First Progress or OpenSky?

[CreditDrama85]

i was thinking about adding another card. my scores are rising but i still have baddies. do both report as secured? has anyone gotten a credit line increase from FP or OpenSky without adding additional security deposit? 

[-Wade-]

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@CreditDrama85 wrote:

i was thinking about adding another card. my scores are rising but i still have baddies. do both report as secured? has anyone gotten a credit line increase from FP or OpenSky without adding additional security deposit? 

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On the OpenSky the only way to get an increase is additional security deposit ! Also you have to pay 20 or 25 dollar fee to add it! The FP I don't know anything about it.

[-Wade-]

OpenSky 

CAN I INCREASE MY CREDIT LIMIT?

Yes. You can request a credit line increase at any time by calling our Customer Care Representatives.Upon approval you will receive instructions on how to send the additional security deposit needed to fund the increase to your credit line.  You may also be assessed a fee to obtain the increased credit limit, see our current fee schedule for this fee amount.  You should be aware that we do not allow for charges that will cause your credit limit to be exceeded.  If you are at your limit and a new purchase will cause the limit to go over your approved limit, the new transaction will be denied.

All credit lines are subject to underwriting approval.

[user5387]

You might look at the SDFCU secured Visa.

[-Wade-]

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@user5387 wrote:

You might look at the SDFCU secured Visa.

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Great idea, I am a member of SDFCU and their secured card APR 6.99% if I remember right

[CreditDrama85]

thanks i will look into it and see what membership requirements are

[-Wade-]

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@CreditDrama85 wrote:

thanks i will look into it and see what membership requirements are

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It's very easy to become a member didn't cost me a penny

[Anonymous]

i wouldn't worry about whether or not a secured card reports as "secured" or not on your CR. If you look at my signature, ALL cards pictured were obtained with two secured cards reporting as secured. 

From a FICO perspective, I think the effect of a secured card reporting as secured is negligible. It might not even have any effect at all (I think the fallacy comes from secured installment bank loans which do get scored a little differently than unsecured ones). So when you apply for a credit card or loan and the computer is computing whether to approve (based on FICO/internal scoring) I don't think a secured card listed as secured is going to ruin your chances of acceptance. As for manual underwriting, I don't think a flesh-and-bone underwriter is going to care all that much whether a card is secured vs. unsecured. They are going to be much more concerned about any baddies, age of accounts, and definitely utilization. If it gets to the point where they are looking at the quality of your open accounts, they would probably look much more unfavorably on sub-sub-prime accounts (First Premier/Credit One) and store cards with extreme toy limts of $200 than they would any secured accounts. The former screams out "this person is desperate for credit" while the later says, "this person is trying to fix their credit and invested cash to help them do that". Just my life lessons learned from the School of Hard Knocks...

[CreditDrama85]

i agree the notation of secured has no effect. i was asking because eventhough i have paid most of my debts, i wouldnt want a third party to see the notation of secured and attack the collateral in the event there was a judgment and i decided not to pay the third party creditor might attack the account if it showed secured but they would have no idea there was potential $ there if it didn't read secured.

[-Wade-]

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@Wade64 wrote:

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@CreditDrama85 wrote:

thanks i will look into it and see what membership requirements are

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It's very easy to become a member didn't cost me a penny

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You may join SDFCU if you are an employee of The Department of State or one of the following organizations. Additionally, as a consumer, you may be eligible to join our credit union through the American Consumer Council (ACC), a nonprofit advocacy group. When opening your SDFCU account you will need to choose ACC on your application.