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Cap 1 Secured card for increased util?

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CreditGuy03
Established Contributor

Cap 1 Secured card for increased util?

Has anyone tried getting a cap1 secured card and put down the deposit for the $3000 credit limit just to have a bump in util %? Is this a good idea?

Equifax - 628, Experian -627, Transunion- 654 In the garden until 01/01/2019
Message 1 of 6
5 REPLIES 5
maiden_girl
Valued Contributor

Re: Cap 1 Secured card for increased util?

Why not try requesting a CLI from one of your current creditors if its for UTL purposes? I wouldn't open a secured card if I already had unsecured lines of credit--its like taking a step backwards. Just my opinion.

As of 2017, rebuilding...
Message 2 of 6
CreditGuy03
Established Contributor

Re: Cap 1 Secured card for increased util?

I tried. They are being stingy with CLI's.

 

I only have cap 1 platinum (1000) 1 year old and barclaycard carnival (500) 3 years old. 

 

I cant get into NFCU and my scores are around 630-640(had short sale 6 months ago) No other baddies.

Equifax - 628, Experian -627, Transunion- 654 In the garden until 01/01/2019
Message 3 of 6
maiden_girl
Valued Contributor

Re: Cap 1 Secured card for increased util?

Is your short sale reporting a DEQ on your CR? If not, I'd try Barclay for a CLI again seeing that it is your oldest tradeline.

As of 2017, rebuilding...
Message 4 of 6
Revelate
Moderator Emeritus

Re: Cap 1 Secured card for increased util?

Not so much for util, but secured cards can be used in some cases to gain higher limits in the future.

With the recent derog, it's not a bad plan of you can sacrifice that 3K for two or so years.

Secured cards may be lower in the credit pantheon than unsecured, but they still have some benefits.

That said, I'd apply for a BOFA secured first: graduates in a year to unsecured directly and has a decent rewards package on it.



        
Message 5 of 6
CreditGuy03
Established Contributor

Re: Cap 1 Secured card for increased util?

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Yea it says paid in full on EQ and Trans but Paid in settlement on EX

 

Also with all 3 the status says 120 days late which sux. I tried disputing it since its not 120 days late its paid and closed but hadnt had much luck getting it changed

Equifax - 628, Experian -627, Transunion- 654 In the garden until 01/01/2019
Message 6 of 6
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