joraanma Posted March 11, 2008 Report Share Posted March 11, 2008 I open a checking account with BOA and I also got a secured CC with a $500 dollars CL. But when I looked at my CR it shows the account but it says Secured line of credit. Would this affect my score or my credit? I had secured card before but I didnt think it would splicited say secured on my CR. I notice my scored went up a few point but that is it. should I keep it? Link to comment Share on other sites More sharing options...
CleverCynic Posted March 11, 2008 Report Share Posted March 11, 2008 Yes, keep it. BofA is a good card to have and they'll graduate you to a nice limit eventually. The secured line is just a comment field, FICO doesn't seem to notice it. Only upon visual inspection some lender might view it as a lesser tradeline. Link to comment Share on other sites More sharing options...
Ahntara Posted March 11, 2008 Report Share Posted March 11, 2008 Credit card accounts ARE lines of credit. Yours is 'secured' by your deposit. It's not negative, or lesser, it's factual. Link to comment Share on other sites More sharing options...
1flyfisher Posted March 11, 2008 Report Share Posted March 11, 2008 I have one for $1000.Very good card to rebuild credit. No negatives by it being secured. Keep it after a year you can ask them if they will turn it into an unsecured. Link to comment Share on other sites More sharing options...
stefdr Posted March 18, 2008 Report Share Posted March 18, 2008 My B of A VISA started out as a 500 secured, went to unsecured in about 8 months. hang on to the card, with good payment history yours should as well. I've had mine for 2 and a half years, and just got a CLI increase, went from 3500 to 5500. Link to comment Share on other sites More sharing options...
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