Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
Re: Secured vs unsecured

Revelate wrote:

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.


it's good to note that even if your Fico is ok some companies watch out for sub predatory lenders so you have to be very careful. Don't settle for a terrible company like First Premier where you'll just waste your money. if your building or rebuilding always use secured no matter what imo. Also get a secured card that graduates. Digital credit union, Navy Federal, and many other banks are the ones you want. have those cards for a year and start applying for prime credit cards. In a manual review secured cards are great cause it can show lenders that you do not live paycheck to paycheck.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758