Best "secured" CC?

[Anonymous]

Thanks for the quick response, stef!

Since the 99/500 is partially secured, does this mean

that it reports as unsecured? With 5 to 1 leverage I cant

imagine this card reporting as secured. Thanks!

CanDo

"The right attitude is everything"

[Anonymous]

Not sure on that one. Mine is totally secured and reports as such. Sorry!

[Anonymous]

That is the route I took (Bank of America). 09/06 I deposited $1,000 into the secured card and now I have a $15,000 limit. Great card.

Message Edited by RGordon on 04-25-2008 08:01 PM

[Anonymous]

Took me 8 months for it to be unsecured.

[Anonymous]

I have 2k on mine since this past August and have cleaned my credit up alot. Hopefully soon they will take the training wheels off. I've taken good care of it.

edit: can't spell today

Message Edited by stef37 on 04-25-2008 05:01 PM

[Anonymous]

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Jayleesmimi wrote:

I am in the process of cleaning up my credit. However this time,  the  question is for  my daughter. She wants to start building some credit for herself.  Since the "authorized" credit will be done away with what is the best secured card out the there?  We would prefer to have one that does not show "secured" on the reporting. 

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I don't know if you can tell or not mimi, but alot of us like the BoA card.

Even though mine reports as secured, it hasn't seemed to hinder me. (I finally got my first Chase card!!)

My credit was pretty awful too when I applied. I jumped the gun and app'd before trying to clean up first. But, it's ok, it's helped me.

[Anonymous]

my bofa 99/500 shows as secured card in the credit report

[Anonymous]

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@Anonymous wrote:

Thanks for the quick response, stef!

Since the 99/500 is partially secured, does this mean

that it reports as unsecured? With 5 to 1 leverage I cant

imagine this card reporting as secured. Thanks!

CanDo

"The right attitude is everything"

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It shouldn't matter if it reports like that. It will help in the long run either way.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thanks for the quick response, stef!

Since the 99/500 is partially secured, does this mean

that it reports as unsecured? With 5 to 1 leverage I cant

imagine this card reporting as secured. Thanks!

CanDo

"The right attitude is everything"

---

It shouldn't matter if it reports like that. It will help in the long run either way.

---

Agreed.  Remember that the "secured" designation, in and of itself, has no effect on FICO.  As far as manual review with future creditors, yes, they will see the designation, but as I've said before, any lender who doesn't understand that a secured card is a very wise way to help establish and/or rebuild one's credit, and would therefore hold that against you, is probably not a lender you want to do business with anyway.

[Jesedmotherof5]

just dont use wells fargo... i have three for the biz and it does not report or convert.... yeah they lied to me