topic Re: Rebulding Credit -- Advice on USBank Secure Card in Rebuilding Your Credit

Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Mon, 19 Sep 2011 03:39:00 GMT

Hello everyone. I have been trying to rebulild my credit over the past year. I was able to get a secured credit card from US Bank with a credit limit of $1000. (I bank at US Bank as well). Also, around the same time, I was able to obtain a Capital One Credit Card with a credit limit of $500 and they have later increased the limit to $750.

Over the past year, I have been making payments on time and making sure that I am on the right path (A big thank you for everyone who posted here).

Last year around this time, my FICO scores are TU-618, EQ-665. I have checked my scores again last week and my new scores are TU-708, EQ-691. I am excited to see the improved scores

I have called US Bank and found out that I can now apply to convert my US Bank Secure Credit Card to Unsecured Card, as the account is now open for a year now.

Do you guys think that I should go ahead and apply for it or would you suggest for me to wait for some more time?

I would appreciate any suggestions and comments.

Thank you

Re: Rebulding Credit -- Advice on USBank Secure Card

NikJ4 — Mon, 19 Sep 2011 03:55:55 GMT

you should I think

Re: Rebulding Credit -- Advice on USBank Secure Card

gman79 — Mon, 19 Sep 2011 13:25:18 GMT

This was my exp- at the start of the 11th month I got the letter from my bank (BoA) congratulating me and stating I will get a check with my secured funds, it was change to an unsecured Cc, call them thanking them and also requested a credit increase, a couple of questions after, I got $500 increase

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Tue, 20 Sep 2011 00:25:51 GMT

Thank you for the suggestions. I have requested them to graduate the card from secured to unsecured. They said that I will know in about a week to 10 days. I will keep you posted.

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Thu, 22 Sep 2011 01:56:44 GMT

Good news. I have received a letter from US Bank today that my request was approved and that they will be moving me from a secured card to an unsecured card. I am pretty excited.

Thanks a lot to everyone who have offered advices over the past year. I hope to continue to build on this and move forward

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Fri, 23 Sep 2011 23:29:32 GMT

Just wanted to update any one following this thread that they have graduated me to US Bank Platinum Visa Card. The credit limit is $1000. I called the represenattive thanked them and asked her opinion on credit limit increase. She suggested to wait for a couple of months and then apply.

Re: Rebulding Credit -- Advice on USBank Secure Card

mAndrew1980 — Sat, 24 Sep 2011 00:24:29 GMT

Good news! You have an unsecured cc with a major bank! Hmmmm, I might consider doing the same thing myself.

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Sat, 24 Sep 2011 00:53:19 GMT

Thanks MAndrew. I sure am pretty happy.So far my experience has been positive. I wish you good luck as well.

Does converting a secure card into unsecured card help improve the credit score at all? Any opinions would be appreciated.

Re: Rebulding Credit -- Advice on USBank Secure Card

AndySoCal — Sat, 24 Sep 2011 03:31:00 GMT

Congrats ! Looks like all the work you did to improve your credit is starting to pay off. I am also US Bank customer and a credit card holder and I am very happy with them. Given US Bank is a very conservative lender I would would wait on asking for a CLI for a while. I would show US Bank by continued good payment history for at least six months or more on the unsecured card. Also your scores most likely will be higher as well. Again congrats!

Re: Rebulding Credit -- Advice on USBank Secure Card

MsTucker09 — Sat, 24 Sep 2011 03:38:29 GMT

congratulations

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Sat, 24 Sep 2011 03:57:18 GMT

Thanks AndySocal for the advice and the encouragement. I will definitely keep it in mind.

Re: Rebulding Credit -- Advice on USBank Secure Card

tennisfan78 — Sat, 24 Sep 2011 03:57:54 GMT

Thank you MsTucker! I appreciate it!