High limit secured or low limit unsecured?

[gatortrades]

Hello,

Just want some advice/opinions on whether you'd open a BoA secured and max it at $4900, or try for an unsecured and get maybe a $500 limit. If the money isn't needed elsewhere, which would you do?

I'm leaning to secured and it graduate in a year and you have a high unsecured limit. Thoughts? Thanks!

[Darrell82]

I personally would go for the low limit and do great with the card for some increases. And invest the 4900 Dollars somewhere so that can make you some money.  It just really depends on what the purpose of you getting the card for. If it is just to build credit i would stay with the small limit and let in grow with you and let your money make some money for you somewhere if you know what i mean.

Thats Just my opinion. I am sure you will get more opinions. Good Luck in getting your new credit Card

[Anonymous]

I'd go for a high-limit secured, as a way of boosting future CLs.

Online savings accounts are currently yielding around 1%, so you might lose a bit if the secured funds aren't earning interest.

But this may be a small price to pay to get ahead with your CLs.

[HiLine]

How about this:

Get a high limit secured. 6 months later get a high limit unsecured, and cancel the secured.