US Bank Secured Card

[haulingthescoreup]

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newstart2010 wrote:

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@Anonymous wrote:
I had the secure card a couple of years ago and it reported as a secured cared on my report. The funny thing is when I was in the bank signing up for the secured card I was reading pamphlet that read-THE ONLY PERSON THAT WOULD KNOW THE CARD WAS SECURED IS YOU. I do not know if that's the case now but u can always call and ask them.

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I remember seeing that on the pamphlet many years ago, and life got in the way before we opened the account.  I then heard some secured cards report to the bureau as secured.  I am worried that it is a waste of time getting this card if the "secured status" will effect the FICO score.  

Does anyone know if that will not hold as much weight being a secured card?

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Secured cards count exactly the same as unsecured cards for FICO scoring. There's not a thing in the world wrong with them.

And I wouldn't tie myself up in knots worrying about how the card reports. The reality is that lenders know that everyone has to start or re-start somewhere. I'd much rather have a secured card from US Bank than an unsecured card from Vultures 'R' Us Bank. If anything, future lenders will probably be happier seeing the secured card from a decent bank.

But that was a good point mentioned above about having to hit 680 within 12 months for the card to unsecure. I hadn't heard that one before!

[newstart2010]

I agree with the wanting a secured card from a safer bank.  The sad thing ther are banks out there that are not so safe anymore, and act like the vultures do.   

While I am going with the US Bank and USAA secured cards, I am also doing the New Millennium cards as well.  But only for a short time.  I will use those as extra lines of credit, and not hold balances on them, put my larger security deposits with the major banks, and when they unsecure, i will drop the new millennium cards.  

Its good to know that the FICO score is not effected by the secured status.  That would suck.

[Cotton_Britches]

Don't go with a New Millenium card. 

Stop dealing with the subprime predators and allowing yourself to be taken advantage of. That card is considered one of the worst cards in America. Here's a link to a story about it:

http://www.msnbc.msn.com/id/23257741/

NEVER get a credit card that charges you a "processing fee" of $70 and has no grace period. NEVER. 

[newstart2010]

The card is already paid for and on its way.  I agree its subprime, but its a stepping stone.  I am not planning on living with it forever.  I am also not putting my highest limits with them, so it will not be a huge amount of my money they will be holding onto.

New Millennium cards have their place.  Don't deny it.  There are lots of people who cannot get the other secured cards.  Just because its secured does not mean its guaranteed.  And those with bad enough histories that others won't even speak to them need somewhere to start.  US Bank may not approve me.  I have the application.  And it was only until a few days ago that we found out USAA's pilot program was in full force.  Until then it looked like New Millennium and Orchard were the only places I could go.