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USBank Secured

Regular Contributor

USBank Secured

I have a US Bank Harley card secured for $1000. I have had it over 2 years. I asked them about a year ago to unsecure it, however they declined at the time. I am wondering if I should ask again, or just close it out and move on.

 

At the time I got the card, I had around a 600 score. I am at 673 today, but the utilization is high on the card. I have never missed a single payment or been late.

 

At this point, since it is high utilization, it is not helping my ratio. It is also newer than my aaoa so not helping there at all.  I am basically just paying interest and fees on it.


Starting Score: 580
Current Score: EQ740, EX695
Goal Score: 850


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Message 1 of 5
4 REPLIES
Established Contributor

Re: USBank Secured

NEVER ask for any favors with your utility messed up, always pay it off down to zero if your requesting a CLI or a PC to a better card.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 2 of 5
Senior Contributor

Re: USBank Secured


bcdudley wrote:

I have a US Bank Harley card secured for $1000. I have had it over 2 years. I asked them about a year ago to unsecure it, however they declined at the time. I am wondering if I should ask again, or just close it out and move on.

 

At the time I got the card, I had around a 600 score. I am at 673 today, but the utilization is high on the card. I have never missed a single payment or been late.

 

At this point, since it is high utilization, it is not helping my ratio. It is also newer than my aaoa so not helping there at all.  I am basically just paying interest and fees on it.


Are the rewards useful for you?   If so, I suggest you pay it  off and then ask for unsecure.    

 

Message 3 of 5
Regular Contributor

Re: USBank Secured

They usually unsecure it after 1 year if your FICO is above 680 I hear. You have to request it though.

 

I had my request denied the first year that I tried to unsecure it, but I recently had it unsecured.

 

If you wait until after you pay your annual fee, they will give you a pro-rated refund of it. I would keep the card and pay down the utilization, and then have it unsecured. That way you can keep the account history.

 

If you have an account with US Bank, be sure to ask to have the money deposited in your account when you unsecure the card, otherwise you'll have to wait for the check in the mail.

Message 4 of 5
Valued Contributor

Re: USBank Secured


bcdudley wrote:

I have a US Bank Harley card secured for $1000. I have had it over 2 years. I asked them about a year ago to unsecure it, however they declined at the time. I am wondering if I should ask again, or just close it out and move on.

 

At the time I got the card, I had around a 600 score. I am at 673 today, but the utilization is high on the card. I have never missed a single payment or been late.

 

At this point, since it is high utilization, it is not helping my ratio. It is also newer than my aaoa so not helping there at all.  I am basically just paying interest and fees on it.


Yeah I echo the other posters... Pay your UTIL down and you should see a score increase...after it reports on your CRs I would ask for a PC. Good Luck.

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Message 5 of 5