Secured vs Unsecured Credit Card for fico scoring?

Red1Blue · ‎11-25-2007

Does fico differentiate between a Secured Credit card and un secured credit card? My card from New Millenium does not report as secured. However my Credit Card from First National Bank of Omaha reports as Secured. Is there any difference as far as fico how it looks at these both accounts? Is there any negative effect as far as fico scoring is concerned having a Secured Credit Card?

Anonymous · ‎11-25-2007

i think the ruling came down to maybe if a creditor is doing a manual review, but fico wise no.

Red1Blue · ‎11-26-2007

Thanks ducky. One more question. I have the option to add more funds to secure account and increase my CL. Should I keep adding more to the deposit and keep increasing my CL? Does it help from fico stand point of view, getting good CLI every other month or so? On one card I have CL of 2k now and I can increase it upto 5k. On the other card, I have CL of 5k now and I can increase it upto 10-20K. I usually do a PIF and keep things clean. I just show small balances on 2-3 cards every month. In my case increasing the CL would it help me. I have nothing to loose by adding more funds to my deposit to get more CL as my money is earning interest with the bank.

Anonymous · ‎11-26-2007

I would be all over increasing the CL's.

They will graduate you eventually -

@Red1Blue wrote:
Thanks ducky. One more question. I have the option to add more funds to secure account and increase my CL. Should I keep adding more to the deposit and keep increasing my CL? Does it help from fico stand point of view, getting good CLI every other month or so? On one card I have CL of 2k now and I can increase it upto 5k. On the other card, I have CL of 5k now and I can increase it upto 10-20K. I usually do a PIF and keep things clean. I just show small balances on 2-3 cards every month. In my case increasing the CL would it help me. I have nothing to loose by adding more funds to my deposit to get more CL as my money is earning interest with the bank.

Anonymous · ‎11-26-2007

Yes, definately - ditto Timothy's response.

I know increasing my CL on my secured card has helped me with FICO score increases during the last 4 months.