Partial Secured Card, do I need one? ONE LAST Q

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Elijahmex
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Partial Secured Card, do I need one? ONE LAST Q

Postby Elijahmex » Tue Mar 01, 2016 8:44 am

Hi All,

My credit history is 12 months old as of mid February 2016.
I have a CapOne Quicksilver w/ 2,000$ limit (started at 300$ a year ago Thank you CLIs!).
Recently received a Discover Card with 1,000$ limit .
Discover app tells me my FICO is 750 however my Discover card still not reported on my report since I just got it.

Just apped for a BOA card since I need a VISA however was denied. They suggest that I go for their partial secured card. I manage my accounts very well. No late payment, low utilization etc...

What are your thoughts? Do I need it? Should I go for it for the sake of it? How long does it stay partially secured? At what point can I make the swith for it to be unsecured?

Thanks in advance for your answers
Last edited by Elijahmex on Sat Mar 12, 2016 1:38 pm, edited 1 time in total.
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takeshi
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Re: Partial Secured Card, do I need one?

Postby takeshi » Tue Mar 01, 2016 9:43 am

So you have 2 unsecured cards? I don't think so. You can add a third unsecured card as your credit profile allows. You'll have to slowly add accounts with your credit profile.

Building credit is a long, slow process. Even at 12 months you're still just starting out.

Elijahmex
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Re: Partial Secured Card, do I need one?

Postby Elijahmex » Tue Mar 01, 2016 10:00 am

takeshi wrote:So you have 2 unsecured cards? I don't think so. You can add a third unsecured card as your credit profile allows. You'll have to slowly add accounts with your credit profile.

Building credit is a long, slow process. Even at 12 months you're still just starting out.


Yes I have two unsecured cards. I don't plan on adding many accounts I just want a VISA for now.
I looked through the options and the BoA seems like a good fit. I really don't want to add inquiries onto my profile so I might just go with the partial secured and get it upgraded before the end of the year hopefully. They will be using the same HP so that is fine with me.
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Kevin86475391
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Re: Partial Secured Card, do I need one?

Postby Kevin86475391 » Wed Mar 02, 2016 3:25 pm

Elijahmex wrote:
takeshi wrote:So you have 2 unsecured cards? I don't think so. You can add a third unsecured card as your credit profile allows. You'll have to slowly add accounts with your credit profile.

Building credit is a long, slow process. Even at 12 months you're still just starting out.


Yes I have two unsecured cards. I don't plan on adding many accounts I just want a VISA for now.
I looked through the options and the BoA seems like a good fit. I really don't want to add inquiries onto my profile so I might just go with the partial secured and get it upgraded before the end of the year hopefully. They will be using the same HP so that is fine with me.


If that works for you then go for it, but personally I wouldn't do that. While I can't speak about that particular card from BofA, in general secured cards often take longer than expected to unsecure (obviously this depends on your expectations to begin with though) and are often very hindered in growth even once they do. They may also come with extra fees, higher APR, and fewer perks. Again, just in general; I'm not sure what BofA's secured card is like and maybe it's much better than many of the others out there.

Secured cards are a great option for someone who can't get approved for unsecured cards, but with two solid approvals under your belt, this seems like a step backward to me. I'd suggest just waiting 6-12 months and trying again.

Tubpbs
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Re: Partial Secured Card, do I need one?

Postby Tubpbs » Wed Mar 02, 2016 3:42 pm

I second Kevin's post.

Give it some time and then app again.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Elijahmex
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Re: Partial Secured Card, do I need one?

Postby Elijahmex » Sat Mar 12, 2016 10:02 am

I do agree with the last two posts. I do kind of feel like it's a step back since I already have 2 unsecured cards however I still went with it. I really couldnt waste that HP and that inquiry. The CSR told me in 5 months i can request for the unsecured if my behaviour is ok & I know myself, I keep a close eye on my finances and my credit cards. I never use more than 15% of my available credit and I always PIF so I am certain that in 5 months it will be an unsecured card.
Also with the semi secured I still get all the benefits so I'm ok with this for now.

Now I do have a question about it reporting on my CR, does it actually show that it's a partial/semi secured card or is it simply shown as just another account?
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Tubpbs
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Re: Partial Secured Card, do I need one? ONE LAST Q

Postby Tubpbs » Sat Mar 12, 2016 8:45 pm

1. I don't think you were clear in stating that BoA offered you the secured version in response to the denial. I was under the impression it would be a new application. That said, if I were you and had already used the pull, wanted the card and were confident about the card changing to unsecured, I probably would have done the same.

2. I don't believe it will indicate anywhere that it is a secured card. I'm not sure, as I've never had a secured card, but all of my cards just report as an account from the issuer. They don't show any specific cards or products or anything. One step further, whether an account is secured with an asset or not has no effect on your credit score. On a manual review, it could theoretically have some effect, but probably not much if any.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Elijahmex
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Re: Partial Secured Card, do I need one? ONE LAST Q

Postby Elijahmex » Sun Mar 13, 2016 4:16 pm

Tubpbs wrote:1. I don't think you were clear in stating that BoA offered you the secured version in response to the denial. I was under the impression it would be a new application. That said, if I were you and had already used the pull, wanted the card and were confident about the card changing to unsecured, I probably would have done the same.

2. I don't believe it will indicate anywhere that it is a secured card. I'm not sure, as I've never had a secured card, but all of my cards just report as an account from the issuer. They don't show any specific cards or products or anything. One step further, whether an account is secured with an asset or not has no effect on your credit score. On a manual review, it could theoretically have some effect, but probably not much if any.


Sorry I was not very clear. When they denied me they suggested I go for their semi secured card. If I applied for it within 30 days they would use the same HP so I went for it. I've been extremely responsible the last 13 months so I am more than confident in 5 months I can get it unsecured.

On another note last month I celebrated 1 year of credit histry and as of 02/20/16 my FICO was 750. Really hard to believe when a year ago I started with a 580 TU score. I got a Discover as my 2nd card and my score dropped to 699 :mad: . I was told my score would dramatically decrease because of the added account but damn! Now that I've opened a 3rd accound I can't imagine how low my score is going to dip next month!
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Tubpbs
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Re: Partial Secured Card, do I need one? ONE LAST Q

Postby Tubpbs » Sun Mar 13, 2016 8:47 pm

Elijahmex wrote:
Tubpbs wrote:1. I don't think you were clear in stating that BoA offered you the secured version in response to the denial. I was under the impression it would be a new application. That said, if I were you and had already used the pull, wanted the card and were confident about the card changing to unsecured, I probably would have done the same.

2. I don't believe it will indicate anywhere that it is a secured card. I'm not sure, as I've never had a secured card, but all of my cards just report as an account from the issuer. They don't show any specific cards or products or anything. One step further, whether an account is secured with an asset or not has no effect on your credit score. On a manual review, it could theoretically have some effect, but probably not much if any.


Sorry I was not very clear. When they denied me they suggested I go for their semi secured card. If I applied for it within 30 days they would use the same HP so I went for it. I've been extremely responsible the last 13 months so I am more than confident in 5 months I can get it unsecured.

On another note last month I celebrated 1 year of credit histry and as of 02/20/16 my FICO was 750. Really hard to believe when a year ago I started with a 580 TU score. I got a Discover as my 2nd card and my score dropped to 699 :mad: . I was told my score would dramatically decrease because of the added account but damn! Now that I've opened a 3rd accound I can't imagine how low my score is going to dip next month!



You'll be fine. Like business, you have to spend money to make it. Just give it some time and it will come back stronger.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



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