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Secured card question

Frequent Contributor

Secured card question

I got my first credit card (a secured card) through my credit union 18 monthes ago. It graduated after 6 monthes and 2 monthes after that I requested and received a cli from 500.00 to 2500.00; Two monthes ago I requested a cli from 2500.00 to 5000.00 and was denied. The highest line of credit they offer is 10,000.00 if I transfer/deposit 7500.00 to be frozen would the card report the same and how would this effect my credit score which is currently between 716 and 729. The reason I want to do this is to balance and keep my utilization low as well as display financial responsibility enabling myself to receive higher initial credit limits in the future. I would like to apply for a chase freedom visa before the end of the year.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 1 of 4
3 REPLIES
Valued Contributor

Re: Secured card question


7PM789 wrote:
I got my first credit card (a secured card) through my credit union 18 monthes ago. It graduated after 6 monthes and 2 monthes after that I requested and received a cli from 500.00 to 2500.00; Two monthes ago I requested a cli from 2500.00 to 5000.00 and was denied. The highest line of credit they offer is 10,000.00 if I transfer/deposit 7500.00 to be frozen would the card report the same and how would this effect my credit score which is currently between 716 and 729. The reason I want to do this is to balance and keep my utilization low as well as display financial responsibility enabling myself to receive higher initial credit limits in the future. I would like to apply for a chase freedom visa before the end of the year.

I personally would try for a revolver from AMEX, it should easily net you a CL of 2k or more with your score  at  61 days reqyest a 3x CLI   this should net you a minimum of a 6k CL probably more. AP for an AMEX Zync use it to help and eliminate your UTL since its a charge card its reported balance doesn't hurt UTL, take the 7500 and put it in a CD with a highest rate you can find. 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 2 of 4
Frequent Contributor

Re: Secured card question

I already have a Amex gold card npsl and a discover more - 2500.00 I pif every month. I want the freedom so I have an Amex, discover, mastercard and visa. I plan on getting a Amex bce in the future so I can boost my aaoa by having it backdated.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 3 of 4
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Frequent Contributor

Re: Secured card question

If I do transfer/deposit the 7,500.00 it would be frozen in my savings account and it would continue to compound interest. What I am curious about is whether or not discover will be generous when it comes time for a cli and if I apply for a chase freedom could I expect a decent initial cl (2,500.00<) ?
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 4 of 4