Throwing Money At Them

[DaBears]

That's up to you if you want higher limits. Being 4 months old I would use them, keep util % low for atleast 1 year. Depending on the lender, they usually convert over to unsecured cards.

DaBears

[xXIDaShizIXx]

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@DaBears wrote:

That's up to you if you want higher limits. Being 4 months old I would use them, keep util % low for atleast 1 year. Depending on the lender, they usually convert over to unsecured cards.

DaBears

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Capital One doesn't unsecure, BoA does. I mean would higher limits help me when going for unsecured cards? Or am I ok where I am at? I was wondering because of what the discover denial letter said.

[dessy82]

In my personal experience, I would not increase your secured limits unless you need them. I opened a Cap 1 secured card last year, and within about 6 months with good utilization/payoff, I was able to apply for a Cap 1 Quicksilver rewards card (unsecured) and received a $500 limit, with a chance to have that automatically increased if I pay my bill on time for the first three months. Based on my experiences it is all just about finding the right cards to help you rebuild. These are the only two cards I have at this point and my credit is rebounding well.

[xXIDaShizIXx]

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@dessy82 wrote:
In my personal experience, I would not increase your secured limits unless you need them. I opened a Cap 1 secured card last year, and within about 6 months with good utilization/payoff, I was able to apply for a Cap 1 Quicksilver rewards card (unsecured) and received a $500 limit, with a chance to have that automatically increased if I pay my bill on time for the first three months. Based on my experiences it is all just about finding the right cards to help you rebuild. These are the only two cards I have at this point and my credit is rebounding well.

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Thank you. I definitely don't want to keep throwing money at these cards. Hopefully at the year mark, everything will work out and I can get an unsecured card.

[Jeff007245]

Did you just get approved for that Bank of America Card since your last post? Well if you did congrats!

Well, applying for that Discover card was worth a shot, if you got turned down the only thing holding you back is time. As for throwing more money into your secured cards and what your next course of action would be, here is my advise.

Capital One (secured) - Most I would put is $500 and not close your oldest account until you get the Prime Cards that you want.

AAMCO Car Care - Pay it off and request for a CLI after statement posts

Bank of America - $500 - $1,000. I would really take care of this one. The higher your limit while in secured mode, the higher your approved CL would be upon graduation (6mo - 1yr). It will be a hard pull to graduate, but that same time you can also negotiate for a Credit Limit.

And the most important piece of advice I can give, especially given your inquiries is to Garden until your cards are at least a year old. I wouldn't apply for anymore cards until you start getting some nice Preapproval/Prescreening offers from Prime lenders in the mail. No more applying and Garden Garden Garden! 😁

Patience is a Virtue my friend.

[xXIDaShizIXx]

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@Jeff007245 wrote:

Did you just get approved for that Bank of America Card since your last post? Well if you did congrats!

Well, applying for that Discover card was worth a shot, if you got turned down the only thing holding you back is time. As for throwing more money into your secured cards and what your next course of action would be, here is my advise.

Capital One (secured) - Most I would put is $500 and not close your oldest account until you get the Prime Cards that you want.

AAMCO Car Care - Pay it off and request for a CLI after statement posts

Bank of America - $500 - $1,000. I would really take care of this one. The higher your limit while in secured mode, the higher your approved CL would be upon graduation (6mo - 1yr). It will be a hard pull to graduate, but that same time you can also negotiate for a Credit Limit.

And the most important piece of advice I can give, especially given your inquiries is to Garden until your cards are at least a year old. I wouldn't apply for anymore cards until you start getting some nice Preapproval/Prescreening offers from Prime lenders in the mail. No more applying and Garden Garden Garden! 😁

Patience is a Virtue my friend.

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Well here we go on my year long wait! The fun begins!

[Shogun]

Just garden a few months and keep the util down.  Then you'll be good to go.

[xXIDaShizIXx]

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@Shogun wrote:

Just garden a few months and keep the util down.  Then you'll be good to go.

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What would be the optimal time? 6 months, a year? or what?

[Shogun]

I'm thinking in 6 months you'll be good to go.

[xXIDaShizIXx]

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@Shogun wrote:

I'm thinking in 6 months you'll be good to go.

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And at that point should I just check preapproval offers? And I guess if nothing then, wait another 6 months?