Hi How do secured cards reflect differently on your credit reports ? Are they "worth " less point wise? Do lenders consider them in poor light because you couldn't qualify for a unsecured card? (We are thinking about getttin a secured card form out Credit union and know for a fact they will give us one but it will report as secured just trying to make the best decision credit wise. We can't qualify for anything unsecured right now) Thanks Jamie
If they report it as secured, i would get one elsewhere. Most secured cards do not report as secured. The report as credit card- revolving acct. I don't think it will affect your score necessarily, but it might alter prospective creditors thinking.
hey, I don't know if having the 'secured' notation on your report would hurt. I would think they would be more concerned about the payment history on the account, and how you managed the account. I have been watching different posts, and I still don't know if Capital One has totally stopped offering secured cards when you get declined for the regular card. I mention this, in the event you can call them and get a straight secured card from them. Whatever happens, I wish you luck.......
