topic Re: SECURED CC Question in General Credit Topics

SECURED CC Question

Anonymous — Fri, 22 Jan 2016 19:55:22 GMT

Does it matter to the 3 bureaus how secured cards report? For example, I know that the Capital One secured card reports to them as it being unsecured, but others report to them as being secured. Thanks!

Re: SECURED CC Question

gibeon — Fri, 22 Jan 2016 20:09:16 GMT

It does not matter to the CRA's or to your score.

It may (and that is a very slight may) matter if you have a manual review of an application, but it sure as heck hasn't hurt me any.

Re: SECURED CC Question

jacetx — Fri, 22 Jan 2016 20:09:24 GMT

@Anonymous wrote:
Does it matter to the 3 bureaus how secured cards report? For example, I know that the Capital One secured card reports to them as it being unsecured, but others report to them as being secured. Thanks!

It does not matter. It counts as a unsecured card regardless of how it is reported.

Re: SECURED CC Question

Anonymous — Fri, 22 Jan 2016 20:13:31 GMT

Thank you for your reply, do you have any personal experience with any secured cards (we have already been approved for Capital One secured) and are trying to find another secured card to apply for. Wells Fargo turned us down and encouraged us to open a savings account and try for the secured card again once we have a good standing account with them.

Re: SECURED CC Question

jacetx — Fri, 22 Jan 2016 20:16:57 GMT

@Anonymous wrote:
Thank you for your reply, do you have any personal experience with any secured cards (we have already been approved for Capital One secured) and are trying to find another secured card to apply for. Wells Fargo turned us down and encouraged us to open a savings account and try for the secured card again once we have a good standing account with them.

I'm not sure what your situation is but it would help if you would provide more information (scores, inquiries, baddies). Normally I would recommend to use the secured card for 6 months and then try prequal sites (Capital One, Amex, Citi).

Re: SECURED CC Question

Anonymous — Fri, 22 Jan 2016 20:20:39 GMT

Experian is 544, Eqifax530, TU 529 most baddies are medical. There are 2 utility bills that we didn't know we had and didn't get forwarded to our new address when we moved. We only have 1 postive which is a truck loan. Never late always on time.

Re: SECURED CC Question

gdale6 — Fri, 22 Jan 2016 20:20:59 GMT

Hi there OP,

I have removed your cross posted thread on this subject from the applications forum. Please refrain from posting the same topics in multi forums it can lead to confusion by the members and it isnt inline with our TOS. I thank you for your understanding on this

Re: SECURED CC Question

Anonymous — Fri, 22 Jan 2016 20:21:59 GMT

sorry wasnt sure where to post thanks.

Re: SECURED CC Question

jacetx — Fri, 22 Jan 2016 20:25:19 GMT

@Anonymous wrote:
Experian is 544, Eqifax530, TU 529 most baddies are medical. There are 2 utility bills that we didn't know we had and didn't get forwarded to our new address when we moved. We only have 1 postive which is a truck loan. Never late always on time.

Use the new card like I wrote previously and let your scores improve before you apply for anything else. Those collections, are they unpaid? Is there a way that you can PFD?

Re: SECURED CC Question

gibeon — Fri, 22 Jan 2016 20:25:57 GMT

@Anonymous wrote:
Thank you for your reply, do you have any personal experience with any secured cards (we have already been approved for Capital One secured) and are trying to find another secured card to apply for. Wells Fargo turned us down and encouraged us to open a savings account and try for the secured card again once we have a good standing account with them.

http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

That blog is great for figuring out the "deal" with a lot of secured cards.

Re: SECURED CC Question

Anonymous — Fri, 22 Jan 2016 20:32:25 GMT

yes unfortunately they are unpaid my husband had a heart attack in 2013 and he was in the hospital for quite a while, we had insurance but they didn't pay for everything. I am not sure if we can PFD on medical bills--I have asked the utility company twice if we can PFD and they told us no, that if we paid it it would just show a zero balance on the account.

Re: SECURED CC Question

gdale6 — Fri, 22 Jan 2016 20:33:45 GMT

@Anonymous wrote:
yes unfortunately they are unpaid my husband had a heart attack in 2013 and he was in the hospital for quite a while, we had insurance but they didn't pay for everything. I am not sure if we can PFD on medical bills--I have asked the utility company twice if we can PFD and they told us no, that if we paid it it would just show a zero balance on the account.

For unpaid medical debt that is reporting on your CR:

1. Call the OC and see if you qualify for Charity Care
2. If not then ask that they recall the collection in exchange for full payment
3. Send the reporting CA a PFD offer
4. Google the HIPAA Process and contact its creator for help

Re: SECURED CC Question

Anonymous — Fri, 22 Jan 2016 20:37:43 GMT

the medical debt has already left the originator and been sent to collections, can you advise if I should contact the OC and do the steps you provided, even though its been sent to collections. Does this restart the statue of limitations over once contact has been made to the originator? Or will it show anything on the CR?

Re: SECURED CC Question

gdale6 — Sat, 23 Jan 2016 00:16:30 GMT

@Anonymous wrote:
the medical debt has already left the originator and been sent to collections, can you advise if I should contact the OC and do the steps you provided, even though its been sent to collections. Does this restart the statue of limitations over once contact has been made to the originator? Or will it show anything on the CR?

Medical providers rarely sell their debt and they engage the collector to collect on their behalf. Yes you still follow the steps I have outlined. As far as the SOL just talking about a debt doesnt reset anything in some states a new agreement to pay and subsequent default would in others a payment resets if its not in total settlement of the account. You can look up your states laws on this.. The steps outlined are designed to have the collector removed from your CR.