Secured CC or Credit Limit Increase Question

[Anonymous]

I recently started restablishing my credit and I'm curious about how to handle something. I currently have some money set aside to book a summer vaction for my family. I would rather use a credit card for those type of purchases. I have 2 Cap One cc's. A Platinum w/$350 cl and a QS w/a $500 cl. Both are about 4 months old. I know a CLI is coming soon but not in the amounts I'm looking to spend. My question is, should I open a secured card with the money I have saved? Then use it to book our flights, hotel, ect. Strictly for the benefit of it reporting on my CR.  If so, which secured cc do you all recommend? My CS's are 614-619 on all 3 bureaus. I do have a few department store cards open (some with balances and some without) and a signature loan with my local credit union. Most baddies have fallen off but I have a repo from 1 yr ago (wrecked car and no insurance but currently paying on the balance again). 

Or would Cap One extend credit to me if I sent a $3000 payment to them? I'm not even sure that is possible but I'm curious.

Thanks in advance for any advice or recommendations! 

[myjourney]

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@Anonymous wrote:

I recently started restablishing my credit and I'm curious about how to handle something. I currently have some money set aside to book a summer vaction for my family. I would rather use a credit card for those type of purchases. I have 2 Cap One cc's. A Platinum w/$350 cl and a QS w/a $500 cl. Both are about 4 months old. I know a CLI is coming soon but not in the amounts I'm looking to spend. My question is, should I open a secured card with the money I have saved? Then use it to book our flights, hotel, ect. Strictly for the benefit of it reporting on my CR.  If so, which secured cc do you all recommend? My CS's are 614-619 on all 3 bureaus. I do have a few department store cards open (some with balances and some without) and a signature loan with my local credit union. Most baddies have fallen off but I have a repo from 1 yr ago (wrecked car and no insurance but currently paying on the balance again). 

Or would Cap One extend credit to me if I sent a $3000 payment to them? I'm not even sure that is possible but I'm curious.

Thanks in advance for any advice or recommendations! 

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I actually think you have a good idea here of building a file using the secured card 

Look into

BofA https://www.bankofamerica.com/credit-cards/products/secured-credit-card/

Discover, https://www.discover.com/credit-cards/secured/  

SDFCU https://www.sdfcu.org/

1st tho go to Citi Chase and Amex and see if you pre-approved for anything and report back and then we can go from there

[Pway]

I see that you have had your Capital One cards for four months, have you tried for a CLI on those.  It has been found that you can get a CLI before the credit steps.  I would log into Capital One and request an increase on both those cards, you should see some type of increase.  

I hit the CLI button around my third statement when I was enrolled in credit steps and I was given an increase.  I also received my credit steps as well.  

[Anonymous]

Since you already have an established relationship with your CU, I'd start there.

See if they can set you up with a secured card, maybe even with a limit even higher than the amount you want to put on as security (the vacation funds).

Barring that, I'd probably next look at the Discover It secured or the BoA secured - since both of those graduate fairly well and soon (in about a year or so) to being unsecured.

As a last resort, you might be able to manage the booking using the credit you have already, depending on where you are planning to go.  Many travel suppliers offer deposit-then-pay-the-balance-later type arrangements, where you can book your trip with one charge, pay that off and then charge the next chunk, rinse and repeat.  AIrlines don't do this, but packages with airfare in them can often be done this way. 

[Anonymous]

No pre-quals but I am going to look into the secured. Probably Discover. I had a Wells Fargo secured but closed that account when I got divorced 2 yrs ago (it was joint). 

[Anonymous]

My CU doesn't have a secured card. I wish they did! 

I don't need the cushion, I have the money to pay the trip in full. I'm just brainstorming on how to improve my credit file more. I am nervous about asking for a CLi on my cards & getting denied so secured looks like the way to go. 

[Anonymous]

i would apply for the CLI increase first.  there is no hp.  only sp. i applied on my platinum and was offer 1k after only 2 months. plus a pc to the qs. go for it. nothing to lose