topic Re: secured CC that reports to CRA but doesn't report that they are secured? in Credit Cards

Secured CC that reports to CRA but not as secured? UPDATE

Anonymous — Thu, 01 Apr 2010 02:28:43 GMT

I read in the Myfico education section that a secured CC is good way to build credit, but to make sure the one you get reports to all 3 CRA's, but also that it doesn't mention it is a secured CC.

So, anyone know of which secured CC's do both the above?

Thanks

-Vik

P.S I just got approved for BB Gold MC with a low CL, but I doubt I'll get aproved for another one so am looking for best secured cc option.

*UPDATE*

I thought it might be useful to post the info. I've gathered through research and from forum users regarding secured CC's that report to all 3 CRA's and whether or not they report as secured.

Local Credit Unions seem to be a popular choice for a secured card. From what I've read so far, most report to all CRA's , with possibility of becoming unsecured at a future date. You'll have to ask if they report as secured or not though.

Good Questions to Ask-
1. What is the minimum deposit?
2. Do you report to all CRA's?
3. Will it show as a secured CC on CR? ( if you're trying to build credit, it may not really matter how it reports, but it's nice to know)
4.Is it possible to become unsecured in future?
5. Is there a annual fee?
6. Is there a processing fee?

Citibank Secured CC

(info from forum user who has this card)

"I have a secured card with Citibank and it is reported as a regular CC to all CRAs. Hope this helps.The card unsecures* in 18 months and the amount you deposit earns 4.07% apy meanwhile (its a CD). Moreover, the AF is $29, and min. deposit of $200 is required. Please note that if you have a Bankrupcy on credit file then consider yourself declined already.
There, I shared everything I know about this card :-"

*You do need to apply for this card which means they will probably be looking at your CR

*Note: Unsecured is not guaranteed
---------------------------------------------

Public Savings Bank

*Note: This card does not become unsecured after a period of time

Taken directly from their website
   •   0% APR on purchases for 6 months
   •   Credit not a factor
   •   Choose your credit limit from $200 to $1500
   •   $0 fraud liability
   •   Build good credit - we report to all 3 major credit bureaus
   •   Friendly Customer Service
   •   Accepted where you see the MasterCard or Visa logo
   •   Free 24-hour online account access
   •   All applications accepted!
   •   Free Visa Rewards including auto collision damage and emergency card replacement

Qualification
Regardless of your credit or employment, you can be approved for a Public Savings Bank secured credit card when you meet these general guidelines:
a) you must be of legal age in the state of your residence, and
b) you must reside in the United States and have a valid social security number
c) we must be able to verify your identity
d) you must be able to fund your security deposit

Reports to CRA's
We report every month. You should see us on your credit report 30 days after the end of your first statement cycle.
This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account.
-----------------------------------------------

New Millennium

(info from forum users)

"look for New Millennium. They are a secured card that reports to all 3 and doesnt report as secured. They won't unsecure the card but its good to help rebuild. Interest is high though so PIF."

"New Millenium is a bad choice, it is very expensive, with no grace period and lots of fees."

Wells Fargo-

(info from forum user who has this card)
rosa29617- "I was told that Wells Fargo does not show up on the credit report as 'secured' ; however, I recently received my secured WF visa and after a month pulled my EQ score on myfico and saw that WF had 'secured' on there. I am disappointed by this especially since the WF rep told me over the phone that the account would not be listed as secured. It is possible that if I pull my report directly from EQ or TU and not from myfico, it may not have secured. I'm not sure. These cca are hard to guess sometimes. Do your research thoroughly if you want to avoid a card that shows up as 'secured."

------------------------------------------

From what I have read, you need to apply for and be accepted (not guaranteed) for the following Secured Cards below. They report to all CRA's, but also report as secured, however, has a possibility of becoming unsecured in the future.

If anyone has any of the following Secured Cards below and has experienced differently, your input would be appreciated.

US Bank
BOA
Orchard

Hope this helps!

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 02:13:02 GMT

If you just got a approved for unsecured card, you may qualify for others.

I think you should start rebuilding with 2 cards. If that is your only credit card, I would recomend getting another even if secured.? You can probably qualify for any secured card with a bank you have not burned. Don't get a bottom feeder card.

Re: secured CC that reports to CRA but doesn't report that they are secured?

llecs — Thu, 25 Mar 2010 03:02:14 GMT

FICO (and lenders, or at least IME) doesn't care if the cards reads as secured or not. I wouldn't worry about it.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 13:15:48 GMT

I just figured that if MyFico reccommended a secured card that doesn't actually report as one, there must be something to it.

I did find one the sepcificallly mentioned in their FAQ page that they reported to all 3 CRA's and also did not report anywhere that it is a secured card. That one was Peoples Saving Bank Secured CC

I have not found another at this time that mentions the latter as well yet. So again, if anyone knows of one please let me know.

I'm thinking that in the event of a hard pull, especially since I have no history with revolving credit, it is probably best to have a card that doesn't say anywhere that it is a secured card. Perhaps I am wrong.

In regards to qualifying for another unsecured: I only got $100 CL on my first approval in 10 yrs. I don't anticipate it being easy to get another one. Perhaps after I reciecve this new one and after using it for a bit smartly, will I be able to get others. Thus I think I'll try to get 2 secured CC in the meantime for a total of 3 cards to start rebuilding my credit.

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 15:19:52 GMT

I believe all the Prime banks will label them as secured (BofA, Wells Fargo, US Bank, & Citi) Try a local CU, Orchard bank, or Public Savings Bank if you want is to absolutely not show up as secured.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 15:33:43 GMT

@Anonymous wrote:
I believe all the Prime banks will label them as secured (BofA, Wells Fargo, US Bank, & Citi) Try a local CU, Orchard bank, or Public Savings Bank if you want is to absolutely not show up as secured.

Yes, as I stated above, Public Savings Bank does say in it's FAQ's that they do not report as a secured cc. I have a local CU with membership requirements based on locale only, so I think I will try them.

Thanks!

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 16:16:22 GMT

Going with a credit union is a good option. I recently opened a secured card through my credit union, and they report to all 3 credit bureaus and it will not show up as a secured card. The card also comes with no annual fee, balance transer fees and the rate that I was approved for was 9.25

I asked all the questions you asked and a ton more to make sure that it was the right card to apply for at the time, so you should do the same Good luck!

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 16:22:56 GMT

@Anonymous wrote:
Going with a credit union is a good option. I recently opened a secured card through my credit union, and they report to all 3 credit bureaus and it will not show up as a secured card. The card also comes with no annual fee, balance transer fees and the rate that I was approved for was 9.25

I asked all the questions you asked and a ton more to make sure that it was the right card to apply for at the time, so you should do the same Good luck!

Thanks Tiffanie, good to know.
-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 18:16:31 GMT

I have a secured card with Citibank and it is reported as a regular CC to all CRAs. Hope this helps.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 18:52:22 GMT

@Anonymous wrote:
I have a secured card with Citibank and it is reported as a regular CC to all CRAs. Hope this helps.

Perfect! Thanks for the info

Do you know if they will eventually unsecure?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 19:41:12 GMT

you're welcome.

The card unsecures in 18 months and the amount you deposit earns 4.07% apy meanwhile (its a CD). Moreover, the AF is $29, and min. deposit of $200 is required. Please note that if you have a Bankrupcy on credit file then consider yourself declined already.

There, I shared everything I know about this card :-D

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 19:32:57 GMT

look for New Millennium. They are a secured card that reports to all 3 and doesnt report as secured. They won't unsecure the card but its good to help rebuild. Interest is high though so PIF.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Thu, 25 Mar 2010 22:16:25 GMT

Public Savings Bank is a good choice. Decent terms and fees.

New Millenium is a bad choice, it is very expensive, with no grace period and lots of fees.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Fri, 26 Mar 2010 13:36:08 GMT

Thanks again everyone.

I'm on the fence about applying for a secured card as I'd rather not tie up my money.

I'm hoping with the 1 and only unsecured card I just got approved for, even though with a very low CL, will open up a door or two for applying for and getting approved for another unsecured CC, once I show a few months of smart usage.

Although I know seeking new credit can ding your CR, MyFico score simulator said that because I have no revolving accts. my score would rise If I got approved for one. I'll post back with an update for those in similar situations to let you know if that happens.

I have a 10 mo. old auto loan in excellent standing.

I have 1 collection over 3 yrs. old for an unpaid medical lab bill for $180

My scores to date are:

EQ- 632

TU- 655

MyFico Score Simulator range if I got approved for a Revolving Acct

EQ- 652 to 682

TU- 665 to 695

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Fri, 26 Mar 2010 14:28:39 GMT

I applied for a secured credit card with Citi and I was Denied, I was SHOCKED because I have held a checking account of over 8 years and two savings accounts for 5 years with them

Why would that happen??

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Fri, 26 Mar 2010 14:35:31 GMT

@Gypsystravels wrote:
I applied for a secured credit card with Citi and I was Denied, I was SHOCKED because I have held a checking account of over 8 years and two savings accounts for 5 years with them

Why would that happen??

How do your Credit Reports look? They do check them. I don't really think it matters if you have check/sav accts. with them or not. Also as stated above from ifinet, who has one: "If you have a BK consider yourself denied."

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Fri, 26 Mar 2010 14:51:37 GMT

Thank you for your reply but I don't have a BK.

I did have 6 collection accounts which where due to fall off a few months later (and they have).

I was just surprised that they would deny me. I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit. How can I start rebuilding my credit I am being denied a secured card? I do not wish to ask anyone do add me as a au at this point, any other options?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Fri, 26 Mar 2010 15:45:44 GMT

@Gypsystravels wrote:
Thank you for your reply but I don't have a BK.

I did have 6 collection accounts which where due to fall off a few months later (and they have).

I was just surprised that they would deny me. I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit. How can I start rebuilding my credit I am being denied a secured card? I do not wish to ask anyone do add me as a au at this point, any other options?

Unfortunately, they are not all guaranteed. I was just about to update my post with the info. I have gathered to date regarding secured CC's but if you need one that is guaranteed this one should work.

Public Savings Bank
*note: this cards do not become unsecured after a period of time

Taken directly from their website
   •   0% APR on purchases for 6 months
   •   Credit not a factor
   •   Choose your credit limit from $200 to $1500
   •   $0 fraud liability
   •   Build good credit - we report to all 3 major credit bureaus
   •   Friendly Customer Service
   •   Accepted where you see the MasterCard or Visa logo
   •   Free 24-hour online account access
   •   All applications accepted!
   •   Free Visa Rewards including auto collision damage and emergency card replacement

Qualification
Regardless of your credit or employment, you can be approved for a Public Savings Bank secured credit card when you meet these general guidelines:
a) you must be of legal age in the state of your residence, and
b) you must reside in the United States and have a valid social security number
c) we must be able to verify your identity
d) you must be able to fund your security deposit

Reports to CRA's
We report every month. You should see us on your credit report 30 days after the end of your first statement cycle.
This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account.

Good Luck

-Vik

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Tue, 30 Mar 2010 19:30:18 GMT

New Millennium now has a grace period. YAY!!! Plus you can now pay your bill online without a fee. Hip hip hooray!!!!! I am so glad I went ahead and got the Mastercard and Visa credit cards from New Millenium. They actually posted to my credit reports before I received the cards. Talk about fast service. Yeah...the interest rate is high, but long as you pay your full balance you want be charged any interest. One of the best things about the card is they do not check credit so you don't get hit for a hard pull inquiry.

Re: secured CC that reports to CRA but doesn't report that they are secured?

Anonymous — Tue, 30 Mar 2010 19:48:45 GMT

@Gypsystravels wrote:
Thank you for your reply but I don't have a BK.

I did have 6 collection accounts which where due to fall off a few months later (and they have).

I was just surprised that they would deny me. I was under the impression that a secured card was GUARANTEED!!!

I currently have a car loan which I have had for about 10 months, other than that, no other credit. How can I start rebuilding my credit I am being denied a secured card? I do not wish to ask anyone do add me as a au at this point, any other options?

Sorry to hear about your denial. I'm interested in applying even though I burned them on an unpaid charge-off 10 years ago. I've read they don't blacklist so I might give them a shot down the road when my scores improve. Any idea which bureau they pulled for you?

topic Re: secured CC that reports to CRA but doesn't report that they are secured? in Credit Cards

Secured CC that reports to CRA but not as secured? *UPDATE*

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Re: secured CC that reports to CRA but doesn't report that they are secured?

Secured CC that reports to CRA but not as secured? UPDATE