Getting Ready to Graduate

Anonymous — Wed, 30 Oct 2019 02:22:27 GMT

I have a TD Bank secured credit card. Opened in May 2019. I really want this card to graduate to unsecured. Reading this forum helped me to choose this card. What should I do to maximise the chances of it graduating at the ?7th or 8th? statement? Will it be a Visa Signature? I have been putting most of my credit card spend on this card. Should I have the statements show large or small balances?

Credit line: $5000

Current FICO (real / not CK)

EX: 668, 12 inquiries

EQ: 682, 3 inquiries

TU: 685, 4 inquiries

Baddies: two cards with 2x 30 lates each, and 1x 60, 1x 90, and 2x 120 days late, a charge off on another card, and 2x 30 late and 1x 60 late on another card. All cards current and charge off settled reporting for over 12 months.

Good: Cap1 open since December 2018, SL 1000 raised to 1500. Disco open since 2014 (had late payments, was suspended, paid to zero, still active but I don't charge more than 5% of the limit every month, limit 3200 when TD secured opened, recently raised to 6500. US Bank secured open since May 2019, limit 2500, under 8% utilization. All cards PIF every month.

June: New charges $362 + $29 AF, statement balance $351, 7%

July: New charges $2830, statement balance $710, 14.2%

August: New charges $404, statement balance $4, 0%

September: New charges $925, statement balance $134, 2.7%

October: New charges $1296, statement balance $1296, 26%

November: New charges $60, statement not yet cut

Re: Getting Ready to Graduate

Anonymous — Wed, 30 Oct 2019 02:49:28 GMT

Not really familiar with the TD card nor am I in their area for getting anything they issue that is worthwhile.

Overall though generally speaking of secured cards they want to see use every month and payments every month to show you can handle them responsibly.

In general once you have a couple of secured cards it's recommended sitting in the garden while time passes to get them to graduate.

3 new cards in a year is pushing it between TD/USB/Cap1 even with prime lenders you would probably get a 2nd look w/ scores sub 700.

What I would do is tackle the lates w/ GW letters and see if you can get them dropped through campaigns of letters.

Don't add anything else to the mix so you don't look like you're hungry for credit while still secured knowing how USB can be a bit uptight about things it's counter productive in getting them to unsecure as well.

Otherwise you're working and massaging the numbers in your favor but keep it down around 5% or less for what reports. If you have to cycle the cards maybe Amazon Reloads for $5 and immediate payment when they post would work for USB/Cap1 as they're lower limits to keep track of the UTIL but yet keep them aritificially busy with small charges w/ the reloads.

I would say by 5/2020 you should be seeing some good results.

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Getting Ready to Graduate

Re: Getting Ready to Graduate