lordreyrey Posted March 24, 2012 Report Share Posted March 24, 2012 The wife and I just applied for a secured credit card through our bank, and we are thinking about getting a second one, for further building good accounts on our report.What sucks is that our bank will pull our credit now for this one, and we will have another pull for the second one we apply for. It is worth it for the bonuses of two accounts?Has anyone been approved for a Capital One Secured Card? Any opinions? Link to comment Share on other sites More sharing options...
willingtocope Posted March 24, 2012 Report Share Posted March 24, 2012 Secured cards are pretty much a waste of time. The only valid reason to have one is for internet shopping...it protects you from getting ripped off.Secured cards, in general, do not increase your sucker score... Link to comment Share on other sites More sharing options...
rntalks Posted April 10, 2012 Report Share Posted April 10, 2012 STAY AWAY FROM CAPITAL ONE!!!!!! RUN!!! RUN!!!! Do not go with them.WHEW!!!!Try Orchard unsecured.Why don't secured cards improve your score? I don't have any secured cards, I have two low limit cards. I was once told that secureds are okay if they are not showing as secured on the credit redport.Please comment Link to comment Share on other sites More sharing options...
cali11 Posted April 11, 2012 Report Share Posted April 11, 2012 Secured cards report to the 3CRA so that will help your credit. Link to comment Share on other sites More sharing options...
cali11 Posted April 11, 2012 Report Share Posted April 11, 2012 STAY AWAY FROM CAPITAL ONE!!!!!! RUN!!! RUN!!!! Do not go with them.WHEW!!!!Try Orchard unsecured.Why don't secured cards improve your score? I don't have any secured cards, I have two low limit cards. I was once told that secureds are okay if they are not showing as secured on the credit redport.Please commentCap one gave me a card when know one else would. Whats wrong with them? Also Cap one owns Orchard lol Link to comment Share on other sites More sharing options...
cali11 Posted April 11, 2012 Report Share Posted April 11, 2012 I would certainly side with willingtocope. I don't think secured cards would be of great help to increase your credit score rather it's good for shopping, especially online. =)__________________________________Repair credit is one among difficult task thees days!Not sure where your getting your info from? Secured credit cards do I fact help rebuild your credit. People start out with them all the time and after 6 months or so get approved for unsecured CC. I know for a fact that Cap one does not report there secured cards as secured. The CRA just see it as a CC! Link to comment Share on other sites More sharing options...
willingtocope Posted April 11, 2012 Report Share Posted April 11, 2012 The CRA just see it as a CC!If I were legally allowed to claim that I have had something to do with writing the software that calculates credit scores, I would tell you that secured CCs are reported with a different "classification" than unsecured cards. The FAKO scores ignore that code...the FICO Bank Card score (the "sucker" score) factors it into "utilization"...the FICO Mortgage Score and New Car Score ignore them.Yes, if you do get one, and let the CC card company keep your money interest free for 6 months to a year, you will probably get it converted to an unsecured card at some point.On the other hand, if you put the same amount into a savings account at the bank where you have your checking account (with a debit card), you will also be able to get an unsecured card thru them after 6 to 12 months...plus, you'll earn a little interest. Link to comment Share on other sites More sharing options...
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