Reply
Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Should I switch secured CC or get a secound one

[ Edited ]

I'm trying to rebuild my credit so as of right now I have a secured cc through HSBC -opened in Nov.-.  It's suppose to do monthly reports to all the CBs, but when looking at TC.com, it's only Trans and Exp that it's showing reporting of payments, while the reporting from Trans it's only showing one in Nov. - when I opened the account - and Exp there are two, but that's Nov. and Dec....it's almost March and no new reportings...of my payment history.

 

Anyways I was just wondering would it be a mistake to try and open a secured card with BoA, since I have an account with them and I keep seeing positive feedback on this forum about their secured card.

 

I just don't know if I should close the HSBC account since it's not reporting monthly like I was told and open a BoA one to hopefully raise my scored or just get the BoA and work on keeping to credit cards to raise them faster.

 

Message Edited by stoopidmunkee on 02-15-2009 06:02 PM
CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Frequent Contributor
PayingTheBills
Posts: 353
Registered: ‎01-29-2009
0

Re: Should I switch secured CC or get a secound one

I have an unsecured BoA card ($1,000 limit) that I've had for almost 5 years that I have never been late on.

I was just DENIED for a BoA secured card the other day.  I'm told that I'll get a reason in writing in "25-30 days."


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 715 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Re: Should I switch secured CC or get a secound one


PayingTheBills wrote:

I have an unsecured BoA card ($1,000 limit) that I've had for almost 5 years that I have never been late on.

I was just DENIED for a BoA secured card the other day.  I'm told that I'll get a reason in writing in "25-30 days."


haha well if you already had an unsecuted BoA why would you want a secured one?

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007

Re: Should I switch secured CC or get a secound one

Hi stoopidmunkee and welcome to the forum

 

I think you should definitely get the BofA card due to it unsecuring in 9-12 months and it will grow with you in credit limit. Also BofA is a very good company and you will be playing with the big boys. Also it is stated that having two cards will increase your fico score.

 

You should also get a store card. This will help with mix of credit and help your fico score. 

 

I would keep the HSBC card open to give you history and grow your report. After you are able to open better accounts, maybe you would like to close the card however I would first read closing credit cards in the helpful thread link located in my signature. If you are not paying an annual fee, then I would keep it open. 

 

I would also see when will the card become unsecured with hsbc. I don't even know if this will even happen. If not, then again think weather you would like to close it to get your money back. Again only close it after you have received better cards.

 

hope this helps and keep us updated.

Frequent Contributor
PayingTheBills
Posts: 353
Registered: ‎01-29-2009

Re: Should I switch secured CC or get a secound one


stoopidmunkee wrote:

haha well if you already had an unsecuted BoA why would you want a secured one?


BoA says that my unsecured card is not eligible for a credit line increase, and never will be.  I figured there was no harm in starting a secured card in order to improve my credit worthiness.  I have been a BoA customer since 99 and have had my unsecured Visa since 2004, and like I said, I have never missed a payment.  I was shocked to see that I was denied, and will definitely be doing a recon once I see the "reason" in the mail.


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 715 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Re: Should I switch secured CC or get a second one


PayingTheBills wrote:

stoopidmunkee wrote:

haha well if you already had an unsecured BoA why would you want a secured one?


BoA says that my unsecured card is not eligible for a credit line increase, and never will be.  I figured there was no harm in starting a secured card in order to improve my credit worthiness.  I have been a BoA customer since 99 and have had my unsecured Visa since 2004, and like I said, I have never missed a payment.  I was shocked to see that I was denied, and will definitely be doing a recon once I see the "reason" in the mail.


BTW, ignored the haha at the start of my first reply to you...I can't mutli task and reply to forums at the same time.  That's strange they won't do a CLI for you.  Well I wish you luck on getting down to the bottom of it, hopefully they'll find out they can't increase it.

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007

Re: Should I switch secured CC or get a secound one

Hi Payingthebills

 

What you need to do is do a Product change from the current card you have currently.

 

Do a product change to worldpoints and then you will be able to start to receive credit line increases. The reason is that the current card you have now will not allow you to receive an increase.

 

Once you do a product change to another card like worldpoints, wait alittle and then go online and click on the credit line increase link.

 

Hope this helps and keep us updated

Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Re: Should I switch secured CC or get a second one


oracles wrote:

Hi stoopidmunkee and welcome to the forum

 

I think you should definitely get the BofA card due to it unsecuring in 9-12 months and it will grow with you in credit limit. Also BofA is a very good company and you will be playing with the big boys. Also it is stated that having two cards will increase your fico score.

 

You should also get a store card. This will help with mix of credit and help your fico score. 

 

I would keep the HSBC card open to give you history and grow your report. After you are able to open better accounts, maybe you would like to close the card however I would first read closing credit cards in the helpful thread link located in my signature. If you are not paying an annual fee, then I would keep it open. 

 

I would also see when will the card become unsecured with hsbc. I don't even know if this will even happen. If not, then again think weather you would like to close it to get your money back. Again only close it after you have received better cards.

 

hope this helps and keep us updated.


Thanks for the advice!  I just now applied for the BoA secure card.  I saw where you said it was good to try and get a store card.  What store card would approve my credit rating?

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Should I switch secured CC or get a second one

Macys is a very good card to have. It too will also grow with you and is somewhat easy to get.

 

However do not get it if you do not shop there. Get a store card that you will use. You need to use it every 5-6 months to keep it active and there is nothing like buying something from a store you really don't like or shop at and forcing yourself to buy something you dont want.

 

Give us some stores that you shop at and we can tell you if it is good for your scores.

Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Re: Should I switch secured CC or get a second one

Well I would say Best Buy, but I work there and do the credit applications I can't get apporved for that card the last time I checked.

 

I honestly don't do a lot of shopping, but the two stores that can come to mind would be Old Navy or Victoria Sercet.  Plus I live in a small area, so not a lot of choices around.

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}