08-20-2012
0

Re: Impact on credit score after opening Secured Card

That's the position I'm in too. Once my credit score is where I want it, then I'll be able to shop around for a great card. Until then, unfortunately, fees and high interest rates seem to be the price of rebuilding. But, the payoff of no hard pull and helping build my credit is worth it right now.

 

novabama, it seems to be reporting as a regular credit card.

 

:smileyhappy:



Starting Score 08/12: EQ 526 | EX 552 | TU 569
Current Score: EQ 613 | EX 574 | TU 632
Goal Score: 700 Club


Frequent Contributor
novabama
Posts: 305
Registered: ‎08-24-2012
0

Re: Impact on credit score after opening Secured Card


intherightdirection wrote:

That's the position I'm in too. Once my credit score is where I want it, then I'll be able to shop around for a great card. Until then, unfortunately, fees and high interest rates seem to be the price of rebuilding. But, the payoff of no hard pull and helping build my credit is worth it right now.

 

novabama, it seems to be reporting as a regular credit card.

 

:smileyhappy:


awesome, thanks for the info. how long did it take for it to report? seems pretty fast. thanks so much again for posting!


Goal Score: 640 Good things come to those who wait.
Good things come to those who work their butt off and never give up.

Removals - Asset Acceptance, Receivable Solutions, LVNV Funding, Enhanced Recovery, Credit Systems Int, Discover Financial, Amchek/Amsher, Financial Adj Services, Chase, Target, AFNI, RJM, Portfolio Rec!
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Impact on credit score after opening Secured Card

I understand completely.  Sometimes you have to do what you have to do.  But don't keep it for over a year!   They charge you $25 for every deposit you make to boost your credit amount after the first year.  They charge $30 to add an AU and have charges for everything!  In a year you will be in a better shape and will go for better cards!  Now eat your peas and carrots!  Good luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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