Credit Cards

[matthias]

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?

thanks 

Matt

[Brusilov]

I hate the be the bearer of bad news, but I don't think it matters whether your credit card reports as secured or not (except to visible inspection, possibly).  As far as scores I'm pretty sure they're the same.

[KingAdrock]

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.

[matthias]

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.

-matt

[Brusilov]

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.

Message Edited by vonMannstein on 05-07-2009 02:44 PM

[matthias]

$500 more, so $10,500