Expert: David McArthur - 3/10/2009

Question
Hello, I am currently in the process of rebuilding my credit.  I am trying to apply for a secure credit card but most of the banks that offer it, will flag it as a secured credit card when reporting to the credit bureaus.  I have heard that this isnt good.  Is that true?  Do i have an option?
Thank you

Answer
Fortunately Frank secured cards will help you to rebuild your credit.  After seeing many credit reports I've yet to see one that shows a secured credit card as such.

Doing business with a reputable bank goes to the part of credit scoring that looks at the companies from which you obtain credit. The critical piece is using a bank that offers the secured card instead of the ones that advertise as such. National City has offered a good secured credit card for many years that my clients have had success with.