topic Re: Advice needed on new Secured Credit Account opened by "accident" in Credit Card Applications

Advice needed on new Secured Credit Account opened by "accident"

Anonymous — Fri, 04 Mar 2016 04:00:07 GMT

So I've always had one credit card I've used responsibly, and it is well reported. A few years ago, I had an issue with a second account. It was settled, and just recently dropped off my reports.
Anyways, I decided, hey, I have a limited history, lets open a secured account for $1000. I did so with Citi. Now I realized that my FICO is in the mid to high 700s due to the good account, and this secured account was pointless. I opened a Chase Freedom card no issue. The secured account is already open though, and they have my money. The account is less than 30 days old.

-Call retentions, close the account and ask for the deposit back?
-Call the recon line and explain the situation?

I would like to try to keep an account with them, I just don't want them holding my money if i can invest it on my own instead.

Re: Advice needed on new Secured Credit Account opened by "accident"

B335is — Fri, 04 Mar 2016 07:15:35 GMT

Citi will more than likely tell you to go back and apply for the card you want. Citi front line CSRs don't have much flexibility and I think the EO may even give you the same guidance. The EO would have more ability to look at a new application that may be denied though. I really can't comment on this cards graduation rate.

Re: Advice needed on new Secured Credit Account opened by "accident"

Anonymous — Fri, 04 Mar 2016 13:08:30 GMT

@Anonymous wrote:
So I've always had one credit card I've used responsibly, and it is well reported. A few years ago, I had an issue with a second account. It was settled, and just recently dropped off my reports.
Anyways, I decided, hey, I have a limited history, lets open a secured account for $1000. I did so with Citi. Now I realized that my FICO is in the mid to high 700s due to the good account, and this secured account was pointless. I opened a Chase Freedom card no issue. The secured account is already open though, and they have my money. The account is less than 30 days old.

-Call retentions, close the account and ask for the deposit back?
-Call the recon line and explain the situation?

I would like to try to keep an account with them, I just don't want them holding my money if i can invest it on my own instead.

Keep it and sock draw it. When it unsecures price change it into the doublecash or something you want.

Re: Advice needed on new Secured Credit Account opened by "accident"

Anonymous — Fri, 04 Mar 2016 13:13:03 GMT

@Anonymous wrote:
@Anonymous wrote:
So I've always had one credit card I've used responsibly, and it is well reported. A few years ago, I had an issue with a second account. It was settled, and just recently dropped off my reports.
Anyways, I decided, hey, I have a limited history, lets open a secured account for $1000. I did so with Citi. Now I realized that my FICO is in the mid to high 700s due to the good account, and this secured account was pointless. I opened a Chase Freedom card no issue. The secured account is already open though, and they have my money. The account is less than 30 days old.

-Call retentions, close the account and ask for the deposit back?
-Call the recon line and explain the situation?

I would like to try to keep an account with them, I just don't want them holding my money if i can invest it on my own instead.
Keep it and sock draw it. When it unsecures price change it into the doublecash or something you want.

I went this route with Discover. I went through BK and Discover was one of the bystanders. Applied for the secured card and got it with a $500 limit. I intend to use the card monthly for utilities or cell phone and add an additional $2000 to it. When it unsecures in 12 months I will have starting limit of $2500 and hit the luv button and see what happens. I don't mnd this route as I would do the same thing if I were lending to someone who burned me in the past. To make a note more specific to your situation. My profile supports an unsecured Discover however I did burn Discover in the past. Sometimes we must take the less traveled route to get to the desired destination.

Xace