Reply
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

When to dump a Secured Card

Got a card from Hooters last month 11-19, 500 CL but with all the recent problems with Merrick Bank Im not sure how long they will allow me to keep the card before I get a letter from them advising that they're going to close my account for no reason...

 So my question is Ive had a secured card with FNBO for a little over a year should I dump it since I now have an unsecured card? They dont give the graduation option like some other cards like BOA  after satisfactory performance etc. OR should I just apply for another unsecured bank card like Juniper? OR should I try for another secured card with the graduating option

 

12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!
Mega Contributor
Creditaddict
Posts: 18,928
Registered: ‎10-23-2007

Re: When to dump a Secured Card

do you know your scores from recently?
Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

Re: When to dump a Secured Card

TU 654 /EQ 630 EX.... not sure was 581 with 2 recent collections that are gone and 3 new accounts reporting hopefully over 600 !!
12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!
Mega Contributor
Creditaddict
Posts: 18,928
Registered: ‎10-23-2007

Re: When to dump a Secured Card

I would say get a household bank card or a capital one card. they wouldn't be secured and you could get both of those most likely with your current credit.

possibly even apply for a bank of america platinum and hope to get counter offer for 99/500 card or else get fully secured with then, it graduates as soon as 9 months. 

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

Re: When to dump a Secured Card

Thanks thats what I was thinking I was considering cap 1 but I dont hear too many great things about them.. I called BOA today and was urged to apply for a platinum plus card but I told the CSR  didnt jave the best credit and wanted to apply for a card that in the event I get declined I could at least get a counteroffer. Of course they acted like they didnt know what I was talking about and told me I had to go into the bank to apply for a secured CC. Fasr forward I ended up just hanging up, however I do want to start getting cards from better lenders, as opposed to a bunch of subprime cards, like hooters that may just get closed on me anyway.
12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!
Mega Contributor
Creditaddict
Posts: 18,928
Registered: ‎10-23-2007

Re: When to dump a Secured Card

I get so irritated when I get someone at the bank that does not even know there products!

you can apply online for just there platinum card and you will get a counter online if they won't approve. but with bank of america, you should always do a reconsideration with a credit specialist, they have the power to approve!

Capital one gets a lot of mixed reviews, but in the end people that get it when they can't get anything else, probably wouldn't trade it for having nothing!! get it and use it for what it is, a stepping stone, they are not super great usually about growing with you to the extend other banks do like bank of america. 

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

Re: When to dump a Secured Card

It was a mess I tell ya, they 've never heard of such a thing they say and Im like alrighty then, after speaking to a supervisor who had never heard of the product lol it was time for me to go. Im sure I can get approved for other cards I just dont know what, there are so many but with the credit crunch there are a few that Ive made mental note to stay away from. I dont really want another secured card but for a start with a prime lender Im guessin its worth a shot bein that the one I have is pointless will not graduate and will never increase it will just be a secured cc for as long as I allow, how about juniper or chase or citi I havent done too much research on them but what else can I possibly qualify for CC wise with my scores
12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!
Mega Contributor
Creditaddict
Posts: 18,928
Registered: ‎10-23-2007

Re: When to dump a Secured Card

there have been a lot of posts on the Citi Upromise card in low 600's.

cabelas... lol I got them, but I hear they are starting to question why people are applying if they have not bought before.

chase I think is a little harder 

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

Re: When to dump a Secured Card

ok citi ill start researching them right now thanks so much for all the great advice
12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!
Regular Contributor
kay82
Posts: 116
Registered: ‎10-28-2008

Re: When to dump a Secured Card

Ooops  forgot I have a paid CO with them from Sears and 2 open collections..any other suggestions?
12-08 TU 654 EQ 630 EX 628

12-08 TU 640 new accounts

1-31-09 EQ 644 15% util !!!
2-10-09 EX 663 15% util !!!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+