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

Re: Impact on credit score after opening Secured Card


Shogun wrote:

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!


Yeah... I doubt I'll keep it that long even... really just need a way to better cards. Without a thousand inquiries and denials! I don't have anyone I'll ever want to add as AU and I don't plan to add any funds at all mostly just sit in a sock drawer. If I do though I believe I read that CLIs in the first year aren't charged. But kind of a moot point in my situation. This is the beginning block to AMEX (muahahaha :smileyhappy:))... in a while lol


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: 12,891
Registered: ‎04-15-2011

Re: Impact on credit score after opening Secured Card

Sounds like a good plan then.  Just keep an eye on that one.  A close eye!   I want an AMEX Centurion, but the closest I'll ever come to one is a piece of tin and some black spray paint!


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+

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

Re: Impact on credit score after opening Secured Card

They started reporting to EQ and TU about a week after I received the card. I thought that was fast too. Not reporting to EX yet.

 

Good luck! :smileyhappy:



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


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

Re: Impact on credit score after opening Secured Card

Thanks, shogun, for the advice!

 

Will keep one year and then hopefully on to a better card. Thanks again!



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

Re: Impact on credit score after opening Secured Card

thanks you two!


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

Re: Impact on credit score after opening Secured Card

Quick update- my Open Sky account just appeard on EX so now it's reporting on all 3- yeah!

 

My EX jumped 6 pts. I'll take what I can get as it's like pulling teeth to improve that score.

 

:smileylol:



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: 12,891
Registered: ‎04-15-2011

Re: Impact on credit score after opening Secured Card

I'd take the 6 points if you don't want them!  Congrats! 


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

Re: Impact on credit score after opening Secured Card

I am sending in the money in a couple days... after all my removals, over 10!, my fico has DROPPED LIKE 50 POINTS!!!! I was crushed when I saw it. But I think it's partly because what's left is weighted more heavily now and partly because the only positive TLs are a car loan since Jan and deferred school loans. So praying that a revolving TL will help me a lot. Congrats on your increase!


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

Re: Impact on credit score after opening Secured Card

Wow, that's disheartening after all the work to get items removed!!!  :smileymad: I read of the same thing happening to others, and you're probably right that it has to do with the age of accounts. Makes no sense though...

 

I hope the new credit helps!!!!



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


Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012

Re: Impact on credit score after opening Secured Card

[ Edited ]

I started with a US Bank Secured last month at the beginning of September. It is now reporting to all 3 bureaus (300 limit).

 

I just opened an Opensky for the same reason you did - no credit check. The fees, while bad, aren't as horrible as some are making it out to be. For me, the fees are worth the impact to my credit.

 

Though I must say since I opened the US bank secured, my scores in Trans Union and Experian have both dropped about 50 points (from 620 to 570). I'm assuming because of the average age of accounts. I'm fine with the drop, just hope to see a fast recovery as that was a little painful.

 

 





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