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Frequent Contributor
7PM789
Posts: 257
Registered: ‎08-20-2012
0

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 - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL - Discover More - $7.5k - Sam's Club Discover - $10k -
Walmart Discover - $7.5k - Citi T.Y.P. - $5.5k - Chase Freedom - $2.2k -
W.M.TU-775(July/14/) EQ-726(July/12) EX-753(Jan/13)
Audi, Vide, Tace. . .


Valued Contributor
jamesdwi
Posts: 1,714
Registered: ‎09-16-2011
0

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 & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
7PM789
Posts: 257
Registered: ‎08-20-2012
0

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 - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL - Discover More - $7.5k - Sam's Club Discover - $10k -
Walmart Discover - $7.5k - Citi T.Y.P. - $5.5k - Chase Freedom - $2.2k -
W.M.TU-775(July/14/) EQ-726(July/12) EX-753(Jan/13)
Audi, Vide, Tace. . .


Frequent Contributor
7PM789
Posts: 257
Registered: ‎08-20-2012
0

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 - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL - Discover More - $7.5k - Sam's Club Discover - $10k -
Walmart Discover - $7.5k - Citi T.Y.P. - $5.5k - Chase Freedom - $2.2k -
W.M.TU-775(July/14/) EQ-726(July/12) EX-753(Jan/13)
Audi, Vide, Tace. . .



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