topic Re: secured card to build good credit? in Credit Cards

secured card to build good credit?

Anonymous — Wed, 29 Apr 2009 02:58:45 GMT

Does anyone know of a secured card that does not pull credit and reports to all 3 bureas?

Re: secured card to build good credit?

Creditaddict — Wed, 29 Apr 2009 03:02:16 GMT

you can't get a credit card without one credit pull.

Re: secured card to build good credit?

haulingthescoreup — Wed, 29 Apr 2009 03:04:08 GMT

dah wrote:
Does anyone know of a secured card that does not pull credit and reports to all 3 bureas?

If you want credit, you have to accept that this will be reported, via a credit pull (hard inquiry). That's the whole purpose of inqs.

Re: secured card to build good credit?

Anonymous — Wed, 29 Apr 2009 03:25:23 GMT

OK...just wondering......thank you. Im in the process of buying a home. My lender asked me to get at least two secured cards. The two pulls....would they hurt before the cards help?

Re: secured card to build good credit?

haulingthescoreup — Wed, 29 Apr 2009 03:39:58 GMT

If you don't have any current open revolving (= credit cards) credit at all, you will probably not be penalized for seeking new credit. The FICO scoring formula *wants* you to have some revolving in there.

Have you had revolving credit, i.e., credit cards in the past? If so, which banks? Did you ever "burn" them/ --charge-off, bankruptcy, settled for less than agreed.

I would get with a local credit union that offers CC's right away. They are the most reasonable about working with new creditors. If you absolutely must go with a secured card from a bank instead, look at Bank of America and Orchard.

If you're willing, you can post a summary of your current credit here, and you will get lots of advice (wanted or no, lol.) Post the info from screen 2 of the FICO EQ and TU reports, along with the Credit-at-a-Glance screen.