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Is this ok...

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Andy77
Valued Contributor

Is this ok...

So, I have my citi secured card with a 200 limit and I am tired of paying them like every other day because my CL is too low.

 

So, I was thinking of just paying 600 on my acct with a zero bal and having that credit on the acct and just use it

 

When the 600 is gone, give them another

 

I feel since the account is not reporting to the bureaus, the only people I have to keep happy are Citi

 

 

What do you think?

 

 

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Is this ok...


@Andy77 wrote:

So, I have my citi secured card with a 200 limit and I am tired of paying them like every other day because my CL is too low.

 

So, I was thinking of just paying 600 on my acct with a zero bal and having that credit on the acct and just use it

 

When the 600 is gone, give them another

 

I feel since the account is not reporting to the bureaus, the only people I have to keep happy are Citi

 

 

What do you think?

 

 


 

Do this card allow you the ability to add to your secured acct and raise the limit? If you can do that, say with the $600, then you would have a CL of $800. I am not aware of how Citibank works but I do know that some secured cards do allow you to add to your acct and raise the limit.
Message 2 of 9
voidman
Established Contributor

Re: Is this ok...


@Andy77 wrote:

So, I have my citi secured card with a 200 limit and I am tired of paying them like every other day because my CL is too low.

 

So, I was thinking of just paying 600 on my acct with a zero bal and having that credit on the acct and just use it

 

When the 600 is gone, give them another

 

I feel since the account is not reporting to the bureaus, the only people I have to keep happy are Citi

 

 

What do you think?

 

 


First you need to make sure that citi cards accepts -ve credit balance. I know for sure chase does not and Wells Fargo CC does. Also, some cards seem to charge fees on -ve account. 

 

Also, If you are tired of paying maytimes, Then why dont you charge about $100 a month, pay enough to bring the balance below 9% and let that report and if you have a check card, use that instead for rest of the purchases?

 

does making too many purchases on the card puts any leverage on getting a card. 

 

btw, it is a secured card, all they look for is how well you handle the debt before they graduate and not your skill of passing $1000 through a $200 card. After a year or so, you might get better offer from other CCC

 

 

Message Edited by voidman on 10-28-2009 08:45 PM
-void
Message 3 of 9
Andy77
Valued Contributor

Re: Is this ok...

No, I cannot add to the security acct because its a CD
Message 4 of 9
voidman
Established Contributor

Re: Is this ok...


@Andy77 wrote:
No, I cannot add to the security acct because its a CD

Well, if are able to add more $$$ to the security (but cant coz it is CD) why didnt you start with a higher balance? 

 

 

-void
Message 5 of 9
Andy77
Valued Contributor

Re: Is this ok...

I did not put more into the CD to make the initial credit line higher because I thought you could add to it later, but you cannot...

 

I just wanna know if keeping a credit balance on the account then using it then putting another credit on the account will look bad to them 

Message 6 of 9
Anonymous
Not applicable

Re: Is this ok...


Andy77 wrote:

So, I have my citi secured card with a 200 limit and I am tired of paying them like every other day because my CL is too low. So, I was thinking of just paying 600 on my acct with a zero bal and having that credit on the acct and just use it When the 600 is gone, give them another  I feel since the account is not reporting to the bureaus, the only people I have to keep happy are Citi

 

What do you think?

 


I don't think this is a good idea. I've read anecdotal accounts of lenders "unapplying" overpayments and returning the funds to the borrower after the overpayment/credit has been held in limbo for awhile. I'm not sure how this would report to credit bureaus, but it could appear that you routinely go over your credit limit with the "high balance".

 

I think that a better option would be getting a card with a limit that works for you, even if that's another secured card with a higher credit line that you can utilize more freely.

Message 7 of 9
Anonymous
Not applicable

Re: Is this ok...

Why not just pay cash or use a check card?!?!
Message 8 of 9
haulingthescoreup
Moderator Emerita

Re: Is this ok...


daniel6809 wrote:
Why not just pay cash or use a check card?!?!

I believe the idea is to show responsible use of credit. That's how you improve your credit profile after a past problem. Paying with cash isn't managing credit.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 9
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