Does the lender report regularly to the major credit bureaus?
Some issuers of secured cards operated just as they do with unsecured credit accounts. They report monthly to the three major credit reporting agencies. A few will report quarterly. Some issuers of secured cards do not report to the credit agencies unless there is a problem or late payment on your account. It doesn’t help to pay this card on time if the payment record isn’t being shared with the credit bureaus as it won’t help you credit unless your payments are reported. 3. Will the account convert to a standard unsecured credit account at some point in the future? The best credit cards after bankruptcy available will have the ability to convert your account to a standard credit card after 12-18 months of responsible use on your part. This is a valuable benefit to you even if the lender requires two years of timely payments and good account management on your part before changing card to an unsecured credit card. When that happens, you will be refunded your deposit used to secure the
