Re: Will raising my CL on my secured card raise my credit score ?
10-12-2012 07:08 AM
I'd say if your going to go up to 5k on that secured card, make sure first that it has the chance of one day going unsecured.
I've heard cap 1 cards pretty much never unsecure and they make you reapply for a new card. But on the opposite hand I've heard BOA will pretty much unsecure the card after a year if you've been a good customer (I'm guessin low Util and obviously ALWAYS paid on time). If it will go unsecured and you don't have any unpaid collections or what not, I'd say every month add a chunk till your up to 5k.
I wouldn't put it all on at the same time for its basically like a locked savings account, and would be very hard to get the money out if you needed it and so by doing a little bit each month you can guage "do I absolutely need this X amount to survive? no ok, put it towards the CL"
however if you know its going to unsecure after a year and your at the 9 month mark, I would put that full 4700 (if you can) on the card and let it sit there for 3 months or so - while using the card and paying it off showing you can use a 5k limit and then when it unsecures after 3 months, you'll get the full 5k back, PLUS you'll have a nice 5k limit that will go a long way when you eventually start to apply for the prime cards. You want to make sure you bump up that CL before it unsecures, because after it unsecures then your at their mercy for a CLI.
Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three