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Regular Contributor
Posts: 106
Registered: ‎02-08-2012
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What should I be doing?

[ Edited ]

Hi guys, here's my situation:

 

I got a Capital One Journey card which was approved 12/2010 for $500 and it's now $750, that was the only card I had until 03/2012 when I got approved for Freedom for $500 and AmEx Zync NSPL.

 

I'm trying to figure out what to do to get a CLI, but as we know neither Cap1 or Chase are known for CLI.. other cards I do want to get eventually are Discover (not sure which one) and a Sapphire or CSP if I ever get there. I don't mind gardening for however long, but I also don't want to sit there with this limit for years when I can make a move.

 

Thanks in advance :smileyhappy:

 

 

Capital One Journey (12/2010) | Chase Freedom (03/2012) | American Express Zync (03/2012)

Gardening since 03/2012
Experian score: 752 (6/2014)
Moderator Emeritus
Posts: 11,282
Registered: ‎12-30-2011
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Re: What should I be doing?

[ Edited ]

Got free cash flow?

 

Shortcut the issue with a secured card and kick it up to whatever you need, preferably one that graduates consistently like BOFA so you don't tie up the cash for an extended period of time.  Pretty much any other lender will do; however, if you need to increase your deposit over time, C1, NFCU or USAA (full member) are the known good choices; however, I don't know what the max limit is in any of those three cases.

 

Other option, just sit around for the next 9 months, get an Amex BCE or BCP, and then just take that CLI every 61 days.  Eventually you'll get to the 5K mark and then applying for a CSP shouldn't be an issue.

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Regular Contributor
Posts: 106
Registered: ‎02-08-2012
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Re: What should I be doing?

[ Edited ]

I do have free cash flow which I can meet the 5k mark if the secured card allows that limit, does BOFA allow that?

 

Never mind, I just googled it, looks like they allow up to $4900 :smileyhappy:

Capital One Journey (12/2010) | Chase Freedom (03/2012) | American Express Zync (03/2012)

Gardening since 03/2012
Experian score: 752 (6/2014)
Moderator Emeritus
Posts: 11,282
Registered: ‎12-30-2011
0

Re: What should I be doing?

Heh, well 4900 vs. 5K is a wash for the most part.

 

Hrm, too bad I was about to kick 3K at my secured card pre-graduation up to 5K, but 4900 is close enough for my requirements which are pretty similar to yours.  Search the forum for other cards which reliably graduate possibly too... unfortunately them and NFCU are really the only two I know, USBank has been mixed and Wells blows for that.  Citi still unknown.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: What should I be doing?

I wouldn't do the BofA for 5k.  Better to do for whatever low limit.  Towards end of 12 months, then deposit to 4900 and use accordingly and wait for graduation.

 

However there are a couple more options:

 

1) Aggressively use Zync and make big payments for next 2-3 months.  When FICO looks good, app for Amex revolver and use their CLI policy

 

2) Pick store(s) that have cards backed by GE who you use.  GE had great soft based CLI policies.

 

3) Get secured card for full 5k that doesn't report as secured.  I like SDFCU as you can have up to 100k on deposit and limit and they don't even require a hard inquiry for card.  Let new card age for 3-6 months.  Then app for normal unsecured cards.  You should get CLs more in line with your card with the high limit.  Then close the secured card to get your deposit back.

               LIMITS IN CARD DESCRIPTIONS
Moderator Emeritus
Posts: 11,282
Registered: ‎12-30-2011
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Re: What should I be doing?

[ Edited ]

Edit nevermind, found the responses on a different forum on a thread you participated on Crash :smileywink:.  Updates inline

 

 

- How does it report, secured or not? Secured, apparent recent change in policy

- Graduation? Nope

- Additional deposits, if they really don't pull credit for the card do they for CLI;s? (but they probably did pull for membership, are we certain it wasn't just off that from whoever posted reusing the inquiry?)  Does no credit check apply in this case?  I have to make the assumption that anyone they'd deny for a secured card wouldn't be admitted into the CU in the first place.  Reports state there's no credit check to apply for checking / savings account, which is usually the minimum in an application to a CU so perhaps it is accurate.  No HP either for additional deposits but it is treated as a new application, no idea if the tradeline changes on that or not.

- The 64K question, does it have the same benefit of No Forex fee as their standard Visa?  No mention of benefits of any sort from what I read

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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