Schools First CU Secured Cardholder, Please come in!

[revivemycredit]

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@kampfer09 wrote:
It reports as a regular CC not secured.

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wow that is great! i spoke with a loan officer today from schoolsfirst and he said that he just actually reviewed an experian credit report for a member that also has a secured visa and pulled up the report again to see how it's actually reporting to CRA. he stated that there's only a minor/not so conspicuous remark on the type of account as CLS. he said he's never really noticed that before for that 10 yrs. he's been doing that. he said that it's just their computer interface/software that is linked with experian that is able to view the account as CLS. it isn't marked with a conspicuous "secured" credit card mark like others.

[revivemycredit]

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@SunriseEarth wrote:

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@revivemycredit wrote:

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@kampfer09 wrote:
It reports as a regular CC not secured.

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thank you so much for you input! it's funny because i just returned from a nearby branch and opened a $500 certificate-secured loan for 12 months. then when she gave me my $500 cash that i just handed her, i immediately told her that i'm going to open a secured visa with that $500. please tell me i did the right thing! lol

i needed/wanted an installment loan to appear on my credit report, and getting a secured visa with no hard inquiry and zero AF isn't too bad either. 

thanks again! 

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If it helped you get the secured CC, maybe it was worth it.  However, I'm of the opinion that's it's not best to take an unnecessary loan for the sole purpose of having credit diversity.   The typical HP and hit to AAoA could offset the diversity points.  However, if you got the CC and the loan under the same HP, that helps.  

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thanks for your input as well! there were zero HP for either the secured loan and secured CC. i was aware of the hit on the AAoA, but that was to be expected also when all that was on my report were only negative tradelines... all 9 of them, i've gotten 6 deleted so far. i was ready to take a hit on AAoA once each deletion occured. 

i now have 3 secured CC, an Express card and a secured loan. These positive tradelines are all only <4 mos. old.

baby steps, i guess. i would've love a BOA secured with rewards and or a Discover secured, but BOA has already denied me last month.  

[SunriseEarth]

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@revivemycredit wrote:

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@SunriseEarth wrote:

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@revivemycredit wrote:

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@kampfer09 wrote:
It reports as a regular CC not secured.

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thank you so much for you input! it's funny because i just returned from a nearby branch and opened a $500 certificate-secured loan for 12 months. then when she gave me my $500 cash that i just handed her, i immediately told her that i'm going to open a secured visa with that $500. please tell me i did the right thing! lol

i needed/wanted an installment loan to appear on my credit report, and getting a secured visa with no hard inquiry and zero AF isn't too bad either. 

thanks again! 

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If it helped you get the secured CC, maybe it was worth it.  However, I'm of the opinion that's it's not best to take an unnecessary loan for the sole purpose of having credit diversity.   The typical HP and hit to AAoA could offset the diversity points.  However, if you got the CC and the loan under the same HP, that helps.  

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thanks for your input as well! there were zero HP for either the secured loan and secured CC. i was aware of the hit on the AAoA, but that was to be expected also when all that was on my report were only negative tradelines... all 9 of them, i've gotten 6 deleted so far. i was ready to take a hit on AAoA once each deletion occured. 

i now have 3 secured CC, an Express card and a secured loan. These positive tradelines are all only <4 mos. old.

baby steps, i guess. i would've love a BOA secured with rewards and or a Discover secured, but BOA has already denied me last month.  

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Good work.  I'm also of the opinion that you need "good credit" to help dilute "bad credit."   And yes, no HPs is a great way to do it!  Just garden these new TLs for a while and a lot more credit opportunities will open up to you.