US Bank - US Bank Secured Card Hurt My Credit Score Badly - Stay Away

Posted on Friday, November 8th, 2013 at 12:34pm CST by 6c43e59c

Product: US Bank Secured Credit Card

Company: US Bank

Location: US

URL: USBank.com

Category: Business, Finances

After losing a business in 2006 I set myself on a path to rebuild my credit. I applied for a secured credit card from US Bank. I had not even used it yet and found my credit scores have dropped dramatically when I looked at my credit report after I applied for this card. I was mortified to find out it was all because of this US Bank Secure Card. Unlike other secured credit cards who do not report it as a secured card US Bank does and on my credit report in all caps it says SECURED CREDIT CARD. I talked to a friend of mine who is a banker and he said it is this US Bank secure credit card that cause my dramatic drop in my credit score. Now I am closing the account but the damage has already been done and it will remain on my credit report for seven years. In 3 months I would have had a clean credit report and now my report is blemished for another 7 years.

IF YOU ARE TRYING TO REBUILD YOUR CREDIT NEVER APPLY FOR A US BANK SECURE CREDIT CARD BECAUSE IT WILL FURTHER DAMAGE YOUR CREDIT.

Always make sure if you are applying for a secure credit card that you get in writing that it will not be reported as a secured credit card because future creditors will see it and it will hurt your credit like it did mine. My credit scores dropped by over 75 points because of this and I went from having fair credit to poor credit again. 7 years of waiting to clean up this mess has been reversed thanks to me applying for this US Bank Secured Credit Card.


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