cancel
Showing results for 
Search instead for 
Did you mean: 

Should I increase CL on secured BofA?

Member

Should I increase CL on secured BofA?

Ok, so I found out that I am, indeed, getting my secured BofA card. Yay!  My question is this... I only gave $400 to start and I can afford to put another $500 a month towards that.  Should I do it?  I could have a credit line of close to $5,000 by the time the card is supposed to be able to convert to unsecured. I'm just wondering if it makes a difference.

 

Thanks!

Message 1 of 4
3 REPLIES
Frequent Contributor

Re: Should I increase CL on secured BofA?

As long as you don't run a balance on the card, then ABSOLUTELY a higher CL will help your score.  And since you're essentially guaranteed to get the money back in 9-12 months, there's no risk.
Message Edited by PayingTheBills on 02-24-2009 12:20 PM

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Message 2 of 4
Epic Contributor

Re: Should I increase CL on secured BofA?

I started with 500 and then sent in another $500 a couple months later.

Reports from people are when it unsecured they also got a cli of at least $500 and someone posted increasing there credit line to $2k the month before 9 months and it unsecured to $2500.  If you can part with the money for a while and make use of the credit line, I say go as high as you can. 

Message 3 of 4
Highlighted
Member

Re: Should I increase CL on secured BofA?

Ah, that's a good point!  Do they typically go unsecured for what your CL currently is?  If so, it would definitely be better to have a higher secured CL.
Message 4 of 4