What Is A Secured Credit Card?

[Anonymous]

Voidman wrote:

not quite correct, I have a secured card and myfico report clearly states that it is a secured card.

Really what bank is it?

[Anonymous]

     Sorry for the incorrect info, i thought i had read on here that they did not show as secured.  Tks for the correction Void.  But still  I would get the card to build credit with.  Good Luck Vicki

[voidman]

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@Anonymous wrote:

@voidman wrote:

not quite correct, I have a secured card and myfico report clearly states that it is a secured card.

Really what bank is it?

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Wells Fargo. It has helped me a lot. though I am waiting for it to graduate by nov.

[Anonymous]

Thx Vicki i still might try it out.

[Anonymous]

Voidman wrote:

Wells Fargo. It has helped me a lot. though I am waiting for it to graduate by nov.

How long have u had the card.

[Anonymous]

Just for clarification:

The BofA Secured Card does report as "Secured."

Some other secured cards, like Orchard Secured for example, do not.

The "Secured" designation has no effect on FICO scoring at all.

IMO, BofA Secured is the best secured card out there.  In time it will graduate to an unsecured card, as long as you treat it well.  Many other secured cards (like Orchard) will either take forever to graduate or won't graduate at all.

[voidman]

Yes, I agree with cheddar,

And thanks for clarifying that not all secured report as secured.

I wish I knew about BoA secured card when I came to this country, I took Wells Fargo Secured Card because .... hmmm i dont know. Anyway, I heard WF does not grow too much with CC holder.

Anyway, I guess I have almost past the need for secured card and hope to grow with other cards until BoA sends a nice pre-approval for an unsecured card.

hmmm... well that was my story, anyway I would suggest to go for BoA secured.

[voidman]

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@Anonymous wrote:

How long have u had the card.

8 Months. It graduates after 12 months, If I qualify for one.

Message Edited by voidman on 07-15-2008 06:00 PM

[Anonymous]

Cheddar wrote

The "Secured" designation has no effect on FICO scoring at all.

So with a Secured card does it report your balances an payments will it help your score.

[Anonymous]

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mjbfan79 wrote:

Cheddar wrote

The "Secured" designation has no effect on FICO scoring at all.

So with a Secured card does it report your balances an payments will it help your score.

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Yes, it has the same effect on your score as an unsecured card.  Timely payments help the same, and late payments hurt the same.