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Revelate
Posts: 8,335
Registered: ‎12-30-2011
Re: Secured vs unsecured

ccnewcc wrote:

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.


I've read that USAA secured cards do report as Secured.

 

Don't know as I don't have experience, but thats what some ppl on here have reported.


USAA secured loans definitely report as secured (personal experience); however, whenever I have mentioned that fact as a possibility with their secured credit cards, it has always been stated differently by people who currently have one.  That may have changed at some point again as I can't remember the topic in the last 2-3 months, but as of latest information that's what's been stated.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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