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Secured CC reporting differently to CRAs


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I have opened a secured credit card through TD Bank for several months now.

After checking my credit reports, it seems that the information is different across the 3 CRA's

With Equifax and Transunion, it lists it as a Revolving account and shows my limit, so the debt:credit ratio is apparent.

However, with Experian it is listed as an Installment, Secured Loan account, with no limit, only showing Monthly payment as $29 (this is actually the annual fee).

I would want the Experian to display the information correctly with the Credit limit and high balance, so it would show debt:credit just like the other two.

Should I be contacting Experian or TD Bank to resolve this? Does it even matter?

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  • 3 months later...

I have some secured CC as well. They are all coming in as revolving, so they are correct. I do have some installments accound but they are loans, which fall into that category.

I would be calling the TD bank since they are the only ones that can resolve this since they are the ones reporting it.

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Secured credit cards are, in general, a waste of time and money.

First of all, they are recorded by the CRAs with a special code that FICO knows means they're secured. They do nothing to boost your credit score.

Second, think about it. You're paying the CC company a yearly fee, and then handing them several hundreds of dollars so that they can "lend" it back to you. Wouldn't it be better if you had that money in an interest bearing savings or checking account with a debit card?

(If you inisist on playing this game with them, don't sweat what it says on your credit reports. FICO knows what the account is...)

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