From what I can gather the only one who might look down on secured cards is Amex many say that they dont like to see cards like 1st premier in your wallet because they assume you are a horrible credit risk I got the card cause I had No credit and its just a stepping stone. Make your deposit is as high as you can so your utilization stays low helping your numbers but it really doesnt matter if it builds your score the only time anyone sees the actual report is on manual review, mortgage or auto loan So just pay in full and scan these boards if you need any help cleaning up your act!!! GOOD LUCK!
Starting Score: 0
@dalasdon wrote:so from the looks of it, the opensky secured card seems like the best option for getting a secured credit card. i mean there is no credit check, you can make additional deposits to have cli, and it reports to all 3 bureaus, along with just reporting as cc, not secured. thoughts?
Hi, I personally wouldn't say its the "best" option, but it's definitely an option for rebuilding or starter building, especially if you've been unsuccessful with other cards and/or you don't want the inquiries. One thing I would emphasize is that interest starts accruing IMMEDIATELY (upon date the purchase posts), so be careful if you plan to carry balances.
Good luck rebuilding!
ETA: I do have this card, and have had it for about 2 months (or a little less).
I don't like that it accrues interest immediately, so I never tried for it. I got the First Progress card. I've only had it a couple of weeks but it started reporting to EQ before I even had the card. Last week, it started reported on TU. I'm just waiting on it to hit EX now. It's $300 deposit for a $300 CLI with a $39 annual fee. They only put an inquiry on EX.
Starting Score: EQ = 550; TU = 491(2/10/12)