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Hi I just wanted to get some thoughts about the following. I dont know all of my scores but I have a 741 right now with Experian. it went down 5 points from a 746 because I just bought a car. Which is good because now I will finally have an installment loan on my profile. YAY!!! Besides that I only have two secured credit cards. Ive had the secured Capital One card for 2 years and used it cionsitantly the other Ive only had since November. im wondering at what point can I get at least one of these cards converted to a non secured credit card...should I wait a few months for the installment loan to lift my scores up before requesting the conversion?
I'm curious, if your scores are all around the 740 range, why don't you apply for a better card, rather than try to get a card to become unsecured? I'd look at a Discover it Cap1 Quicksilver (or quicksilver one)......you'll get credit line increases periodically and earn cash back on purchases. Just my $.02
I would buy your scores from here at MyFico.com.
I would also recommend getting into Navy Federal and applying at Navy Federal and then apping there.. They are great and give good Credit lines.
When you say you have a 741, who specifically did you get the number from, and what kind of score is it? FICO 8?
If you really have scores that high, you should be able to get pretty much any card you want and not need to fiddle with secured cards, barring a few that might require high income levels or for you to have some specific affiliation like a credit union membership. No/new credit history might have been a factor before, but you said you have 2 years worth of good payment history already.
You can elect to keep the Cap1 secured open if you'd like, but it's unlikely that it will unsecure. They only recently started graduating cards, and haven't given any indication they will graduate cards retroactively.
I am with everyone else here, you should be applying for a good card and reaping the sign up bonuses. Hit the credit card board and check out what cards people are liking currently. You can also google what type of bonus you'd like most ($200 cash back with spend, or miles, or whatever), and go for it.