I would like to know if it is a good idea to increase my Wells Fargo secured limit. Right now it's credit limit is 300. I was thinking of increasing it by 1000 bringing it up to 1300. It's graduation is by the end of August so I don't know if it's a good idea or not. Also at the moment I am gardening and wanting to see my 3 new cc grow age and apply for new credit around January 2013 or so.
Also anyone knows if when your secured card graduates do they check your credit to determine a credit limit or is it going to be the same credit as your deposit. Is it automatic or do you have to request the graduation process?
Thanks for your answers in advance.
I always think it is better to have a bigger deposit and credit limit. I had 2 secured cards Capital One($2200) and HSBC($1100). I got unsecured cards from both ot them Capital One($3000) and HSBC($500), so some of the time it helps with a bigger limit. I also got several store cards with larger than expected limits while I had the secured cards, so I think it helped some there too.
IMHO , do it ! There is a frequent saying aroung here that bigger limits beget higher limits. I too had a Wells Fargo secured card for just over a year. I called shortly thereafter and they "were not graduating cards" at that time. The CSR asked if I would like to apply for a NEW non-secured card, but I replied if they wont "graduate" my secured card why would they approve me for a new unsecured card, but out of frustration I went ahead and closed my secured card and applied in the same call for a WF Rewards card and was approved for 3800.... Dont hold your breath waiting for it to go "graduated"