I read in the Myfico education section that a secured CC is good way to build credit, but to make sure the one you get reports to all 3 CRA's, but also that it doesn't mention it is a secured CC.
So, anyone know of which secured CC's do both the above?
Thanks
-Vik
P.S I just got approved for BB Gold MC with a low CL, but I doubt I'll get aproved for another one so am looking for best secured cc option.
*UPDATE*
I thought it might be useful to post the info. I've gathered through research and from forum users regarding secured CC's that report to all 3 CRA's and whether or not they report as secured.
Local Credit Unions seem to be a popular choice for a secured card. From what I've read so far, most report to all CRA's , with possibility of becoming unsecured at a future date. You'll have to ask if they report as secured or not though.
Good Questions to Ask-
1. What is the minimum deposit?
2. Do you report to all CRA's?
3. Will it show as a secured CC on CR? ( if you're trying to build credit, it may not really matter how it reports, but it's nice to know)
4.Is it possible to become unsecured in future?
5. Is there a annual fee?
6. Is there a processing fee?
Citibank Secured CC
(info from forum user who has this card)
"I have a secured card with Citibank and it is reported as a regular CC to all CRAs. Hope this helps.The card unsecures* in 18 months and the amount you deposit earns 4.07% apy meanwhile (its a CD). Moreover, the AF is $29, and min. deposit of $200 is required. Please note that if you have a Bankrupcy on credit file then consider yourself declined already.
There, I shared everything I know about this card :-"
*You do need to apply for this card which means they will probably be looking at your CR
*Note: Unsecured is not guaranteed
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Public Savings Bank
*Note: This card does not become unsecured after a period of time
Taken directly from their website
• 0% APR on purchases for 6 months
• Credit not a factor
• Choose your credit limit from $200 to $1500
• $0 fraud liability
• Build good credit - we report to all 3 major credit bureaus
• Friendly Customer Service
• Accepted where you see the MasterCard or Visa logo
• Free 24-hour online account access
• All applications accepted!
• Free Visa Rewards including auto collision damage and emergency card replacement
Qualification
Regardless of your credit or employment, you can be approved for a Public Savings Bank secured credit card when you meet these general guidelines:
a) you must be of legal age in the state of your residence, and
b) you must reside in the United States and have a valid social security number
c) we must be able to verify your identity
d) you must be able to fund your security deposit
Reports to CRA's
We report every month. You should see us on your credit report 30 days after the end of your first statement cycle.
This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account.
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New Millennium
(info from forum users)
"look for New Millennium. They are a secured card that reports to all 3 and doesnt report as secured. They won't unsecure the card but its good to help rebuild. Interest is high though so PIF."
"New Millenium is a bad choice, it is very expensive, with no grace period and lots of fees."
Wells Fargo-
(info from forum user who has this card)
rosa29617- "I was told that Wells Fargo does not show up on the credit report as 'secured' ; however, I recently received my secured WF visa and after a month pulled my EQ score on myfico and saw that WF had 'secured' on there. I am disappointed by this especially since the WF rep told me over the phone that the account would not be listed as secured. It is possible that if I pull my report directly from EQ or TU and not from myfico, it may not have secured. I'm not sure. These cca are hard to guess sometimes. Do your research thoroughly if you want to avoid a card that shows up as 'secured."
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From what I have read, you need to apply for and be accepted (not guaranteed) for the following Secured Cards below. They report to all CRA's, but also report as secured, however, has a possibility of becoming unsecured in the future.
If anyone has any of the following Secured Cards below and has experienced differently, your input would be appreciated.
US Bank
BOA
Orchard
Hope this helps!
-Vik
6/09: 550's
I just figured that if MyFico reccommended a secured card that doesn't actually report as one, there must be something to it.
I did find one the sepcificallly mentioned in their FAQ page that they reported to all 3 CRA's and also did not report anywhere that it is a secured card. That one was Peoples Saving Bank Secured CC
I have not found another at this time that mentions the latter as well yet. So again, if anyone knows of one please let me know.
I'm thinking that in the event of a hard pull, especially since I have no history with revolving credit, it is probably best to have a card that doesn't say anywhere that it is a secured card. Perhaps I am wrong.
In regards to qualifying for another unsecured: I only got $100 CL on my first approval in 10 yrs. I don't anticipate it being easy to get another one. Perhaps after I reciecve this new one and after using it for a bit smartly, will I be able to get others. Thus I think I'll try to get 2 secured CC in the meantime for a total of 3 cards to start rebuilding my credit.
-Vik
@Anonymous wrote:I believe all the Prime banks will label them as secured (BofA, Wells Fargo, US Bank, & Citi) Try a local CU, Orchard bank, or Public Savings Bank if you want is to absolutely not show up as secured.
Yes, as I stated above, Public Savings Bank does say in it's FAQ's that they do not report as a secured cc. I have a local CU with membership requirements based on locale only, so I think I will try them.
Thanks!
-Vik
Going with a credit union is a good option. I recently opened a secured card through my credit union, and they report to all 3 credit bureaus and it will not show up as a secured card. The card also comes with no annual fee, balance transer fees and the rate that I was approved for was 9.25
I asked all the questions you asked and a ton more to make sure that it was the right card to apply for at the time, so you should do the same 
Good luck!
@Anonymous wrote:Going with a credit union is a good option. I recently opened a secured card through my credit union, and they report to all 3 credit bureaus and it will not show up as a secured card. The card also comes with no annual fee, balance transer fees and the rate that I was approved for was 9.25
I asked all the questions you asked and a ton more to make sure that it was the right card to apply for at the time, so you should do the same
Thanks Tiffanie, good to know.
-Vik
@Anonymous wrote:I have a secured card with Citibank and it is reported as a regular CC to all CRAs. Hope this helps.
Perfect! Thanks for the info
Do you know if they will eventually unsecure?