05-07-2009 12:19 PM
I have two credit cards with B of A. One has a limit of $500 and the other was a secured card for $10,000. They just unsecured the card and bumped the credit line on that one to $10,500. My current score is 689, how many points a month should my score go up, I keep a balance of zero dollars each month? Does it make a difference credit score wise whether the card is secured or unsecured, I assume it does?
05-07-2009 12:23 PM
05-07-2009 12:35 PM
As far as your FICO is concerned, there is no difference between secured and unsecured. It does look better on manual review, but FICOwise there shouldn't be a change.
And out of curiosity, you had a $10,000 secured card? As in you put up $10k? If so, wow. I've never heard of anyone securing quite that much.
05-07-2009 12:39 PM
Yes, I put up $10,000. I have been told that my score will go up based on the percentage of credit I use vs my credit line. B of A unsecured it after 11 months, I asked for two secured cards for $10,000 each and would not let me, they only let me have one of these cards.
05-07-2009 01:58 PM - edited 05-07-2009 02:44 PM
Yeah that is pretty amazing. Out of curiousity what credit limit did they give you when it unsecured?
EDIT: Duh, it's right there in your first post.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.