Secured Card - multiple benefits ?

[HERE WE GO !!!]

I have been researching secured cards here on Creditboards. Isn't there 1 secured card that graduates after good payment history and does NOT say secured on credit report ?

 

I don't want to change banks to go with a Credit Union. I have been with my bank for a long time but they don't offer a secured card.

 

I also think that a secured card that says secured on your credit report could hurt more than help.

 

Have NOT been able to find 1 card that has both of my requirements.

 

Thanks

[NewbietoFinance]

You don't have to change banks to go to a credit union. I have a secured card through a local credit union, and my only account with them is the secured account for the card. Although soon i am going to refi my car through them.

[mendelssohn]

I have been researching secured cards here on Creditboards. Isn't there 1 secured card that graduates after good payment history and does NOT say secured on credit report ?

 

I don't want to change banks to go with a Credit Union. I have been with my bank for a long time but they don't offer a secured card.

 

I also think that a secured card that says secured on your credit report could hurt more than help.

 

Have NOT been able to find 1 card that has both of my requirements.

 

Thanks

As I posted twice in the other thread, DCU meets those requirements Edited May 5, 2013 by mendelssohn

[NewbietoFinance]

 

I have been researching secured cards here on Creditboards. Isn't there 1 secured card that graduates after good payment history and does NOT say secured on credit report ?

 

I don't want to change banks to go with a Credit Union. I have been with my bank for a long time but they don't offer a secured card.

 

I also think that a secured card that says secured on your credit report could hurt more than help.

 

Have NOT been able to find 1 card that has both of my requirements.

 

Thanks

As I posted twice in the other thread, DCU meets those requirements

 

Sadly DCU doesn't approve everyone. I was turned down for membership.

[HERE WE GO !!!]

Is DCU- Digital Credit Union.

 

Do they do a hard pull on your credit report ?

 

Can I ask why you were turned down ?

[hrguy]

You're not gonna have much luck if you do not want to deal with a credit union. I'd say anytime my bank did not have a service I needed it would be time to move on, but that is just me. It reporting as secured does not hurt - I am not sure where you got that info....My secured card that reports secured got me 5000 in unsecured credit cards and a 0% auto loan all within 6 months after having a bankruptcy...none of them even flinched or mentioned it....YMMV

Edited May 5, 2013 by hrguy

[prosumer]

Why is having a card that says secured a negative impact? I've seen this mentioned elsewhere but not the reason why.

[hrguy]

Why is having a card that says secured a negative impact? I've seen this mentioned elsewhere but not the reason why.

Because it is not true. Fico does not score secured vs. unsecured, it scores utilization.

[cashnocredit]

Why is having a card that says secured a negative impact? I've seen this mentioned elsewhere but not the reason why.

A lot of folks see it as an indication of bad credit, a kind of scarlet letter. It could also be an indication you are just starting out with CCs and need the higher LOCs afforded by secured cards and have the funds to secure them. In my case it was both.

 

I don't see a problem with it. Neither FICO, nor any other credit scoring algorithm out there, counts it negatively. While you may or may not have impaired credit It's also an indication you probably have more assets than debt and there are lots of folks with good credit scores that have a negative net worth.

Edited May 5, 2013 by cashnocredit

[PotO]

 

Why is having a card that says secured a negative impact? I've seen this mentioned elsewhere but not the reason why.

Because it is not true. Fico does not score secured vs. unsecured, it scores utilization.

 

Exactly.

 

I have two old $250 secured cards that report as secured and have never -- ever -- had an issue with getting other cards at very high limits. I give the cards to the kids to pay their lunch money at school and to use their allowance on Amazon.com. Not a chance in hell I'd give a 12-year-old AU status on a $30k Chase card.

 

There are lots of legitimate reasons why people have secured cards and it doesn't pain you in a bad light. Besides, automated approval processes wouldn't distinguish between secured and non-secured credit.

[NewbietoFinance]

DCU pulled Equifax, and apparently weren't happy with the recent BK. I am thinking of re-applying at some point, but since I am in with a local CU, don't know when.

[jflora80]

I have been with DCU since February I was approved for membership quickly and not a glitch. After about a week I figured what the heck and called and asked for the visa credit card spoke with the lady she advised they could not help me so I asked about the secured card end she said again no and it was from a discharged 13 BK from 08. I was really surprised they denied me a secured card add well. Note I get DD and the FICO with them hopefully late next year i can apply and get approved my FICO is l right now 628..

 

Sent from my Galaxy Nexus using Tapatalk 2

 

 

[HERE WE GO !!!]

I would be mad if I joined a credit union, gave them money and they denied a secured credit card.

[hrguy]

Happens everyday, even a secured card is risk-based.