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Secured Credit Cards

Will going from a secured credit card to an unsecured credit card improve my credit?

That depends on how your bank reports your account to the credit bureaus. Many credit-scoring algorithms assign points based on the length of your overall account history, the age of your oldest open account, and the number of lenders reporting positive status. Because most banks treat unsecured and secured credit cards as entirely separate accounts, the [...]

Does a credit union secured credit card make as positive an impact on credit scores as one held by a major commercial bank?

Yes. Credit scoring algorithms like FICO or VantageScore rate your ability to manage different types of credit, but not necessarily where you get your credit cards from. Therefore, on a typical personal credit report, a secured credit card from a credit union looks just like an unsecured credit card from a major national lender. Credit scores [...]

Does an unsecured card build credit faster than a secured card? Does FICO rate them differently?

None of the credit scoring algorithms in use today, such as FICO, ScorePower, or VantageScore, can tell the difference between a secured credit card and an unsecured credit card. As far as those systems can tell, a credit card's a credit card. However, there may be a few instances where a secured credit card might [...]

Can I have a family member co-sign a credit card, so I can get an unsecured credit card?

The next time you're on a plane, listen closely to the part of the safety announcement explaining what to do if the cabin runs out of oxygen. The yellow masks will fall from the ceiling, and it's up to you to put your own mask on first before you attend to anyone else around you. [...]

Is there a secured credit card that will convert to an unsecured card?

Yes. If you're having trouble qualifying for an unsecured credit card, you've got a few options from some sympathetic credit card issuers: Capital One Secured MasterCard For years, Capital One has tried to serve the widest array of customers by relying on its own consumer database to supplement information from credit reporting agencies. The company's acquisition of [...]

Will my credit history go bad if I cancel my secured credit card to move to an unsecured credit card?

Q: Will my credit history or score go bad if I cancel my secured credit card to move to an unsecured credit card? Right now, I have a very good credit score. A: Switching from secured to unsecured credit cards marks a milestone in your personal finance history. You've grown your credit score enough to attract [...]

If we have a short sale on our otherwise solid credit report, do you think we could qualify for a new credit card?

Q: If we have a short sale on our record but great credit card history, do you think we could qualify for a new credit card? We don't like the one we have. A: First, I'm very sorry to hear about your short sale. A short sale can feel like a lifesaver, in that it allows [...]

I had a co-signer on my college and car loans. How can I build my credit if no one will give me a credit card?

Question: I am interested in getting a credit card but have essentially no credit history because I had a co-signer on my college and car loans. How can I build my credit if no one will give me a credit card? Answer: I'll get to your answer in a second, but first, I'm skeptical that no [...]

What's the best credit card for rebuilding credit?

Question: What is the best card for rebuilding credit? Answer: There's no one single card that's right for everyone. The best card you can get depends on how bad your credit actually is. If you can not qualify for an unsecured credit card here are some options: Secured credit card If your credit score is too low to qualify [...]

After bankruptcy, I've had a secured credit card for one year and have made all payments on time. Can I get an unsecured credit card now?

Question: I filed bankruptcy during the fall of 2009. It was discharged in January 2010. I took out a secured credit card for $1,000 and have now celebrated my one-year anniversary with that card. I have paid the bill in full each month and never been late. Is there another card I would be eligible [...]

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