@srloring13 wrote:@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?
This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.
Did you call SDFCU to see if the security for the card can be put into a different savings instrument? I presume you mean a CD or something with a longer term like that, correct? They may be willing to shift the security to that, because it will come with a commitment from you that the savings stays in one place longer.
@srloring13 wrote:
@NRB525 wrote:
@srloring13 wrote:@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?
This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.
Did you call SDFCU to see if the security for the card can be put into a different savings instrument? I presume you mean a CD or something with a longer term like that, correct? They may be willing to shift the security to that, because it will come with a commitment from you that the savings stays in one place longer.
Yes and they will only use savings to secure a credit card. They said if I wanted a secured loan then they could use a CD.
Why do you not want to lower the limit on the Secured card, say to $1,000 or $500? If the main purpose is Ageing, there's no rewards on the card, so that frees up the cash you want to move, and still keeps aging the account.