Secured credit card (VISA) is No Credit Check

[Anonymous]

Greater Texas Federal Credit Union secured Visa is obtained with no credit check. It reports monthly to Equifax and Experian as unsecured but does not report at all to Trans Union. Credit limit is equal to deposit which is maintained in an interest earning savings account.  You can manage account online and increase your limit by simply adding to the savings account online.  You can apply online and they get the card to you within a week. Great if you are rebuilding or establishing since there is no hard pull! The APR IS 16% which is not bad for a secured card and there is NO ANNUAL FEE!  Here is the website. https://www.gtfcu.org/index.php/loan-types/credit-card

[baller4life]

Nice!!! Wish I'd known about it when I started rebuilding. Might be best moved to Rebuilding.

[Jlu]

I'd reccomend SDFCU for secured CU cards. They are 6.9% instead of 16% and comes with no AF, no credit check, no foreign transaction fees and an EMV chip & sig. They don't graduate though which is the only downfall. SDFCU is State Department but you can join the consumer council for free to get access to CU membership.

[Anonymous]

Nice!

[Anonymous]

Which bureaus does SDFCU report to and is the account reported as secured or unsecured?

[Anonymous]

I called SDFCU and they report to all 3 bureaus as UNSECURED (wonderful!). As you stated you can join via ACC. The good part is they take application for membership into the credit union and membership to ACC simultaneously. There is also a list of various organizations and employers on their website that qualify you for membership. I love the 7% APR for the secured card and the NO CREDIT CHECK (she said both are definitely true). You do need a State or Federal government issued valid ID such as drivers license. She really insisted that I apply. Since it reports to all 3 bureaus and no credit check and has the chip I might go for it. 

[Jlu]

^Glad you found them to be as helpful as I did. They are a really well run lender that will literally call you once a week to make sure you are doing good and ask if there is anything they can do for you.

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@Anonymous wrote:

Which bureaus does SDFCU report to and is the account reported as secured or unsecured?

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They don't pull a bureau for secured. If they SP then it will be EX more than likely. They report to all 3 bureaus and it will show as a regular credit card.

[Anonymous]

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@Anonymous wrote:

I called SDFCU and they report to all 3 bureaus as UNSECURED (wonderful!). As you stated you can join via ACC. The good part is they take application for membership into the credit union and membership to ACC simultaneously. There is also a list of various organizations and employers on their website that qualify you for membership. I love the 7% APR for the secured card and the NO CREDIT CHECK (she said both are definitely true). You do need a State or Federal government issued valid ID such as drivers license. She really insisted that I apply. Since it reports to all 3 bureaus and no credit check and has the chip I might go for it. 

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You might need to double check that, I have been reading on this forum that they changed their policy and report as secured.

Not sure, what non-secured vs secured reporting has do to with the way FICO scores,  how lenders look at it and impact? Can anyone elaborate on this, please?

Thanks

[Jlu]

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@Anonymous wrote:

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@Anonymous wrote:

I called SDFCU and they report to all 3 bureaus as UNSECURED (wonderful!). As you stated you can join via ACC. The good part is they take application for membership into the credit union and membership to ACC simultaneously. There is also a list of various organizations and employers on their website that qualify you for membership. I love the 7% APR for the secured card and the NO CREDIT CHECK (she said both are definitely true). You do need a State or Federal government issued valid ID such as drivers license. She really insisted that I apply. Since it reports to all 3 bureaus and no credit check and has the chip I might go for it. 

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You might need to double check that, I have been reading on this forum that they changed their policy and report as secured.

Not sure, what non-secured vs secured reporting has do to with the way FICO scores,  how lenders look at it and impact? Can anyone elaborate on this, please?

Thanks

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It has no effect on scoring whether secured or unsecured. It's basically like the 'account closed at credit grantor's request' comment... it only comes up during a manual review.

[Anonymous]

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@Jlu wrote:

It has no effect on scoring whether secured or unsecured. It's basically like the 'account closed at credit grantor's request' comment... it only comes up during a manual review.

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Thanks, so a secured card, wont improve the score then?

And what does "account closed at credit grantor's request" mean?