topic Re: Strategy Advice - Moving from secured to unsecured debt. in Rebuilding Your Credit

Strategy Advice - Moving from secured to unsecured debt.

Anonymous — Sat, 07 Sep 2019 17:58:15 GMT

These are my current stats

EX = 675 - FICO 2 642

TU = 660

EQ = 674

EX Business = 509

I have 10k in secured cards with USAA, 5K secured AMEX and 5K secured VISA.

I have 1K BBVA Secured Business and 3K Secured Wells Fargo Business.

Whom should I go with for unsecured credit and when can I close these out?

I want access to credit to rehab a home and pull the cash out.

Re: Strategy Advice - Moving from secured to unsecured debt.

Anonymous — Sat, 07 Sep 2019 18:30:37 GMT

My first inclination would be to see if any of your current issuers will unsecure your cards and send back your deposits. After that, check Disco, Citi, and Amex prequals to see what’s offered.

Re: Strategy Advice - Moving from secured to unsecured debt.

Anonymous — Sat, 07 Sep 2019 18:35:41 GMT

I have a DISCO unsecured for 11K but someone put me on their credit?

What do you mean by prequels? How do I find out if I am prequalified?

Re: Strategy Advice - Moving from secured to unsecured debt.

designated_knitter — Sat, 07 Sep 2019 21:05:45 GMT

@Anonymous wrote:
I have a DISCO unsecured for 11K but someone put me on their credit?

What do you mean by prequels? How do I find out if I am prequalified?

Many issuers will allow you check if you are prequalified for a credit card by doing just a soft pull first. If you aren’t prequalified, then you won’t have to apply and rack up a hard inquiry for nothing.

here is an article that shows which banks offer prequalified offers. In order to check, make sure all 3 credit reports are NOT frozen or you’ll automatically be rejected even with a soft pull.

https://www.doctorofcredit.com/view-personalized-credit-card-offers/

Re: Strategy Advice - Moving from secured to unsecured debt.

Anonymous — Wed, 25 Sep 2019 07:20:12 GMT

I keep gettting these Chase Ink Preferred Business in the mail. They however do not use the words " pre-approved", they say invitation, is that the same thing?

Re: Strategy Advice - Moving from secured to unsecured debt.

Anonymous — Wed, 25 Sep 2019 09:52:29 GMT

No, that’s just marketing and getting those in the mail is no indication of preapproval.