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Frequent Contributor
Posts: 297
Registered: ‎02-24-2013
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Too soon to switch from secured to unsecured??

With my score being up from when I first got my cards in April, is it too soon to ask to have them switched over to unsecured? I only have two cards in my efforts to rebuild. My bk discharge was 2012 and will fall off my report this fall if it matters.

Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: TU 647 EQ 627 EX 607 (7/05/2013) Lender Pulls ; MYFICO (10/11/2013) EQ 719, TU 679, EX 659 ; MYFICO (11/13/13) EQ 702, TU 660, EX 676 ; Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


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Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Too soon to switch from secured to unsecured??

Which secured cards do u have? Sorry if u have them in ur sig and I can't see them on my iphone


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
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Frequent Contributor
Posts: 297
Registered: ‎02-24-2013
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Re: Too soon to switch from secured to unsecured??

Both are with credit unions.


Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: TU 647 EQ 627 EX 607 (7/05/2013) Lender Pulls ; MYFICO (10/11/2013) EQ 719, TU 679, EX 659 ; MYFICO (11/13/13) EQ 702, TU 660, EX 676 ; Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


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Senior Contributor
Posts: 27,310
Registered: ‎02-07-2013
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Re: Too soon to switch from secured to unsecured??


CAnNY wrote:
With my score being up from when I first got my cards in April, is it too soon to ask to have them switched over to unsecured? I only have two cards in my efforts to rebuild. My bk discharge was 2012 and will fall off my report this fall if it matters.

It's ok to ask but don't get down if they say no because you only have 3 months history and they like to see more than that after a major negative financial event

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Frequent Contributor
Posts: 297
Registered: ‎02-24-2013
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Re: Too soon to switch from secured to unsecured??

Thanks!

Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: TU 647 EQ 627 EX 607 (7/05/2013) Lender Pulls ; MYFICO (10/11/2013) EQ 719, TU 679, EX 659 ; MYFICO (11/13/13) EQ 702, TU 660, EX 676 ; Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


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Frequent Contributor
Posts: 271
Registered: ‎02-10-2013
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Re: Too soon to switch from secured to unsecured??

I don't have any first hand experience with secured cards, so take my words with a grain a salt. 

 

From what I've read on the forums, the general advice is to stick with secured for six months, and then app for (different) unsecured. Others have had luck graduating their secured cards into unsecured with the same bank, and thus keeping the same account/history. 

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