08-27-2012 01:36 AM
I'm currently starting to build/rebuild credit. I have 3 secured cards. Oldest card 2 months old. WF $300, BOA $300, and Cap1 $200 with overall 3% util. I plan to always keep my utilization under 9% no matter what while i'm building credit. Will increasing these to $500 or even $2000 each help my score? I know in the future they will help with getting higher limits but as far as score is it worth it for me to put money into these secured cards? Any advice would be greatly appreciated.
08-27-2012 01:11 PM
Increasing your credit limit will not raise your credit score on its own. Now if increasing your credit limit lowers your utilization than that may give you a boost in your score. However, if your utilization is not much then you may or may not see a score increase. Also keep in mind that by increasing your credit limits could result in a credit pull which if they are HPs then they could possibly lower your score.
The capital one secured card I know will not do a HP if you deposit additional money to increase the limit. As far as BOA I have been told by CSR reps and have read here that they do a HP for credit limit increases even if you are depositing your own money to increase the limit. I do not know about WF, but I assume they may be just like BOA.
Hope this helps.
08-27-2012 10:16 PM
Thanks. I think I might hold off on increaing limits for about 6 months. I knew about BOA hard pulling for CLI hopefully WF doesn't. Anyone know for sure?
I think there are few people with experience on the WF secured card on the Credit Cards forum, or potentially the Rebuilding forum; however, when it comes to adding funds to a secured card, likely the CC forum is the best place.
We've a few people with the BOFA card who have added money to their deposit, and while it is indeed a HP, I think we're still waiting to see whether it graduates with the current limit or some other one. In my case I initially had 2K, bumped it up to 5K, and theoretically graduate in 2 months, so by the time you're ready to pull the trigger, we'll probably have a good idea how BOFA responds upon graduation as to whether it's a worthwhile addition or not.
08-29-2012 02:51 PM
what they truly are monitoring above all things is the consistency of your overall habits to see the things to expect from you in the future by averaging all the work you put into your card spending and card paying so as long as you continue to do these things in a consistent manner there wont be any credit pulls. I have had my one secured card for almost a year now. I began with 200 and had to put 300 to get it for the card app. Had to have at least an extra 100 in the checking account i opened with the bank along with the bank credit secured app. I went in assuming more money never less so that was wonderful for me at the end. I had to begin by not spending to much on it but i have slowly raised the credit limit slightly by 100 or 200 dollars every other month and have been spending too much on them but that does help bring down the percentage your using on the card if your raising the limit on an overall look at the percentage your using up. Like i said though, what they don't want to see is anything out of your ordinary way of putting in or etc. from you even if it is raising the credit line and giving them more money to hold and use for you basically. That won't be helping you any in this credit thing because its inconsistent if you get a large amount of money which i did read on and go turn around and throw it all into a credit line your just trying to freshly establish because it shows poor judgement from paying off what you owe which is the major kick in the pants because really out of all this credit stuff its mumbo jumbo to me everything they do and establish for you is basic common sense that lots of people forget.You dont go look good here to look like crap there because they already know eachother(credit bureaus banks loan comp.) etc and they will all talk to eachother constantly to keep eachother up to date on everything they know from you and the last thing they care about is what you look like its what actions and behaviors you display to have to be able to manage yourself, and others money wisely and be able to take on more than one thing at one time and balance life and its crazy situations wisely by ALWAYS BEING PREPARED FOR THE WORST!!! and backing yourself up every step of every move you make to be able to respond or to have proof of what you have done on paper so that your moves with this are all very clear and not mistaken for anything else. In this instance that is what it is all about SOLIDARITY. IT makes everyone feel great not to know how to go about trusting you but knowing IN WHAT WAYS THEY CAN TRUST YOU TO DO WHAT YOU SIGN UP FOR because they give you all the info beforehand in fine black print and when you sign you say yes you can do it, and half the time none of us have a clue really what we are truly doing but some of us will figure it out because you dont leave a choice in the matter and im not one to fail quit or lose track of anything as hard as it may be i figure it out so i can accomplish my goal. GOOD LUCK YOU WILL NEED ITlol