My credit score seems to finally be steadily going up again. I think the trick was paying in full each month rather than just paying enough to keep it under 30% utilization. I was under the impression originally they didn't like to see it paid in full.
Anyone know what scores they like to see before giving a CLI? I am aware of the hard pull but I have had the CLI button for 2 months now and haven't clicked yet. I opened the card in June 2016 and never missed a payment so that should help. I want to get the TU Fico even higher first but this $500 limit is ridiculous. I just hit $200 on my balance and paid it and it's only a week into the new cycle. It's my only card and I decided to try and get at least one CLI before going elsewhere.
And sorry mods, I think I posted this in the wrong forum. I searched first and came up iwth similar threads and I guess that's how I ended up here.
Nobody was mentioning their scores though so maybe I'm not searching right. Some threads seemed to old and things may have changed since 2013.
You're asking about the secured card? Most likely the way to get a CLI on a secured card is to submit an additional deposit. I think there are some cards out there that might give a small bump to secured cards (like Capital One Credit Steps). Not sure about BofA.
I think BOA may be different? My deposit back in June was only $99 for a $500 limit. I know other cards your limit is your entire deposit.
1) Just to squash it b4 I forget.. The Cap-1 secured card as of right now is no beuno because that steps $300 auto CLI is exactly where that door stop stays.
Better options available (there is talk of changes but there's been talk for over a year)
Remember that secured CCs are just TOOLS and one shouldn't try so hard to push a square peg into a round hole....
It's an audition for better Credit only
Again IMO trying to push a bunch of spend through a " training wheel" card doesn't change the fact that it is a young $500 audition for bigger better credit in the Future
The goal is to simply SHOW the risk scoring model an on-time payment and a beautiful sub 9% reported debt load every month
I agree not much can be done with a $500 CL and it isn't meant to be, hence I call em 'audition' cards because you're just playing to the crowd until the BIG roles come calling, right now you're still waiting tables and only have a few lines, deliver them well but don't think or act like you have a dressing room or a trailer on set, quite yet😊
* Another, thing IMO you should be doing
You said this was your ONLY card
The scoring model prefers a few more pieces of data the stroke that profile, so if you use a few of those 100's you're pushing through this one card to secure yourself say a $200-300 Discover
You'd add depth to your profile and allow the accounts to grow old together and allow the HP inquiries to age off together as well...As opposed to waiting and constantly adding more HPs to build the profile you're gonna need anyway
Look around and get info on the SSL as well to add an installer account so that you can have all the elements needed to rock your score with a kick butt profile.
It's not hard but knowing the rules of the game upfront saves a lot of GUESS WORK and surprise of the back end
Ideally, the model craves 3-5 revolving accounts and 1 installer (A mortgage as well but we aren't gonna create that just because)
Anyway 3 & 1 is your initial goal...
You've got 1 revolver,if I were you I'd use some of that spend you do monthly to 'create' a few more accounts to be SEEN and by late summer or fall you'll be on FIRE!
Best of luck
I wholeheartedly disagree with you as far as THIS secured card goes. It's not a training wheel card. It's more of a "Let's give this guy a shot, and if he passes the test then he's all set for the big time" I'd push that square peg into the round hole as far as I could with BofA on this card!!
1) BofA secured cards can and will unsecure after as little as 5 months. What other secured card does this?
2) CL will at least double when it unsecures. Keep your reports clean, and this could EASILY be a $5-7k card within a year of issue date - I don't think there is any other card that has the possibilities this one does. Plus, they WILL PC it with no issue at all.