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Revelate
Posts: 9,738
Registered: ‎12-30-2011
Re: Secured vs unsecured

TrishN wrote:

My question is:

Secured and Unsecured. Is it same reporting and they both reporting like credit card?


Generally secured cards report as secured (few exceptions, NFCU, Cap One, USAA secured credit card to my knowledge); however, they make no difference as far as FICO scoring is concerned and both report as revolving accounts - credit cards; the secured detail is a note in the margins which doesn't factor into the scoring algorithm and as such they're useful for building or rebuilding one's credit report and score.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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