Secured Credit Card Deposit

[smoop88]

i was wondering if the amount you want to deposit will have any effect on your score. I mean in terms of income so for instance if you make 24k a year and want to get a secured card with us bank for $1200 will this be an issue. The reason I ask is because I tried with Wells Fargo and they were a no go bc of income I was told that I needed to have 4-5 months direct deposit going to the account of 1000 or more so they could see the income? I'm interested in U.S. Bank 

[redheadtempe36]

As far as improving/raising your score, no, the limit doesn't really matter.  It can be $500 or $5000.  Of course, with a lower limit you have to be careful about total utilzation.  On a manual review, it might matter, but not many lenders do manual reviews for credit cards (without asking for a recon/CL increase/etc.).

Wells is big on relationships, so my guess is that it isn't your income per se, but they want you to have a checking account with direct deposit for a few months first to establish a "history".  I have a secured card with them, and they didn't offer it to me until I had been with them for about 3 months.

[smoop88]

Thanks my first wells fargo secured i got after about the same time when i tried to get it back there was the issue of not enough income into the account despite have 900 in checking and 5k in savings with frequent deposits