Secured to unsecured

[Moosker 7]

Well lucky me, I've had my Macy's visa with a large limit for almost 2 years now thinking I am building my credit in the mean time - turns out they don't report to any credit bureaus!!! So since my husband and I want to buy a house in the near future, I want to get a secured credit card to at least start somewhere.

For those of you who did a secured credit card, how long did it take to eventually move to an unsecured card? Any recommendations?

And yes, I have read all the establishing credit previous topics

[Deputy Purple 1,294]

Find a Credit Union that you can join, they are more member (customer) oriented. Once you have the Secured Credit Card maintain a balance of about 30% of the limit. Use it for regular things like Gas for your car and maintain a good payment history. Every 6 months as the Credit Union about unsecuring the card. It can happen as quick as 6 months or take 18 months but as long as you do as I've listed it shouldn't take over 24 months.

[Gemmie 142]

Do you definitely want to get a secured one?

I was rejected by Capitol One and then tried again the other day for a non-secured one (for Young Adults to build credit) and was approved.

[Moosker 7]

Does Capital One report to the credit bureaus? I think that's what I need. TOTALLY sucks my Macy's doesn't...

[Gemmie 142]

Their entire point is that they help you to build credit so yep.

I know, we had the same problem. We were using the Credit option on our Mastercard thinking we were building credit, and then found that it takes the money straight from the account as Debit, and wasn't doing anything. So frustrating!

Shop around a little, I've heard negative things about Capitol One and their repayment fees. I'm going to be very careful about how I use it.

[Flames9_RN 358]

Capital One used to have (maybe still do) a CC that was meant for "new" people with no credit! Give them a call

[kptaylor 5]

Are you sure Macy's doesn't? Go to http://www.ftc.gov/freereports and run a free report on your SS# and see if that is correct.

[Moosker 7]

Well, Macy's is "on" my credit as being an open account (same as my bank account that is on there), but they refuse to report unless I have missed payments. My husband recently added me as an authorized user to his Discover card which he's had for a good 7 years -- so hopefully that helps in the long run too!

Thanks everyone

[Harsh_77 718]

Your husband adding you to his cards is the best option. It should boost your credit ratings too and yes Capital one does report to credit bureaus.

[Udella&Wiz 325]

Well lucky me, I've had my Macy's visa with a large limit for almost 2 years now thinking I am building my credit in the mean time - turns out they don't report to any credit bureaus!!! So since my husband and I want to buy a house in the near future, I want to get a secured credit card to at least start somewhere.

For those of you who did a secured credit card, how long did it take to eventually move to an unsecured card? Any recommendations?

And yes, I have read all the establishing credit previous topics

You can switch - just call them after a decent amount of time (maybe 6 months to 1 yr) - during that time you should have been charging and paying off the bill on time of course, thus establishing good credit.

Personally - I just closed the secured card once I got another non-secured card. Within about 2-3 months of getting the secured card, I started getting offers in the mail so finally I applied for one and voila! Then I closed the secured card and they refunded my original security deposit.

[Udella&Wiz 325]

Your husband adding you to his cards is the best option. It should boost your credit ratings too and yes Capital one does report to credit bureaus.

Being added to your spouse's card does not always equal having your own credit history - FYI. people need to understand that. Being added as a user on an existing card does nothing for your credit history. Aa a Joint owner, yes.

Always best to ask at the bank whether this will report to your credit score and then you know for sure. There seems to be a grey area - some of us start accruing credit history...others do not.

[Flames9_RN 358]

That suzie orman chick on MSNBC stated a few yrs back that the CC companies were trying to close that loophole of gaining credit by piggybacking onto another credit card. Couldn't tel ya if they have or have not. As well i was told one has to use the correct terminology when placed on anothers CC to get that credit history benefit!