For anyone who has experience with secured credit cards:
I am spending the next twelve months building my credit history in order to purchase a home next year. I have zero "baddies" in my past, but I also have an extrememly thin history. I am planning to get a secured card in order to add a trade line to my report and improve my credit/debt ratio.
I am thinking of going with a secured card through LBS Financial Credit Union (I live in Long Beach, CA). I will pay no annual fee with them, and I will make relatively decent interest on the $ I put into the collateral account. They have told me that the card will show on my credit report, but they were unable to answer me when I asked if the card would show as "secured".
If anyone has any experience with a secured card through LBS, I would *love* to hear from you.
For anyone who has experience with a different secured card: Other than re-ordering my FICO reports, is there any way I could monitor to see if the card is reporting, if it is reporting as secured, and how it is affecting my credit?
Any suggestions would be greatly appreciated...
