CU mastercard upgrade from secured to unsecured & $1k increase!

[celticslegends]

I've been plannin on doing this for a while now, but I applied yesterday with my local CU to upgrade my secured mastercard into an unsecured card and have them increase my limit.  I was going to wait until September, but since checking my FAKO scores just over a week ago I saw a dramatic increase and I was also approved for a Cap 1 platimum unsecured card.  At first I was going to apply for the Barclay rewards, but upon weighing and considering my goals and my current situation, I decided to handle my CU card first and do so a bit early.  

This morning I received the email that my application was approved!  I first started with this card in Nov 2013 with $500 secured.  My scores were in the very low 500's and the only good thing on my report was my car loan.  Around Feb/March I applied to turn it into an unsecured card and was denied.  At that time I decided to add another $500 to the card and make it a $1000 secured card.  Since then I have been using the card, keeping my utilization low and paying it off in full each month.  As of today I have been approved to finally have the card upgraded to unsecured, they will give me my $1000 back and a CLI to $2k.  That is a double and I am happy with it.  It will help my report greatly and it feels good to get that initial investment back.  I made a lot of sacrifices to get to this point and now it is paying off.  Now my real score is 605 and it should increase over the next several months.  

Any advice on what I should do now?  I currently have the $2k limit on this card now and a $300 unsecured Cap 1 platinum.  Should I wait several months and then apply for a new card, or take advantage of what just happened and get another TL?  

[SunriseEarth]

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

[s_haliz]

Congrats!!! 

[celticslegends]

---

@SunriseEarth wrote:

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

---

Thanks for your advice.  I have some negative student loans and two charged off cards from a few years ago.  Even if they won't delete them if I pay you think it would be better to have them reported as paid in full?  I'll check out the rebuilding board!

[alvon123]

congrats!!!

[SunriseEarth]

---

@celticslegends wrote:

---

@SunriseEarth wrote:

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

---

Thanks for your advice.  I have some negative student loans and two charged off cards from a few years ago.  Even if they won't delete them if I pay you think it would be better to have them reported as paid in full?  I'll check out the rebuilding board!

---

If the CO cards still show a balance, they're still affecting your UTIL.   My score jumped 20 points when I settled a CO with a balance.   

[celticslegends]

---

@SunriseEarth wrote:

---

@celticslegends wrote:

---

@SunriseEarth wrote:

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

---

Thanks for your advice.  I have some negative student loans and two charged off cards from a few years ago.  Even if they won't delete them if I pay you think it would be better to have them reported as paid in full?  I'll check out the rebuilding board!

---

If the CO cards still show a balance, they're still affecting your UTIL.   My score jumped 20 points when I settled a CO with a balance.   

---

It's only $280.  You think that will make that much of a difference?  Thanks for your time.

[simi_go]

---

@celticslegends wrote:

---

@SunriseEarth wrote:

---

@celticslegends wrote:

---

@SunriseEarth wrote:

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

---

Thanks for your advice.  I have some negative student loans and two charged off cards from a few years ago.  Even if they won't delete them if I pay you think it would be better to have them reported as paid in full?  I'll check out the rebuilding board!

---

If the CO cards still show a balance, they're still affecting your UTIL.   My score jumped 20 points when I settled a CO with a balance.   

---

It's only $280.  You think that will make that much of a difference?  Thanks for your time.

---

With the total credit limit you have of $2300 yes I think it would help.  Becuase the $280 charged off is more than 10% of your avaliable credit so your UTIL will be inflated.

[celticslegends]

---

@simi_go wrote:

---

@celticslegends wrote:

---

@SunriseEarth wrote:

---

@celticslegends wrote:

---

@SunriseEarth wrote:

Congrats on upgrade and 2X CLI!

Since you're still in the low 600s, you'd probably only qualify for some store cards and some other rebuilder type cards.   However, you can rebuild with the auto loan and the two CCs.   My suggestion would be to work on any baddies on your CRs and then try for more cards once you make some progress.  The "Rebuilding" board has been great for me!

---

Thanks for your advice.  I have some negative student loans and two charged off cards from a few years ago.  Even if they won't delete them if I pay you think it would be better to have them reported as paid in full?  I'll check out the rebuilding board!

---

If the CO cards still show a balance, they're still affecting your UTIL.   My score jumped 20 points when I settled a CO with a balance.   

---

It's only $280.  You think that will make that much of a difference?  Thanks for your time.

---

With the total credit limit you have of $2300 yes I think it would help.  Becuase the $280 charged off is more than 10% of your avaliable credit so your UTIL will be inflated.

---

Ok.  With the $1k I received back from my CU yesterday from the secured card, I will use $280 of it to get rid of BOA.  I highly doubt they will PFD, but you better believe I will ask them.  I guess at the end of the day if I apply for my card soon, seeing that I paid off that BOA will look better than it reporting charged off.  My next item to tackle is to bring my student loans current.  Thanks!

[Anonymous]

Congrats!