topic Re: secured credit card question in Credit Cards

secured credit card question

noochski — Wed, 13 Jun 2012 03:12:03 GMT

I currently have a secured BofA credit card with a very low available line of credit. I was thinking about requesting a credit increase and was wondering what the impact would be on my credit score. Will the increase in avaiable credit improve look better or will it have a negative effect?

Re: secured credit card question

injustifiiable — Wed, 13 Jun 2012 03:18:15 GMT

@noochski wrote:
I currently have a secured BofA credit card with a very low available line of credit. I was thinking about requesting a credit increase and was wondering what the impact would be on my credit score. Will the increase in avaiable credit improve look better or will it have a negative effect?

Well, if it's a secured card, you'd have to fund the CLI yourself, tho...the increase would look better in regards to utilization but only if the utilization is low to begin with. It'd be easier to help you if you told us the limit and the current balance.

Re: secured credit card question

noochski — Wed, 13 Jun 2012 03:25:48 GMT

Fully secured card with a $300.00 limit. I started with that low of an amount because that's really all I could afford to put aside at the time. The card currently has a balance of $120.00 dollars on it. I've only had it for 2 months and got it to help rebuild my credit. Do you think it's too early to ask for an increase or do I just need enough money to secure it?

Re: secured credit card question

injustifiiable — Wed, 13 Jun 2012 03:31:33 GMT

@noochski wrote:
Fully secured card with a $300.00 limit. I started with that low of an amount because that's really all I could afford to put aside at the time. The card currently has a balance of $120.00 dollars on it. I've only had it for 2 months and got it to help rebuild my credit. Do you think it's too early to ask for an increase or do I just need enough money to secure it?

Well if it's fully secured, they are probably not going to do an unsecured CLI on it (CapOne's Secured card is the only secured card known to give unsecured CLI's from time to time). If you have the extra cash, I'd just add to it.

If you treat the card well, it'll unsecure by month 13 and you'd get the deposit back anyway. People have reported also getting a decent CLI at that point once it graduated.

Re: secured credit card question

noochski — Wed, 13 Jun 2012 04:26:39 GMT

I have extra money to secure a higher limit. I was going to at least request an additional $300.00 limit, even though I don't plan to have a balance above $150.00

Re: secured credit card question

Revelate — Wed, 13 Jun 2012 06:12:16 GMT

@noochski wrote:
I have extra money to secure a higher limit. I was going to at least request an additional $300.00 limit, even though I don't plan to have a balance above $150.00

Talk to a CSR, I've seen people on this forum with a partially secured BOFA up to $500, you may be able to get that as well.

Re: secured credit card question

OhioCPA — Wed, 13 Jun 2012 09:04:05 GMT

As stated above, a BOA secured card should unsecure after a year. If you increase your CL by depositing more money you likely will be restarting the twelve month period for the card to unsecure and incurring a HP. Thus, if you want to add to your deposit, do it sooner than later. You can always call a CSR and confirm if this is applicable to your account.

When the card does unsecure many people have seen their initial unsecured limits increased to $1,000.

Re: secured credit card question

Anonymous — Wed, 13 Jun 2012 12:08:51 GMT

I started my boa secured card with $1000 and after 12 mos and calling in and unsecuring it, they left it at 1k and didn't give me a CLI. They told me they only usually increase to 1k if you have a 500 Or so CL. When It unsecured I made a post about it and someone else also made a similar post in which they were told the same thing about the CL

Re: secured credit card question

noochski — Wed, 13 Jun 2012 21:02:38 GMT

Sorry in advance for this question. . . What's do you mean by "incurring an HP"? What's an HP?

Re: secured credit card question

Anonymous — Wed, 13 Jun 2012 21:06:07 GMT

@noochski wrote:
Sorry in advance for this question. . . What's do you mean by "incurring an HP"? What's an HP?

I forgive you. HP = hard pull/inquiry. You get a slight ding on your credit score when you incur an HP.

Re: secured credit card question

noochski — Wed, 13 Jun 2012 21:18:13 GMT

Even though I already have a CC with them and am fully securing the CL? Would BofA still make an inquiry? Guess I should have asked these questions earlier since I requested a CL increase to $500.00 this morning. . . I'm not overly concerned about short term credit implications as the greater plan is buying my first home with a target date of early 2014.

Re: secured credit card question

Anonymous — Wed, 13 Jun 2012 21:48:10 GMT

@noochski wrote:
Even though I already have a CC with them and am fully securing the CL? Would BofA still make an inquiry? Guess I should have asked these questions earlier since I requested a CL increase to $500.00 this morning. . . I'm not overly concerned about short term credit implications as the greater plan is buying my first home with a target date of early 2014.

Good plan, bigger limit helps with the utilzation for better score. Sometimes it helps get better CL on future unsecured cards. Inquiries will small impact now and none in 2014.

Re: secured credit card question

noochski — Thu, 14 Jun 2012 23:01:26 GMT

Was granted a CLI, and it was a HP on my CR. Was also advised that the 12 month period will not reset and will be based on when the account was originally opened

Re: secured credit card question

Anonymous — Thu, 14 Jun 2012 23:11:25 GMT

How much did you get? So the BoA card is partially secured like CapOne, interesting. I have a friend who go one for 500 with a 200 deposit.

Re: secured credit card question

Anonymous — Fri, 15 Jun 2012 03:51:41 GMT

@Anonymous wrote:
How much did you get? So the BoA card is partially secured like CapOne, interesting. I have a friend who go one for 500 with a 200 deposit.

the op secured card is fully secured. the only downside is bofa will hp you to increase your limit using your own funds. thanks but no thanks

Re: secured credit card question

Anonymous — Fri, 15 Jun 2012 04:43:07 GMT

HP to increase with you own money, rediculous.

I have a friend with partially secured one, do they no longer offer that one?

Re: secured credit card question

Anonymous — Fri, 15 Jun 2012 05:23:19 GMT

@Anonymous wrote:
HP to increase with you own money, rediculous.

I have a friend with partially secured one, do they no longer offer that one?

they only offer it as a counter offer

Re: secured credit card question

Anonymous — Fri, 15 Jun 2012 05:30:23 GMT

And I bet that's not guarenteed?