Secure credit card (how long??)?

Hi!! i've had my secure card from bank of america since sept 2005, when it count the year they give me back my 99 dollars of deposit for the card. but they didn't increase my credit line (i'm fine with that) after all that happens yesterday (read my last question) i was talking to a friend of mine whose credit actually is (835) and it really looks he knows how to take care of his credit. and he told me that my mistake was to keep staying with bank of america and his secure card. to go to another bank and apply for a regular credit card and that was going to help me out more to build my credit up.


any ideas why he says so?? can anybody educate me in this too??


ps: i never use more than 250.00 in my card (500 credit line)


always pay on time more than min payment.


my card is good until sept this year (should i renew or not))??





thanks in advance!!|||I agree with Brian about a secured card being no different than a regular card.





Since they refunded the security deposit the card is no longer a secured card but is a regular credit card.


It sounds like this is your only credit card (?). If so, I wouldn't recommend closing it, even if you apply for a credit card with another creditor.





Revolving credit (credit cards) does help build up your scores more than any other type of credit.





If you apply and recieve a card with another creditor, use your BOA card once or twice a year for small purchases and pay in full when you receive the statement.





You might also call BOA and ask them to reduce your interest rate (if it is high) and also request a credit limit increase.|||You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters.

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|||A secured credit card is no different in any way than a non-secured credit card as far as affecting your credit. All the deposit does is give the issuer some security in case of default. Because your credit score is affected by the amount of time you have had a credit card and the number of inquiries for new credit, you would hurt your score a little in the short term. But if you think you can get a better interest rate or lower annual fee if you currently pay one, you may be better off in the long term.|||Secured cards do not help build your credit unless they report as unsecured. Bank of America reports as secured. Infact the I am not aware of a secured credit card that reports as unsecured. I know Providian used to, but not sure if they still offer secured cards.





Try getting an unsecured credit card, you would easily qualify for Orchard bank. They have reasonable fees and will give you an excellent credit increase if you manage your account well.