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Which SECURED credit cards report as "regular credit cards" to the CRA's?

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Hi.

I have searched the forums, reading a few posts but no threads or complete lists of:


  • Banks/Credit Cards which report on the CRA's as "SECURED"
  • Banks/Credit Cards which report on the CRA's as "a REGULAR credit card"

Has anyone seen any posts or lists which indicated either or both above?

If not, can you please post your personal experiences?

I obtained a BOA secured CC and was informed incorrectly by BOA that it would not be listed as "secured" (LIED TO) so I will rely on our community here for the truth.

Thank you. :)

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Hi.

I have searched the forums, reading a few posts but no threads or complete lists of:


  • Banks/Credit Cards which report on the CRA's as "SECURED"
  • Banks/Credit Cards which report on the CRA's as "a REGULAR credit card"

Has anyone seen any posts or lists which indicated either or both above?

If not, can you please post your personal experiences?

I obtained a BOA secured CC and was informed incorrectly by BOA that it would not be listed as "secured" (LIED TO) so I will rely on our community here for the truth.

Thank you. :)

This was one of the first cards I used to help with my credit repair process. I thought it was listed as a regular credit card, but I could be wrong. Either way: It helped increase my credit score into the mid 600's in about a year. After a year, the card was graduated into an unsecured credit card.

Pay it off in full each month and don't charge more than 30% of the credit limit.

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According to myFICO.com your score is not impacted either way. In other words the scoring model just takes into account the type of debt, the payment history, the utilization etc, but does not 'ding' your score because its reported as a secured card.

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Thank you everyone for responding.

Denita, no it doesn't ding the score, but I had my report manually viewed by a potential creditor and it was enough (or an excuse) to jack my APR for the offer. - That is why I am researching who doesn't.

Sidenote: I also recently had a potential employer pull my credit and read it LINE BY LINE. (I had an "inside person" at the company and they divulged that to me.) How nice.... you do the RIGHT thing to get a good job to pay your bills and you are at risk to be denied employment because you potentially have fallen behind or have a checkered past! :evil:

So far the following are the ones that I have been told do report it to the CRA's as "secured".

US Bank

BOA

Wells Fargo

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I know this is an old thread..but in the last few days I found a secured card that says it does not report as a secured card. I don't know this personally, so check the info with the card issuer to make sure. It is Amalgamated Bank of Chicago secured standard card or secured gold mastercard. Call them at 800-723-0303. Min deposit $500 max dep is $17,500 Also they are BK friendly

Look here for details, call them to make sure they actually report as unsecured http://www.aboc.com/page.cfm?id=3355

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Denita,

Thank you for taking the time to post the information. Much appreciated. :)

I know this is an old thread..but in the last few days I found a secured card that says it does not report as a secured card. I don't know this personally, so check the info with the card issuer to make sure. It is Amalgamated Bank of Chicago secured standard card or secured gold mastercard. Call them at 800-723-0303. Min deposit $500 max dep is $17,500 Also they are BK friendly

Look here for details, call them to make sure they actually report as unsecured http://www.aboc.com/page.cfm?id=3355

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Just ran across this card tonight.

DOES PUBLIC SAVINGS BANK REPORT TO THE CREDIT BUREAUS THAT THIS ACCOUNT IS SECURED?

--------------------------------------------------------------------------

No. This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account.

Edit: I forgot to add that at one time I had a Merrick bank secured card and it didn't show as secured either. But that was back in 2002.

Edited by angelique659
Adding information

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According to myFICO.com your score is not impacted either way. In other words the scoring model just takes into account the type of debt, the payment history, the utilization etc, but does not 'ding' your score because its reported as a secured card.

This is correct, but if a manual review comes up, underwriters will see that it is secured, which, depending upon the circumstances may be either good or bad.

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My two favorite secured credit cards from major issuers remain Citi Secured Mastercard and National City/PNC Classic Visa.

However, your local credit union is typically the best place for credit rebuilding, and I'd estimate that 95+% of credit unions offer secured credit products... you should really look there first

  1. The Citi card is located at: http://www.citicards.com/cards/wv/pdf/SecuredCard_pdf_App_ENG.pdf
    The funds go into an 18 month CD that has historically paid a relatively competitive rate; although, I would surmise that might not be the case anymore since the APY is no longer listed on the application, nor is a deposit rate sheet attached!
    The Citi card does report in the narrative codes "secured by deposit" but, again, this doesn't affect your FICO score.
  2. We discussed the merits of the National City card in this thread a few years back... http://debt-consolidation-credit-repair-service.com/forums/showthread.php?t=284040
    As far as I know, you can still apply for that card over the phone by calling NCCS/PNC credit card underwriting directly at 800-762-0974.
    As of 2007, the National City card did not report that the card was secured in the narrative codes...

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While I am not thinking about rebuilding credit right now, it is good info to see the big picture as this entire process will not be over until my credit report reflects it.

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I just ordered the Public Savings Bank secured card this week; they told me the same thing the earlier post mentioned. They said they report to all three CR's and that they do not report as a secured card.

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I have a Wells Fargo Secured Visa and it doesn't show secured on any of my reports.

I was wondering about that. My Wachovia account converted over to Wells Fargo a couple months ago, and I wanted to know if it showed as secured on either the face of the card or credit reports, and the customer service rep told me it did report as secured. I know it should not effect your score either way, but I have heard of a card being flagged as secured having some effect.

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and it reports to the three CRAs as a regular card and has relatively low fees (not ideal but it's the best of most APR evils): Applied Bank. I pay the full amount owed every month, have it since august 2010. The only caveat is: one month I forgot to pay it for 2 days and did pay it, however, they froze the card for 15 days. But it was not late per say and certainly is not reflected on my reports. Good card overall.

I was thinking of also getting the Public card but instead I am going to approach a local credit union and do a secured loan instead. The reason being is that the ideal rebuilder's credit portfolio should be:

5 tradelines (2 installment-mortgage. auto, loan and 3 revolving-store, major cc including secured cc's). I don't have current installment lines so this should help.

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I have a Wells Fargo Secured Visa and it doesn't show secured on any of my reports.

How long have you had the card ?

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and it reports to the three CRAs as a regular card and has relatively low fees (not ideal but it's the best of most APR evils): Applied Bank. I pay the full amount owed every month, have it since august 2010. The only caveat is: one month I forgot to pay it for 2 days and did pay it, however, they froze the card for 15 days. But it was not late per say and certainly is not reflected on my reports. Good card overall.

I was thinking of also getting the Public card but instead I am going to approach a local credit union and do a secured loan instead. The reason being is that the ideal rebuilder's credit portfolio should be:

5 tradelines (2 installment-mortgage. auto, loan and 3 revolving-store, major cc including secured cc's). I don't have current installment lines so this should help.

Did Applied Bank run your credit and place an inquiry on your report?

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I actually just got a secured card from Capital One, and it does NOT show secured on my CR. Just from the account being opened, my score jumped 15 points. Was pretty impressed with that.

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I like the post by oneobserver up there regarding the amount of tradelines and types to carry to try to start repairing credit.

Regarding the original post about BofA and secured v. unsecured, etc. - I have a card from BOA that started out as secured back in 2007. I got my deposit back two years later and it went to unsecured. Been that way ever since and has always appeared as a normal account. Personally though, I am probably going to cut it loose shortly. Here's why.

When I got the card in '07, the limit was $500. No biggie because at the time my credit was in the toilet so I didn't expect much at the time. However, after a lot of repair over the past few years, I've gone up to a 696 and cleared a few bad notations. I pay $30 a year fee for this card by the way. Anyhow, I have tried for the past two years to get them to up the credit line on it but they continue to refuse. What's odd is this. They refuse to up my limits, but meanwhile I have a store revolving account that just tripled my tradeline with one phone call. I also have an online credit account with a store at $5k. And two months ago, I was able to walk into a credit union and start new accounts and walk out with a $5k Visa, unsecured! Plus, I qualify for an additional credit line of $2500 whenever I want it outside of that. No fees.

So with all that I have acquired through other means for free, I am getting pretty tired of paying $30 a year for a $500 credit card from BOA. Meanwhile, they're charging me $8.95/mo in checking account fees too, so I'm getting ready to move everything to the CU. I mean, that's $30/yr for the card plus 8.95x12 for checking ($108.00)...so 138 a year to have everything at BOA. Ridiculous.

But oneobserver is right. Having a good mix of tradelines is important. Make sure you keep under 25-30% utilization and pay on time all the time to get your score up. Mine was down below 520 when I started rebuilding mine and the right lines can help. Then again, fixing defaulted student loans, charge-offs, collection accounts, broken leases, unemployment and late payment issues also contributed! For what it's worth check out my personal blog. I share everything I've learned regarding my credit lines and especially the student loan stuff. I think it's in my signature but if not it's armchaircreditrepair . blogspot . com. Maybe it will help, maybe not. At least sharing helps us all, right? Send me a message or comment if you find something helpful or have questions :)

Good luck.

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Regarding the original post about BofA and secured v. unsecured, etc. - I have a card from BOA that started out as secured back in 2007. I got my deposit back two years later and it went to unsecured. Been that way ever since and has always appeared as a normal account.

I had the BOA Secured Visa and I can assure you it was marked "secured" at all times on the CR's. It showed when running native reports (straight from TU, EXP or EQ, not the 3 -in 1 or other type of sites).

I closed the account. It served its purpose when I needed it. The fee's were not bad for a secured card. But don't expect an unsecured card 1 year after opening it even keeping low utilization and paying it off. Unless you are well into your credit repair, they are being tight on unsecuring secured accounts and increasing CL's since the meltdown around 2009.

Warm Regards.

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TRY PUBLIC SAVINGS BANK!

GREAT CARD REPORTS TO THE BIG (3) LIKE AN UNSCURED CARD.

I OPENED A SECURED CARD WITH PUBLIC SAVINGS BANK FOR 1500.00 WHEN I STARTED MY CREDIT REPAIR IN FEB 2010. KEPT IT 6 MONTHS WHILE GETTING ABOUT 10 DELETIONS. BEFORE I CANCELED THE CARD I APPLIED FOR 2 CREDIT CARDS ONE WITH MY BANK (CREDIT UNION) AND A MAJOR CREDIT CARD COMPANY.

AS OF TODAY I HAD BOTH OF THOSE CREDIT LINES INCREASED (CREDIT UNION 1500.00 TO 2000.00 AND THE OTHER 1500.00 TO 2100.00)

STILL WORKING HARD TO BE WHERE I WANT…

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In the last week I picked up a secured visa from my bank. They say it will be reported to 2 of the 3 credit agencies. I will be looking forward to seeing my credit rating climb.

It is out of academy bank, Sure you have to go into Walmart, but they are open until 8pm and on Sunday. Since I work 3'rd shift, that is important to me.

It has no annual fee, 9% interest if I do not pay off the balance, and it secured by a 18 month CD.

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Thanks for adding to the list and congratulations.

Here is what I found out about the card and the bank.

https://www.academybankco.com/

The interest rate is 20% Variable. It is 9% if you bank with them and have a qualifying account.

Your credit line is 95% of your CD Deposit, from $210 up to $5,300.

After 18 months you will be considered for an unsecured card or you will have to "roll over" the CD for 18 more months to keep the card secured.

This card seems like an alternative to the Public Savings OPEN SKY Secured Visa Credit Card which carries an annual fee and higher rates. But Academy Bank has a limited footprint on bank locations.

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