topic Re: Secured Cards in Credit Cards

Secured Cards

Anonymous — Sun, 11 Mar 2012 22:30:58 GMT

I am getting a secured card to help with my credit and wondered if they report as secured on the credit bureaus?

Re: Secured Cards

TeeandDee — Sun, 11 Mar 2012 22:32:49 GMT

I have a Capital One Secured card and it reports to all three. From reading the forums, I think most of the other's do as well.

Re: Secured Cards

Repo-ed — Sun, 11 Mar 2012 22:33:41 GMT

I'm looking for my secured card to start reporting soon, so that I can find out.

Re: Secured Cards

Anonymous — Sun, 11 Mar 2012 22:33:53 GMT

will it say secured on my credit files or will me and the bank only know its secured?

Re: Secured Cards

TeeandDee — Sun, 11 Mar 2012 22:35:18 GMT

@doddo72 wrote:
will it say secured on my credit files or will me and the bank only know its secured?

No, the Capital One Secured card shows up as a normal credit card. Only you and Capital One know it's a secured card.

Re: Secured Cards

LS2982 — Sun, 11 Mar 2012 22:36:59 GMT

@doddo72 wrote:
I am getting a secured card to help with my credit and wondered if they report as secured on the credit bureaus?

Most of them do, Cap1 will report to all 3 for sure.

Re: Secured Cards

LS2982 — Sun, 11 Mar 2012 22:37:28 GMT

@doddo72 wrote:
will it say secured on my credit files or will me and the bank only know its secured?

Cap1 will say "Credit Card" not secured.

Re: Secured Cards

Anonymous — Sun, 11 Mar 2012 22:39:18 GMT

ok good because I was going to get the nfcu secured card and I dont want it to say secured on my credit file.

Re: Secured Cards

LS2982 — Sun, 11 Mar 2012 22:40:22 GMT

@doddo72 wrote:
ok good because I was going to get the nfcu secured card and I dont want it to say secured on my credit file.

Not sure about that one, one of the myFICO members here should be able to chime in on that.

Re: Secured Cards

haulingthescoreup — Sun, 11 Mar 2012 22:50:16 GMT

Some show on your reports as secured; some do not.

FWIW, it's not that big a deal, or shouldn't be. (Easy for me to say, I know.) Plenty of people have to have a secured card, often for something as simple as not really having any other credit, and therefore having to start somewhere.

And you didn't ask this, but for anyone else wondering, secured vs non-secured has no impact on FICO scores.

Re: Secured Cards

LS2982 — Sun, 11 Mar 2012 23:05:58 GMT

@haulingthescoreup wrote:
Some show on your reports as secured; some do not.

FWIW, it's not that big a deal, or shouldn't be. (Easy for me to say, I know.) Plenty of people have to have a secured card, often for something as simple as not really having any other credit, and therefore having to start somewhere.

And you didn't ask this, but for anyone else wondering, secured vs non-secured has no impact on FICO scores.

Re: Secured Cards

Repo-ed — Sun, 11 Mar 2012 23:46:06 GMT

Good to know, thanks as always.