Credit Cards

[Creditaddict]

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! 

[creditreformer]

Thought it was well known that national city doesn’t unsecure (neither does orchard any longer)?  That’s why I avoided national city + went w/BA 99/500. 

[Creditaddict]

I have the Bank of America card also. but sure didn't know about the National City.

I'm going to stick the money into my Alliant account and get a loan. 

[l9ikjam]

Maybe when PNC takes completely over they would unsecure your card. I was told by US Bank that I had to apply for another card and that they never unsecure so I closed the account. 6 Months later I read on hear that someone got there card unsecured so I gave them a call and was told they did unsecure. They let me reopen the account and unsecured it like 2 r 3 Months later.

[YoungEntrepeneur]

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.

[KingAdrock]

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YoungEntrepeneur wrote:
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.

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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.

[Creditaddict]

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! 

[kball64]

CreditAddict - I also got the National City secured card right after you did last year when I read that you got one.  Shortly after that, I was able to get a couple from NFCU as well as BoFA so I called National City to see if they ever unsecure and they said "no".  I closed it right away.  I think I posted about it.  Sorry you are just now finding out! 

[l9ikjam]

I just left National City and asked them about there secure card and the bank manager told me u would have to apply for another card and if u qualify they close your secured acount but u still keep the history. You might wanna give them a call. Now I can tell my niece she don't have to close her card.

[Creditaddict]

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.