@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.
That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.
Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.
@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.
Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.
yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.
Y im concerned about the secured tag is bcoz, when I applied for the BOA unsecured prior to the secured, the analyst clearly mentioned, you have 5 credit cards but 2 are secured cards and thats when I understood they get that info, (as i had not obtained a report till then).
@newhis wrote:
@Chaselover wrote:To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.I'm thinking the same, don't know if it is a good thing. But if my card is at $1000 and get a CLI after graduation I think it can only go to 2 or 3K, so I think is better to put some more money, get it to 5K and after graduation see if they can make it higher.
I feel its a good idea. Ur not loosing that money. And keeping that much money in savings is not going to give any good interest to talk about. On the other hand, the money would keep reporting every month to the CB's. And if ur in that emergency of cash, u can easily cancel the card and get your money back.
So, i feel its a very good option, do you have any other thoughts?
I feel if you have the money and ur credit scores are bad bcoz of less credit history, this is the best option. Deposit as much money in a graduating secured and wait for it to graduate during which ur CS would keep increasing and obviously take care of the UTIL.
@SunriseEarth wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.IMHO, it's better to use the credit to have wisely instead of "needing high limits." Having low UTIL, no matter what the CL is, is more important than simply having a high CL. It's really how you use your CLs that gets the scores up (and that can lead to higher CLs).
That being said, I think you'd be better off adding money to your BOA secured instead of getting a new secured CC with Cap One that will never graduate. I think it's good that you're looking at the positive side of Cap One's denial.
But, if you look at the factors for Vantagescore calculation, one of the factors is the amount of available credit. So, it definitely makes a difference if u have 1000$ in credit vs 5000$ in credit. However, definitely Util is a bigger factor than the amount of available credit.
My utils are at 4% for the 3600 current credit that I have, so that should raise the CS.
Yeah, planning the same what u said - going to increase limits on BOA secured. Yeah, its actually good that I got denied. orelse no use of getting an ungraduating card from Cap1 which wud also affect my AAoA.
I will just leave a comment here that I agree with the idea of pumping up low limit cards to achieve high limit approvals. This is exactly how I got my limits up, rebuilding with only a secured card about 3 years ago. After 5 months payment history with the secured, the same bank approved me for a yet higher limit unsecured (which I was previously not approved for). From then on I started getting CLIs and much higher limit approvals. I am at a point now, only 3 years later, where I would be almost astonished if I applied for anything other than a store card and was approved for less than $5k.
Putting $5k on a secured card is more than I ever did, but it will certainly work as intended.
SunriseEarth's comment is accurate in that high limits are not needed to achieve high FICO scores (only utilization matters), but managing utilization is something you can think about a lot less if you have a lot of credit. Also, its nice to have the flexibility to be able to put all of your monthly credit card spending on a single card, if you feel like it for any particular month, and not have to worry about hitting the card limit without making multiple monthly payments.
EX:694 TU:744 EQ:777
@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.
Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.
yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.
Y im concerned about the secured tag is bcoz, when I applied for the BOA unsecured prior to the secured, the analyst clearly mentioned, you have 5 credit cards but 2 are secured cards and thats when I understood they get that info, (as i had not obtained a report till then).
@newhis wrote:
@Chaselover wrote:To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.I'm thinking the same, don't know if it is a good thing. But if my card is at $1000 and get a CLI after graduation I think it can only go to 2 or 3K, so I think is better to put some more money, get it to 5K and after graduation see if they can make it higher.
I feel its a good idea. Ur not loosing that money. And keeping that much money in savings is not going to give any good interest to talk about. On the other hand, the money would keep reporting every month to the CB's. And if ur in that emergency of cash, u can easily cancel the card and get your money back.
So, i feel its a very good option, do you have any other thoughts?
I feel if you have the money and ur credit scores are bad bcoz of less credit history, this is the best option. Deposit as much money in a graduating secured and wait for it to graduate during which ur CS would keep increasing and obviously take care of the UTIL.
@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
To answer your questions:Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.Open to any suggestions if you feel what Im doing is wrong.That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.
Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.
yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.
Y im concerned about the secured tag is bcoz, when I applied for the BOA unsecured prior to the secured, the analyst clearly mentioned, you have 5 credit cards but 2 are secured cards and thats when I understood they get that info, (as i had not obtained a report till then).