Applied Bank Visa "Jon Clarke, Vice President, Credit" Does not report to all 3 major credit bureaus, so don't waste your time paying for this card to rebuild your credit! Wilmington, Delaware

One year ago, I responded to an ad from Applied Bank with an offer of a SECURED CREDIT CARD to REBUILD CREDIT. I looked the offer over thoroughly and decided to participate. So far, so good.

I send them my ACH authorization for $5,000 from my checking account as my security deposit for my new VISA card. No problem. I get my card as promised, and the agreed upon setup fees are applied to my account. No problem.

HOWEVER, they do NOT report to ALL 3 major credit bureaus, so the card is USELESS if you are using it to build your credit score!! Although the ad I responded to stated that they "report to all major credit bureaus". They DO NOT report to EQUIFAX at all! They ONLY report to Experian and Trans Union. Therefore, they defeat the entire purpose of paying fees for the card. How STUPID is this? It is outright FRAUD.

I called several times to get them to do a manual reporting. No luck, just a "take it or leave it" attitude. So, I send a certified letter with a request for manual reporting to Equifax and in return I get a FORM LETTER that does not even address my issue, "signed" by this idiot "Jon Clarke" Vice President, Credit. [I doubt this person even exists].

The bottom line here is that the failure of Applied Bank to report my VISA account info to Equifax is costing me 65 points on my credit score.

So, if you are considering opening a secured visa account with Applied Bank for the purpose of building your CREDIT SCORE, DON'T DO IT!! You will waste your money!

SCAM! Run fast!