04-07-2009 02:53 PM
I just hit 1 year with my National City Secured card and to my shock and horror they don't EVER graduate.
So they transfer you to credit and ask if you would like to apply on the spot for non secured card... I said yes.
She declined it because I had 25 inquiries in last 14 months and high util on one of my credit cards (my usbank)
I fought with her for 20 minutes and got no were.
I simply said the only way to rebuild credit is to apply and she said I needed to do it slower, I said I did in 1 year what would have taken me 6 years if I didn't apply for new credit and I moved which didn't help.
the fact that I had been a national city card holder for the last year didn't even help me, she said maybe if it was 3 years... I was like lady you are crazy if you think I'm going to keep a lousy $500 secured card for 3 years, I paid the balance off today, when it posts I'm closing it!
04-07-2009 06:58 PM
04-08-2009 10:20 AM
04-08-2009 11:03 AM
Even if it doesn't unsecure, you can still benefit from it since you have built some history for lenders to approve you for unsecured cards. I would go with Capital One and HSBC since they're fairly easy to get approved for.
OP has $500 tied up in a secured card that is going nowhere. By closing all there is to lose is util%, which likely isn't that much for just a $500 CL. Normally I'm of the view "keep cards open" but in this case I'd say closing isn't that bad an idea.
04-08-2009 04:17 PM
well really I don't NEED any new credit cards to rebuild, I just need to sit back and pay down debt, after all I do have a USBank Signature card that I have had for 5 years now, before my bk.
I just REALLY like new credit and being told YES!
04-09-2009 11:00 AM
04-09-2009 11:48 AM
04-09-2009 12:04 PM
yes I applied and was turned down for a new card that was not secured.
I'm not going to apply again and risk being turned down again in 6 months. I'm going to close the account and take the money to Alliant who will give me a loan and then shortly later a credit card product after showing payments with them.