topic Re: Secured Credit Card Flagging in Credit Cards

Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 17:47:22 GMT

I'm looking to rebuild my credit so I can expand my business and I'm looking at a Secured Credit Card, I read on Bankrate that you should ask if they flag their report to the credit bureaus as a secured card, all the places I've talked to do.

Does anyone know of a credit card company that offers a secured credit card that doesn't flag their reports as a secured credit card?

Thanks

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 17:56:52 GMT

Capital One

HSBC (Orchard Bank, Household Bank, HSBC)

USAA

Credit Unions

Public Savings Bank

PNC Bank

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 18:02:04 GMT

I talked to my credit union and they do report it flagged as a secured card, but thanks for the list, I'll talk to these guys.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 18:09:09 GMT

@Anonymous wrote:
I talked to my credit union and they do report it flagged as a secured card, but thanks for the list, I'll talk to these guys.

I'm sure there are other credit unions in your area

http://creditunionaccess.com/

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 18:31:28 GMT

that's fair, thanks for the help

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 18:57:50 GMT

Who have you talked to that reports as secured?

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:11:34 GMT

Telhio and Wellsfargo, a few others but I didn't write them down.

Looking at the few I've rated, Capitol One is pretty up there. I think we'll be going with them.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:14:38 GMT

Cap 1 is good choice.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:20:50 GMT

While we're on the topic, the lady at the bank I was at said that it's better not to pay the full balance every month, but rather leave $5 in the account. Do you guys have an opinion on that?

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:23:33 GMT

The lady at the bank wants to make a lot of money off of you. PIF every month if you can. otherwise you are paying a lot of interest (banks gain, your loss).

IMO, it is important to use the card every month during rebuilding.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:25:35 GMT

Well she said only to leave like $5 in so there would be little interest and that it was better for building credit but gave no sound reasoning, nor did I ask, I was focused on other things at the time.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:27:41 GMT

It does not help your credit at all. Her bonus pay will be better.

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:31:07 GMT

She wasn't trying to set me up with an account with them though (at least not openly), I had gone in with my Business plan to talk about a loan but my credit stopped me so we got talking about how to fix it. Is there really no valid reason for leaving a small amount in the account every month?

Re: Secured Credit Card Flagging

MarineVietVet — Tue, 10 Aug 2010 19:34:19 GMT

@Anonymous wrote:
She wasn't trying to set me up with an account with them though (at least not openly), I had gone in with my Business plan to talk about a loan but my credit stopped me so we got talking about how to fix it. Is there really no valid reason for leaving a small amount in the account every month?

No reason at all. The CCC's know you've used your card during the month. You never have to leave a balance. That only causes unnecessary interest to be charged.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772

You can do the same thing with hard work

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:36:11 GMT

Ok, thank you guys very much

Re: Secured Credit Card Flagging

Anonymous — Tue, 10 Aug 2010 19:37:52 GMT

@Anonymous wrote:
She wasn't trying to set me up with an account with them though (at least not openly), I had gone in with my Business plan to talk about a loan but my credit stopped me so we got talking about how to fix it. Is there really no valid reason for leaving a small amount in the account every month?

It is a common myth. I think the banking industry keeps spreading it to improve their profits. I suspect a lot of bank employees don't even know it is false.

Re: Secured Credit Card Flagging

LynnBushea — Tue, 10 Aug 2010 22:00:44 GMT

I have a secured card with navy federal and they do not report the card as secured.

Re: Secured Credit Card Flagging

Datx — Tue, 10 Aug 2010 22:27:05 GMT

But wouldnt the navy federal secured card require membership with them in order to be approved?

Re: Secured Credit Card Flagging

MarineVietVet — Tue, 10 Aug 2010 22:38:50 GMT

Let me clarify my previous post.

I said there: You never have to leave a balance.

I should have said that a balance should never be carried forward from month to month. You need to have a small balance show on your monthly statement because FICO does not like to see all zero balances but any balance should be PIF each month before the due date to avoid finance charges.

Hopefully this is a better explanation.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772

You can do the same thing with hard work