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Secured Card questions

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Secured Card questions

Hi FICO Forums!

A few questions about secured credit cards. I'm (obviously) rebuilding my credit. My question are, which cards report as secured? Am I better off spacing out the opening of my cards over a few month or all at once or does it matter? Which secured lines are the best (looking at Cap1, WF, BoA, etc)

Thanks!
Message 1 of 6
5 REPLIES 5
Senior Contributor

Re: Secured Card questions

Might as well do it all at once if you can, spacing out would keep changing your average age of accounts lower

Message 2 of 6
Senior Contributor

Re: Secured Card questions


@ALHondaGuy wrote:
Hi FICO Forums!

A few questions about secured credit cards. I'm (obviously) rebuilding my credit. My question are, which cards report as secured? Am I better off spacing out the opening of my cards over a few month or all at once or does it matter? Which secured lines are the best (looking at Cap1, WF, BoA, etc)

Thanks!

I don't think how they report is very important.

 

Cap1 is good for rebuilding. They add unsecured CL.

HSBC (Household or Orchard) is also good. 

Both report as normal cards.

 

WF, BOA, Citi, USBank are hard to get for rebuilders, so depends on how bad your credit is.   Most of these report as secured.

 

  


 

Message 3 of 6
Senior Contributor

Re: Secured Card questions


@Wolf3 wrote:

@ALHondaGuy wrote:
Hi FICO Forums!

A few questions about secured credit cards. I'm (obviously) rebuilding my credit. My question are, which cards report as secured? Am I better off spacing out the opening of my cards over a few month or all at once or does it matter? Which secured lines are the best (looking at Cap1, WF, BoA, etc)

Thanks!

I don't think how they report is very important.

 

Cap1 is good for rebuilding. They add unsecured CL.

HSBC (Household or Orchard) is also good. 

Both report as normal cards.

 

WF, BOA, Citi, USBank are hard to get for rebuilders, so depends on how bad your credit is.   Most of these report as secured.

 

  


 


When you say they report aas secured, is that ipact fico scoring natively? or just manual review

Message 4 of 6
Senior Contributor

Re: Secured Card questions


@john398 wrote:

@Wolf3 wrote:

@ALHondaGuy wrote:
Hi FICO Forums!

A few questions about secured credit cards. I'm (obviously) rebuilding my credit. My question are, which cards report as secured? Am I better off spacing out the opening of my cards over a few month or all at once or does it matter? Which secured lines are the best (looking at Cap1, WF, BoA, etc)

Thanks!

I don't think how they report is very important.

 

Cap1 is good for rebuilding. They add unsecured CL.

HSBC (Household or Orchard) is also good. 

Both report as normal cards.

 

WF, BOA, Citi, USBank are hard to get for rebuilders, so depends on how bad your credit is.   Most of these report as secured.

 

  


 


When you say they report aas secured, is that ipact fico scoring natively? or just manual review


No impact on FICO score.   Only manual review and having a secured card is not a negative thing.

Message 5 of 6
Senior Contributor

Re: Secured Card questions


@Wolf3 wrote:

@john398 wrote:

@Wolf3 wrote:

@ALHondaGuy wrote:
Hi FICO Forums!

A few questions about secured credit cards. I'm (obviously) rebuilding my credit. My question are, which cards report as secured? Am I better off spacing out the opening of my cards over a few month or all at once or does it matter? Which secured lines are the best (looking at Cap1, WF, BoA, etc)

Thanks!

I don't think how they report is very important.

 

Cap1 is good for rebuilding. They add unsecured CL.

HSBC (Household or Orchard) is also good. 

Both report as normal cards.

 

WF, BOA, Citi, USBank are hard to get for rebuilders, so depends on how bad your credit is.   Most of these report as secured.

 

  


 


When you say they report aas secured, is that ipact fico scoring natively? or just manual review


No impact on FICO score.   Only manual review and having a secured card is not a negative thing.


+1

 

There are reasons why even people with excellent credit would have a secured card or two in their portfolio.  Nothing to be worried about.

IAALBNYL
Message 6 of 6
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