topic Re: Advise on SDFCU Secured Visa in Credit Cards

Advise on SDFCU Secured Visa

srloring13 — Wed, 30 Mar 2016 18:07:51 GMT

So I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @12.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.

Re: Advise on SDFCU Secured Visa

sjt — Thu, 31 Mar 2016 02:36:59 GMT

@srloring13 wrote:
@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.

Congrats on getting approved for the unsecured card!

I would close your secured card. The history will remain on your CR for 10 years and Im sure you can find better use with the the 5k.

Re: Advise on SDFCU Secured Visa

Anonymous — Thu, 31 Mar 2016 02:33:22 GMT

I agree with the poster above and close the secured card (maybe wait until June if you would like 3 yr history). Is your second oldest card close to when you opened this secured card at least?

Re: Advise on SDFCU Secured Visa

NRB525 — Thu, 31 Mar 2016 04:13:29 GMT

@srloring13 wrote:
@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.

Did you call SDFCU to see if the security for the card can be put into a different savings instrument? I presume you mean a CD or something with a longer term like that, correct? They may be willing to shift the security to that, because it will come with a commitment from you that the savings stays in one place longer.

Re: Advise on SDFCU Secured Visa

Anonymous — Thu, 31 Mar 2016 05:20:52 GMT

@srloring13 wrote:
@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.

I would just close it, and drop that cash into a long term tax advantaged account like a Roth, or IRA.

Re: Advise on SDFCU Secured Visa

srloring13 — Thu, 31 Mar 2016 07:48:43 GMT

@NRB525 wrote:
@srloring13 wrote:
@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.
Did you call SDFCU to see if the security for the card can be put into a different savings instrument? I presume you mean a CD or something with a longer term like that, correct? They may be willing to shift the security to that, because it will come with a commitment from you that the savings stays in one place longer.

Yes and they will only use savings to secure a credit card. They said if I wanted a secured loan then they could use a CD.

Re: Advise on SDFCU Secured Visa

srloring13 — Thu, 31 Mar 2016 07:51:09 GMT

@Anonymous wrote:
I agree with the poster above and close the secured card (maybe wait until June if you would like 3 yr history). Is your second oldest card close to when you opened this secured card at least?

The next oldest was opened December 2013 and the third oldest was opened June 2014. Worst case I may lose a year in age of my oldest account.

Re: Advise on SDFCU Secured Visa

Anonymous — Thu, 31 Mar 2016 11:11:29 GMT

Good luck with whatever you decide.

Re: Advise on SDFCU Secured Visa

NRB525 — Thu, 31 Mar 2016 12:01:24 GMT

@srloring13 wrote:
@NRB525 wrote:
@srloring13 wrote:
@Anonymous I have the SDFCU Secured Visa and in February I increased the limit from $1,000.00 to $5,000.00 @ 7.24%. Just recently I was approved for a $7,500.00 Visa @Anonymous.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?

This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.
Did you call SDFCU to see if the security for the card can be put into a different savings instrument? I presume you mean a CD or something with a longer term like that, correct? They may be willing to shift the security to that, because it will come with a commitment from you that the savings stays in one place longer.
Yes and they will only use savings to secure a credit card. They said if I wanted a secured loan then they could use a CD.

Why do you not want to lower the limit on the Secured card, say to $1,000 or $500? If the main purpose is Ageing, there's no rewards on the card, so that frees up the cash you want to move, and still keeps aging the account.