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CLI help

Member

CLI help

 

OK, I'LL MAKE IT SIMPLE....

 

DOES ADDING MORE MONEY ON A SECURED CREDIT CARD HELP YOUR SCORE?

 

EXAMPLE: CURRENTLY HAVE $800 ON A SECURED CAPITAL ONE CARD.

 

IF I INCREASE THE LINE TO $5000, WOULD THAT HELP YOUR SCORE?

 

ANY AND ALL OPINIONS PLEASE

THANX

Message 1 of 8
7 REPLIES
Valued Member

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP

I don't believe the amount will help your score. But what WILL help your score is utilization, which is why most people want a high CL. The higher the CL the more you can spend to stay in the 1-9% utilization range. 




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Current Score: EQ:712 TransRISK: 724
Goal Score: 780


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Message 2 of 8
Senior Contributor

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP

+1@vince!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 3 of 8
Regular Contributor

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP

I think the Capital one secured has a credit line of 3000 and not 5000.

PLus I would recommend not to put another 2200 to get to 3000. The reason is because Capital one gives out unsecured credit every 6 months(between 100 to 300).

Also that card will never graduate(i.e. to an unsecured card unlike the BOA,USBANK secured cards)

Instead of tying up your money in there until you close your account( and lose AAoA and a credit score dip) you can get another secured card(such as BOA,usbank) and get a secured card for the full limit. Ironically those cards never increase your credit limit but those become unsecured after a year or so.(18months for BOA).

So you get your money back.

Also +1 ^.

Make sure your utlilization is between 1-7% for maximum benefit.

 



"Its your AAoA, Sir. It seems, Sir, that it is so short that i dont think it would hurt for it to get a little shorter"
Message 4 of 8
Frequent Contributor

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP

At one point in my "credit life " most of my cards were ALL low-limit @ bewtween 500-800. I raised my secured card limit to $3,000 and it seemed like when I applied for other cards I started to get much higher limits... some say that "higher limits beget higher limits" IMHO I would day that this hold true to some extent.....

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 5 of 8
Member

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP

Good advice. Do you recommend BOA secured and put a $2000 line. I guess at some point they go usecured and return your deposit. Does this hold true?

 

Message 6 of 8
Mega Contributor

Re: CLI help


lava224 wrote:

 

OK, I'LL MAKE IT SIMPLE....

 

DOES ADDING MORE MONEY ON A SECURED CREDIT CARD HELP YOUR SCORE?

 

EXAMPLE: CURRENTLY HAVE $800 ON A SECURED CAPITAL ONE CARD.

 

IF I INCREASE THE LINE TO $5000, WOULD THAT HELP YOUR SCORE?

 

ANY AND ALL OPINIONS PLEASE

THANX


Yes.

 

-It would lower your overall util. percentage if you had balances reporting.

 

Other than that, it would set you up for prime lenders later on giving you higher credit lines if you can show good history say 6 months to a year) with the 5k line.

 

If you can afford dropping down the cash it would be a great idea for the long term for you.




EQ FICO 548 3/3/16
Message 7 of 8
Blogger

Re: RAISE THE ROOF!!!!!!!!!!!!!!!!!!!!!! INCREASE IN CREDIT LINE HELP


lava224 wrote:

Good advice. Do you recommend BOA secured and put a $2000 line. I guess at some point they go usecured and return your deposit. Does this hold true?

 


Yes. Normally your card will graduate at the anniversary. You can read about my personal experience with the same card here: http://hiepsfinance.wordpress.com/2013/01/01/secured-credit-card-graduation/

 

Message 8 of 8