Building Credit: secured credit card or conventional?

[SunriseEarth]

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@kaydubya wrote:

Just an update, I heard again from Cap One, and they have indeed increased my CL.  While it's not the amount I requested, it is double what my previoius CL was.  Together with the quicksilver upgrade, I'm pretty happy with the result.

I'll wait a month or two to let the CL report on my credit, and pursue another card.  Any tips on which might offer the best initial and future limits?

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Someone earlier suggested the Walmart card.  I'm inclined to agree.  You should consider adding a store card that can grow into a co-branded major CC.  Lots of GE backed cards can do this (Walmart, Gap, Dillards, etc.).   I'd consider what stores you shop at and see if those stores have these types of cards. 

[jamie123]

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@SunriseEarth wrote:

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@kaydubya wrote:

Just an update, I heard again from Cap One, and they have indeed increased my CL.  While it's not the amount I requested, it is double what my previoius CL was.  Together with the quicksilver upgrade, I'm pretty happy with the result.

I'll wait a month or two to let the CL report on my credit, and pursue another card.  Any tips on which might offer the best initial and future limits?

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Someone earlier suggested the Walmart card.  I'm inclined to agree.  You should consider adding a store card that can grow into a co-branded major CC.  Lots of GE backed cards can do this (Walmart, Gap, Dillards, etc.).   I'd consider what stores you shop at and see if those stores have these types of cards. 

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+++ On the Walmart card!

They might start you out with a lower CL but they are very generous with CLI. People on this forum have gone from a $500 to $5000 in one year.

[kaydubya]

Would this be a good choice even if I'm not a frequent wal-mart shopper?

[FinStar]

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@kaydubya wrote:

Would this be a good choice even if I'm not a frequent wal-mart shopper?

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What are some other places or retailers that you frequently shop/surf or visit?

[kaydubya]

By the way I pulled my fico scores: 689 eq, 687 tu, 640 ex. Not sure why the last is so low.

Costco I'm at frequently, but I'm not certain if I'd get approved for the amex...

[BruceR1956]

I too have a Capital One card and my limit is stuck with no increase after a few years (after they bought it from Orchard).  First, what is EO or who is it.  2nd, please send me the address of that person so I can also send an email.  I have good scores into the low 700's - it just seems they are just sitting on it.  Thank you......

                                                                                                                              Bruce

[FinStar]

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@BruceR1956 wrote:

I too have a Capital One card and my limit is stuck with no increase after a few years (after they bought it from Orchard).  First, what is EO or who is it.  2nd, please send me the address of that person so I can also send an email.  I have good scores into the low 700's - it just seems they are just sitting on it.  Thank you......

                                                                                                                              Bruce

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Usually, most folks tend to send an email to the Capital One EO for better results.  The link for obtaining the EO address been referenced in a variety of threads throughout these forums.  Alternatively, you can do a quick search by using this link > Capital One EO.

[Jewelzy]

What is an EO? Please explain. This was great info BTW.

[joyseeker]

Just start out with a low-limit conventional card.  Believe me, if you keep your credit clean, you'll have a normal, high-limit account.  I began 5 years ago with a $300 limit.  The card stayed at $1200 for a year or two, and then It went to a $9,000 limit.  I've learned my lesson and use no more than 25% of the card and pay it off quickly.  But the system does work and a low-limit conventional card can become a normal card as your credit history improves!

[FinStar]

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@Jewelzy wrote:

What is an EO? Please explain. This was great info BTW.

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An EO is the Executive Office (or escalated channel) that individuals use when all other available means or channels have not been successful with addressing or resolving specific issues.