topic Re: Secured Cards and Inquiries? in Credit Cards

Secured Cards and Inquiries?

Anonymous — Fri, 04 Sep 2009 18:36:54 GMT

I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?

Re: Secured Cards and Inquiries?

Tons_of_Debt — Fri, 04 Sep 2009 18:52:43 GMT

Most likely, yes. :-/

Although you want them to report on your CR as well, right? :-D

Re: Secured Cards and Inquiries?

clocktick — Sat, 05 Sep 2009 02:56:16 GMT

Yes, it was a hard inquiry on Experian only for me at the end of June.

Re: Secured Cards and Inquiries?

Scuba — Sat, 05 Sep 2009 15:17:20 GMT

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line. Three inquiries for $1K over 10 months is not worth it unless you need a cc.

Re: Secured Cards and Inquiries?

Anonymous — Sat, 05 Sep 2009 15:21:35 GMT

@Scuba wrote:
Hi

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line. Three inquiries for $1K over 10 months is not worth it unless you need a cc.

The inquiries that are a year old no longer count against FICO, so there is only 1 inquiry at the end which is calculating. After 2 years there is no record.

Re: Secured Cards and Inquiries?

clocktick — Sat, 05 Sep 2009 15:24:04 GMT

@Scuba wrote:
Hi

It was a hard inquiry (EX) to get turned down for an unsecurred card,

You can apply for the secured card without applying, and getting denied for, the unsecured card. This saves from having 2 inquiries in the beginning.

Re: Secured Cards and Inquiries?

Anonymous — Wed, 09 Sep 2009 23:17:59 GMT

I got a secured card from my credit union and I did not get a hard inquiry---they will only make an hard inquiry when you are ready to convert that to a regular unsecured credit card.

Re: Secured Cards and Inquiries?

Anonymous — Wed, 09 Sep 2009 23:35:37 GMT

@Anonymous wrote:
I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?

You will end up with at least one and possibly more than one hard INQ app'ing BofA for a secured card. Best route is to call the secured department at BofA directly and ask them. There may be a number in the backdoor thread.