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Secured vs unsecured

Moderator

Re: Secured vs unsecured


TrishN wrote:

Is it the best if you handle big CL like 10k better than 1k secured?


If you can afford to put 10K on a secured card, then yes typically it is better than a 1K line on a secured card for future underwriting concerns.  Many forum members have reported vastly shortened walks to higher unsecured credit limits with a larger secured deposit, than those who started with more modest amounts.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


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Message 11 of 27
Established Contributor

Re: Secured vs unsecured

another thing to note as well you can put upto $100,000 in a secured credit line if you really want to with some banks, but anything over $50,000 is not recommended because it will not report balances to the CRA and be more of an invisible tradeline, this is because extremely rich people or business expenses can total up a lot and it isn't fair that their personal score goes into a roller coaster mode every month.

 

At the Max I would say $20,000 per card


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 12 of 27
Highlighted
Valued Contributor

Re: Secured vs unsecured


Revelate wrote:

TrishN wrote:

Is it the best if you handle big CL like 10k better than 1k secured?


If you can afford to put 10K on a secured card, then yes typically it is better than a 1K line on a secured card for future underwriting concerns.  Many forum members have reported vastly shortened walks to higher unsecured credit limits with a larger secured deposit, than those who started with more modest amounts.



Yup, No way would I have over 50k in Cls today when I had no CCs 4 years ago without high deposit secured accounts. Both of my secured cards were unsecured while I still had CAs and a PR reporting. Without the secured cards I'd have been lucky to get an unsecured Orchard or anything over $1000 more likely than not.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 13 of 27
Frequent Contributor

Re: Secured vs unsecured

11-14-2012 02:13 PM

OpenSky reports as a normal revolving CC, all depends on the bank I suppose

**********************************************************************************************************************

 

I had OpenSky for 2 years till yesterday. Begining this month  on my EQ report it started  reporting as a Secured Credit Card. 


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
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Message 14 of 27
Established Contributor

Re: Secured vs unsecured

50k is alot on a single card especially if it was my own money lol

Message 15 of 27
Established Contributor

Re: Secured vs unsecured

I just put 10k to BOA secured card hopefully they will change to unsecured when it past 1 year.

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Message 16 of 27
Established Contributor

Re: Secured vs unsecured

Opensky do they change to unsecured credit card after 1 year perfect payment?

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Message 17 of 27
Established Contributor

Re: Secured vs unsecured

I thought BoA had $5k limits on their secured.  I've not yet seen secured cards over $5 limits, but would like to know who has them.

Message 18 of 27
Blogger

Re: Secured vs unsecured

Lol at the 50k+ credit lines. Give me 40k for a year and I can show you a better way to build your credit. After 1 year I wil return your 40k. Win-win. Smiley Wink

 

+1 for BofA Bankamericard Travel Cash Rewards secured card being the best of its kind. The upper limit for the credit line is 10k. The card is reported as a secured card, which is not as valuable as an unsecured card with the same credit limit from a prime lender when you apply for a card and get your application manually reviewed.

 

 

 

Edited: I meant to say Cash Rewards, not Travel Rewards. Sorry about the confusion.

Message 19 of 27
Established Contributor

Re: Secured vs unsecured


HiLine wrote:

 

+1 for BofA Bankamericard Travel Rewards secured card being the best of its kind. The upper limit for the credit line is 10k. The card is reported as a secured card, which is not as valuable as an unsecured card with the same credit limit from a prime lender when you apply for a card and get your application manually reviewed.


I'm not sure if they offer this card (anymore?)  I've never seen it and don't see it on their site.

Message 20 of 27