BofA Secured Reporting As...?

[Vivid]

From what I've read the card reports as secured now? Im ok with that as long as they change it after its unsecured. Do they Change it? Is it the same TL...No indication of secured after its unsecured?

[slicemans]

Why do people worry so much about reporting as secured card? Yes, it changes.

[polecat87]

---

@slicemans wrote:

Why do people worry so much about reporting as secured card? Yes, it changes.

---

+1 Yeah I've heard people balk at a secured card simply because it reports secured even though they have a First Premier or Credit One in their wallet. As if a credit analyst looking to underwrite is  going to look unfavorably on a secured card by a prime issuer (like Bank of America) which is actually more selective than the "First Premier Superduper Premium  Select Gold Deluxe Card" which takes anyone with a pulse and a social security number.

[Erusidhion]

        There really is nothing negative about a secured credit card. You offered your own collateral in good will to be able to prove yourself to them and others that may be revieweing your credit report at some point in the future to grant you an unsecured line of credit. What a lot of people may not know; is that on some secured credit cards (even if they charge you an over the limit fee for doing so); you can charge quite a bit above your credit limit. So in reality, they have as much skin in it as you to trust you not to do that. I personally think it looks better when you have a secured card.

        I started with a $49/$200 limit Capital One Secured card that increased $300 at the sixth statement. I also had a $500 limit Wells Fargo Secured card that is at six months now as well. It allowed me to have a credit score of 700+ in all 3 CRAs (clean reports) and get 4 unsecured cards and a counter offer for a really great Bank of America Secured card, $99.00 for $500.00 line of credit (with rewards!) that graduates in 5-12 months.

        On time payments, low utilization and time is all you need to get the best cards out there. In some cases income may apply but there's been posts of 12k annual income getting 5k+ limit cards. Secured Credit cards are just the beginning to better cards. It's a necessary evil but it gives you the best chance to prove yourself these days.

        Good luck in your credit journey! Between here and Creditboards; you will have all the information you need to succeed! Now it just comes down to self control and not maxing out your credit :-P Coming up with a monthly budget showing where every cent of your money goes is eye opening as well. Baby steps!