Does anyone have proof that any of the following big-name cards regularly report to the CRA's activity for secured cards: BankOne, Wells Fargo, and Chase. I dont qualify for any of their standard cards. But would like to try their secured cards. I already have proof that AMEX and Citibank do not report their secured cards. AMEX never reports and Citibank only reports after 18 months. If you have a secured card from a big-name bank (not a monogram bank) and they report please tell me which CRA is used. Also, what was your credit situation when you applied and how much deposit did you initially send in? Thanks.
I am positive Bank One, and chase do report. First Union, First Premier, FCNB, Calif. Comercial Bank and American Pacific do also.
Many of the banks that do report will flag your account on your credit reports as a secured account. Always ask if this is the case before you apply. If you're a member of a credit union or eligible to become a member, you can get a much better deal on a secured card. Many of them will allow you to secure your card with a CD or an IRA. These accounts yield higher interest rates than most secured card savings accounts, and they will normally set the time the card is to be secured in advance. A good standing at a credit union can be a very valuable tool. Keep in mind that most of them don't have millionaires for customers, and they don't make money from people with immaculate credit reports.
Thanks to everyone for your replies. I am glad to hear that Wells Fargo does report secured cards to CRA's. I was leaning toward them. I will first ask if they report as normal or report as secured. I am a member of a credit union but they don't have a secured card. They would probably deny me an unsecured card. But I know it would take just a short while with a big-name secured card and then the credit union would give me a standard card ( inside information from an employee there). I would consider BankOne but the horror stories about them scare me. I called Chase and told them I had one credit card charge off with a balance of $300( I was in college and real stupid!). It's 6 years old but they said I would probably be declined!
RE: Big-Name Secured Cards--to Did you actually ask your credit union if they have a secured card? Mine for example has one but they don't promote or advertise it--you have to ask. I was just wondering.
RE: Big-Name Secured Cards--to Yea I did. They did not have one. I wished they did. Secured cards from credit unions have low APR's.
Lopez, When did you have a Wells Fargo Secured Card? Which CRA did they report to? What was your initial deposit and when did they offer a regular card (or did they)? Please let me know!! Are you absolutely sure that they reported? I am not doubting you but someone from another message board said they didn't report. There is a Wells Fargo branch across the street. I walked over there and the loan officer knew that the unsecured card was reported but know if the secured card was. Did you have a toll-free number for Wells Fargo?
RE: Big-Name Secured Cards--to I know that Chase reports to all three CRAs and does not flag the accounts as secured. As for declining you on a 6 year old $300 charge-off, I'm surprised. I routinely recommend Chase and Capital One secured to clients with much worse credit profiles than that and no one has ever been declined. But things may have changed. Most of my clients open their accounts with $300 to $500 in each account. Chase matches your credit limit to your deposit. Capital One may match it to your deposit or give you credit beyond your deposit. I personally think that having two credit lines is better than one.
Keith, I have a secured Wells Fargo MasterCard. They do report to the CRA's but as a secured account.
Wells Fargo reports to all three CRA, BUT they do label the card as SECURED on the credit report. FCNB reports each month but is not shown as secured so does Capital one
One thing I've noticed is that Capital One doesn't report a credit limit--just your high balance. Those penny ante credit limits might not look so good.
RE: Big-Name Secured Cards--to Hmmm.....Chase sounds like a good option. Maybe I was talking to a misinformed rep when I called.
RE: Big-Name Secured Cards--to Capital One has a great secured deal and they report to the credit bureaus as it being unsecured. I have one and had two charge-offs last year, one with Capital One themselves. $99 deposit and a $750 limit. Try capitalone.com. It's great! It does take some time to get the card, but I get 3% on my deposit as well, not a money market sort of interest rate, but better than the traditional savings account.
