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Do new secured CC make your score go down?


saramorgan
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Anyone trying to build or rebuild their credit and they find a CU lending them secured, do a thorough investigation to insure its you get them to report to the big three. The same holds for banks. Many lenders report secured as unsecured, but some do report as secured. Banks tend to give you a small amount of money in addition to your deposit, but many CU's only let you borrow only on your money.

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A couple of thoughts...

CAP 1 and Orchard are known sub-prime lenders , but they have also have prime products.

FICO--does not care whether u have a subprime card, but a low CL will quickly affect your util%.

Wells fargo and Bank of America, both have very good secured cards with no fees..Those cards do graduate to unsured rather quickly. (Wells Fargo is a bit harder to get.) Stay away from first Premier

a bunch of finance co loans will adversely affect your score, but obtaining a secured loan will help. DCU and Patelco are good ones to consider.

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It lists on my credit report as HSBC, so no one knows it's secured...as a matter of fact it's not secured anymore.

I was able to use that account to get an unsecured HSBC gold mastercard.

so secured cards work...I'm going to try for collateralized lon at the local bank for hubby

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SARAMORGAN:

I also live in North Carolina. Let me make a recommendation to you.

There is a credit union in the heart of Carolina called RTP Federal Credit union. Both me and my fiancee have accounts there. You do not need to be a federal employee to get in. They have a special program where you pay (it's $5.00 I think) and become a member.

Both me and my fiancee have done secured loans by borrowing against our savings. These loans are great because you are guaranteed to get them, they do not do a credit check, they report to ALL 3 bureaus, and unlike the bank you can do them on small amounts of money(most banks that I checked out would not do them for less that 5,000.00!). Also, your interst rate on these is low because your savings continues to earn interest.

I do not have a secured credit card with them, but I'm pretty sure that I saw where they offer one.

With you being on the border between NC and SC, I know it might be a little inconvenient for you, but they have online banking. You could probably set it up and then do most everything else online.

Hope this helps you a little.

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