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Hello, myFICO community
I have been seaching far and wide for information on sercured CC's for years now. Over a year ago, I opened an US bank secured card, and it seems that some of their practices concerning unsecuering the secured CC's is not what you would call "good biz practices" so please help me out.
{non-US bank secured CC are welcome!!!}
calling all{US bank secured CC holders}*{please list data points,that will help with CC graduation in the fico community}
{non-US bank secured CC are welcome!!!}
1.Banks Name:
2.Secured amount:
3.How old is card:
4.Unsecure attempt:After how many Mo.
5.Graduation Time frame:How many Mo. before unsecure HP or SP
6.Any CLI after gradaution:
Place any notes here about unsecuring process:
UPDATE: 7-2-17
1.Banks Name: Elan Financial
2.Secured amount: $5000.oo
3.How old is card: 1YR. 5MO.
4.Unsecure attempt: 5
5.Graduation Time frame: 17MO.
6.Any CLI after gradaution: Yes, same day on graduation.
Place any notes here about unsecuring process:
4.Unsecure attempt: 5
I believe it went something in this order 2 calls +2 letters,you know spread out over like 2-3mo. requesting to have CC funds unsecured and (blah blah) please if you could be so kind as to doing a soft pull. Elan fin. is very FIRM on hard pull even speaking with a MGR. That being said I finally made an executive decision LOL I called in and put in the request to have it unsecured and take the hard pull.
Note: They said, its a manual review and this took 24-48
5.Graduation Time frame: 17MO.
I do not believe this CC would have unsecured on its own.
6.Any CLI after gradaution: Yes,same day as graduation.
ok, so after dealing with US bank,I knew the game a lil. So I already knew to ask for a increase,I called the very next day while the CC is in process of being unsecured.....so remember back when the US bank rep said the following...
"If we stay between $5000.oo - $10,000.oo we should be able to use same HP."
Gave it a go and asked Elan rep. to raise it by $9500.oo !!!!!!
Bringing Elan CL to $14,500.oo definetly worth the HP.
other notes....it PC'd to platinum and process started 6-22-17
CC arrived 7-1-17 so like 1week 3days
still no check lol but going off of US bank process it should arrive Mon. or Weds.
Update:7/7/17
Check cut 6/26 from US Bank arrived Weds 7/5 jus as predicted.
THKS to those that are following!!!!! If you have Secured CC data please post it here THKS
*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*
UPDATE: 10-12-16
1.Banks Name: US bank
2.Secured amount: $5000.oo
3.How old is card: 1yr. 6mo.
4.Unsecure attempt: After 13Mo., then @18mo.
5.Graduation Time frame: 18mo.
6.Any CLI after graduation: 4 days after graduation, CLI +$8000.oo
7.Any unsecured PC: Yes,after graduation.
Place any notes here about unsecuring process:
After 13Mo. Ask if I qualify,to have card unsecured. The CSR replied no, have not tried again.
4.Unsecure attempt: After 13Mo., then @18mo.
NOTES: For line 4
(MY card did not unsecure on its own. I spoke to rep. and asked if it can be done. She told me it looks like you should unsecure no problem and CPU,is not asking for CR to be run.) {thought that last part was strange} also 2 reps said NO HP...dont believe it I got HP TWICE!!!
6.Any CLI after graduation: 4 days after graduation, CLI +$8000.oo
NOTES: For line 6
(For CLI after graduation, Call USbankcorp. UW dpt. I did and got a very nice rep. and I was polite in return,request that they use same HP.)
{LINE 6. DATA- UW. said, "If we stay between $5000.oo - $10,000.oo we should be able to use same HP."}
7.Any unsecured PC: Yes,after graduation.
NOTES: For line 7
(Ok, so right when you see card unsecure, call back or wait til you receive Plat. unsecured CC.I called a CSR soon as I saw card was going unsecured. And jus state to rep. "I was jus calling to see if there are any upgrades or new products available for my acc. In my case rep. said, yes cash+)
NOTES: MORE DATA 10/15/16
(Check cutting, USbankcorp started the securing process 10-4, cut check 10-6, post mark 10-10, arrived 10-14. Took 8 working days to arrive.)
Example letter for requesting a secure credit limit increase below: This letter is good for USbank and Elan.... possible other banks to.
Increase is in increments of $100, also $300 is min. and $5000 is max. They will only except money order or cashier check.
*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*
name
123 w US st
Los Angeles, CA 98765
(123)321-1234
uremail@yahoo.com
15th October 2016
US bank
Cardmember Services, Secured Processing
PO BOX 5555
FARGO, ND 55555-5555
This is a request for a credit line increase:
**PLEASE,USE SOFT PULL CREDIT REPORT**
Sincerely,
your name
*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*=*=*+*
This letter will help with BOOSTING your secured amount to $5000.oo which will automatically qualifies you for a Visa signature.
Tip: Open acc. with $2500.oo then at end of month 5, add another $2500.oo
Really hopes this help someone!!
1.Banks Name: US bank
2.Secured amount: $5000.oo
3.How old is card:1yr. 3mo.
4.Unsecure attempt:After 13Mo.
5.Graduation Time frame:NA
6.Any CLI after gradaution:NA
Place any notes here about unsecuring process:
After 13Mo. Ask if I qualify,to have card unsecured. The CSR replied no, have not tried again.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
I've had my LifeMiles secured since Aug 2014 and I received US Bank Secured Rewards today as they are doing away with LifeMiles...I never called trying to unsecure it..I highly doubt it. They will even HP for a CLI if I rememeber correctly.