08-30-2009 07:56 PM
I am going to be applying for 2 secured cards, one for Bank of America
and another to Wells Fargo and I have a quick question about a CLI.
If I start with a low CL, say $1000 each now, could I increase it them
both to $3,000 in a few months if I just deposit more into the accounts?
08-30-2009 08:25 PM
Probably not. CLIs that are initiated solely by the creditor, without your request, are slow, and totally at their discretion. Secured cards dont grant many CLIs on their own intiative.
If you request a CLI by communication with them, they can consider it a request for the extension of credit,and post a hard inquiry to your CR.
08-31-2009 07:50 AM
Yes. With BofA you can increase your secured credit limit by going inside the your BofA branch or if you have an account with them, you can deposit the funds into your account and call the 800 number on your statement and request a CLI. Usually takes about 3-5 days to post.
Note: I have this CC and this is what works for me. Sure it will work for you. I increase my CL every month $200.00 since March 09.
I don't have any info. about Wells Fardo Secured CC. Maybe someone else will respond!
09-01-2009 06:38 AM
Yes for BofA. I started out with a $300 card and increased gradually to $1000 over the 9 months it was secured. I think it was $500 until month 7, then I bumped it to $1000 because I wanted a higher CLI once it went unsecured.
Once BofA unsecures you, you'll keep your CL and get an extra $500 added to it. That being said... wouldn't be a bad thing to pump some cash into it around 7 months just for the higher CLI.
FYI, I paid in full every month and made sure my balance was never too high when it did post. I did this by making several payments during the month.
09-01-2009 06:41 AM
Hmmmm, I have a Citi secured card now and i dont think i can do that. I want to keep it, because with time it graduates. Im a BOA member and Wells Fargo also seems pretty nice. i might do that, just keep adding money but bever really charge to much and when it graduates, just put that money into my high yield savings account
So yeah, not a bad idea at all. And your money is already growing interest as we speak.
09-01-2009 08:05 AM
09-01-2009 09:11 PM
Please excuse my ignorance here but...
Does this mean if I request a CLI every month
that would significantly decrease my util and
give me many boosts in my report?
If they report back saying that my limits are
increasing, and I keep the balances around
the 10% mark on each, would that not be a
huge bump in my score every time I request
a CLI and deposit more into those accounts?
Again, please forgive my ignorance if that is
only the case with unsecured... I'm treading
unchartered waters here haha!
09-03-2009 02:46 PM
Please excuse my ignorance here but...
Does this mean if I request a CLI every month that would significantly decrease my util and give me many boosts in my report?
If they report back saying that my limits are increasing, and I keep the balances around the 10% mark on each, would that not be a huge bump in my score every time I request a CLI and deposit more into those accounts?
Again, please forgive my ignorance if that is only the case with unsecured... I'm treading unchartered waters here haha!
09-03-2009 05:26 PM
What I'd probably end up doing is getting 2 cards from
different banks (if approved) and get limits of $1,000 at
first... Leave it be and PIF every month. Then every 3-4
months add a couple grand to each.
So like, month 1 = $1000/per, month 4 = $3000/per
month 7 = $5,000/per month 10 $7,000/per.
I wouldn't do it every month, just wondering if that was
Would that be "ok" to do or would that still bring unfavorable
attention to my accounts? And with CLI's, do they hard pull
or soft pull on those?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO