How Do I know Secured Cards won't Show as Secured on Credit Reports ?

[Ms-Kato]

Hi Everyone

I'm looking to get my scores higher so I can buy a house at better rates.

I have old CC's listed as CO's or Paid off and closed by me (Stupid I know..I didn't know any better ) and

some CA's that were also paid off. I have 3 open CA's showing that I plan on taking care of in a few weeks to a month.

So I'm afraid to apply for an unsecured card and getting denied and think I'm

better off trying for a secured card.

So How Do I know Secured Cards won't Show as Secured on Credit Reports ?

Another thing..I belong to a credit union  ( NEA FCU ) and was wondering being I have an account with them with over $11,000.00 in the

checking/saving....Will I have a good chance of getting a unsecured card thru them even tho my report shows bad with late payment history 

or should I just stick with trying to get a secured card ?

Being they are Visa Cards ...Who actually does the credit check..Visa or the credit union ?

Thanks for your time.

They offer ..My Credit Union

	APR	Platinum APR
Visa Card	12.00%	10.80%
Visa Cash Advance	15.00%	13.50%
Signature/Unsecured	10.9% {Floor} Variable based on Credit Score

[manyquestions]

 It does not matter for fico score whether a card reports as secured or unsecured.  But if it matters to you, Orchard reports as unsecured.

Your credit union will be the ones doing a credit check if you apply for a card from them, not VISA.  VISA is the network that processes the payments.

[Ms-Kato]

Thanks so much for the timely reply

One more question...If I apply for a mortgage.. wouldn't the lender take it into

account that a secured CC is a bad thing as oppose to an unsecured CC ?

Thanks again !

[manyquestions]

 What they care about is income, and have you demonstrated that you can handle credit and make on-time payments. That's the kind of thing they want to see history of.  Car loans are secured, mortgages are secured, some cards are secured.  People sometimes muck up all those things.  So it is proving something if you have a history of good performance.

[Smug]

Mine showed a secured on my reports.

[Wolf3]

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@Smug wrote:
Mine showed a secured on my reports.

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Which card?

[Wolf3]

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@Bluerain wrote:

Hi Everyone

I'm looking to get my scores higher so I can buy a house at better rates.

I have old CC's listed as CO's or Paid off and closed by me (Stupid I know..I didn't know any better ) and

some CA's that were also paid off. I have 3 open CA's showing that I plan on taking care of in a few weeks to a month.

So I'm afraid to apply for an unsecured card and getting denied and think I'm

better off trying for a secured card.

So How Do I know Secured Cards won't Show as Secured on Credit Reports ?

Another thing..I belong to a credit union  ( NEA FCU ) and was wondering being I have an account with them with over $11,000.00 in the

checking/saving....Will I have a good chance of getting a unsecured card thru them even tho my report shows bad with late payment history 

or should I just stick with trying to get a secured card ?

Being they are Visa Cards ...Who actually does the credit check..Visa or the credit union ?

Thanks for your time.

They offer ..My Credit Union

	APR	Platinum APR
Visa Card	12.00%	10.80%
Visa Cash Advance	15.00%	13.50%
Signature/Unsecured	10.9% {Floor} Variable based on Credit Score

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I would start with your credit union, and see what you can get.

Among major banks, Captial One is my recomnendation.   They don't report as secured (IMO, this matters very little). 

[haulingthescoreup]

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@Bluerain wrote:

Thanks so much for the timely reply

One more question...If I apply for a mortgage.. wouldn't the lender take it into

account that a secured CC is a bad thing as oppose to an unsecured CC ?

Thanks again !

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A secured card isn't specifically a "bad thing".

Many people new to credit have them as well as rebuilders.

They're scored the same by FICO, so no worries there.

Do realize that mortgage lenders see everything, and I mean everything, when it comes to oddities on credit reports. A secured card is pretty small beans in comparison.

[cashnocredit]

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@Bluerain wrote:

Thanks so much for the timely reply

One more question...If I apply for a mortgage.. wouldn't the lender take it into

account that a secured CC is a bad thing as oppose to an unsecured CC ?

Thanks again !

---

Like others have said. Having secured CCs is not viewed as a "bad thing" except by lots of consumers that see "secured" as a sort of scarlet letter. By definition the security deposit represents savings and mortgage lenders LOVE seeing savings. Just keep the Util low.  And they are gonna go through your financials from one end to the other.

How do I know? I got a 400k mortgage with 2 secured CCs that reported as secured, a 1k OD LOC in spite of a paid tax lien and old CAs. And all three CLs were less than a year old. And this was in 2009 - not exactly prime loan getting time.

BTW, the CCs are now unsecured.

[Ms-Kato]

So even with a secured card they will go through my financials from one end to the other even tho my bank account has over 11g's in it ?