Obtain a secure card after obtaining unsecured? Advice appreciated.

[jgallego13]

I am currently in rebuilding mode. I've been able to obtain a Discover More card with a 1k CL, and Cap 1 No Hassle Rewards Cash Back with $750 CL, and an Amex Zync with NPSL in December 2011. Everything has been PIF since opening these accounts. I also have a secured Cap 1 with a $500 CL. To assist me in my efforts, my amazing GF has added me as an additional card member to her Amex BCE account which has a 2K CL, and her Discover Open Road account with a 2.5k CL.

Within the past month I've been able to close down my First Premier account after 3 years of use as well as a Total Visa that I used as a rebuilder for 3 years as well. Also, within the same time frame my FICO score has shot up from 585 to 630 on EQ and it is currently at 644 on EX.

I've received an offer from BofA for a partially secured BankAmericard Cash Rewards Visa credit card. It will provide me with a $500 CL after a $99 deposit, and comes with 1% cash back on every day purchases, 2% on groceries and 3% on gas. After 12 months BofA will review the account and graduate it if I keep a good payment history. This is one of the best secured card deals I've seen, but does come with a $39 AF.

So, in short... should I take the offer? I've already been approved for it as as a counter offer after being declined for the unsecured version of this card... so I've already taken the inquiry hit. What do you guys think? My utilization right now is 1%.

[Carlile92]

I would take that I wish they offered me that luckily I fought tooth and nail to get mine but it is unsecured but I would say take it that has opportunity To grow to a really big credit limit

[Chaos122]

If you want the card for the rewards program or if you are interested in the potential unsecured version later then take the deal.  Otherwise there is really no point in opening up a secured card just to "have another card".  You have 3 excellent accounts, i would continue to use those and build history with those 3.  Another card will just negatively affect your aaoa, and its a secured card which you dont really need right now.  Depends on why you want it.  BTW is total visa still around, lol, i remember when i had one of their cards.

[jgallego13]

Thanks for the feedback, it is appreciated. Yes, Total Visa is still around. It felt really good calling them this past month to cancel. They did however serve their purpose. Now as to why I was contemplating the BofA secured card offer... well, the rewards are nice but I was looking forward to the unsecured card at 12 months with a much higher credit limit.

Right now I seem to be stuck at low limits and I would like to break this.

[Carlile92]

That is reason I'm saying take it not for now but in 12 months when it unsecured the potential for a big cl is very good with bofa

[UpNComing]

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@jgallego13 wrote:

I am currently in rebuilding mode. I've been able to obtain a Discover More card with a 1k CL, and Cap 1 No Hassle Rewards Cash Back with $750 CL, and an Amex Zync with NPSL in December 2011. Everything has been PIF since opening these accounts. I also have a secured Cap 1 with a $500 CL. To assist me in my efforts, my amazing GF has added me as an additional card member to her Amex BCE account which has a 2K CL, and her Discover Open Road account with a 2.5k CL.

Within the past month I've been able to close down my First Premier account after 3 years of use as well as a Total Visa that I used as a rebuilder for 3 years as well. Also, within the same time frame my FICO score has shot up from 585 to 630 on EQ and it is currently at 644 on EX.

I've received an offer from BofA for a partially secured BankAmericard Cash Rewards Visa credit card. It will provide me with a $500 CL after a $99 deposit, and comes with 1% cash back on every day purchases, 2% on groceries and 3% on gas. After 12 months BofA will review the account and graduate it if I keep a good payment history. This is one of the best secured card deals I've seen, but does come with a $39 AF.

So, in short... should I take the offer? I've already been approved for it as as a counter offer after being declined for the unsecured version of this card... so I've already taken the inquiry hit. What do you guys think? My utilization right now is 1%.

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jgallego13, would you mind sharing your FICO and utilization when you aquired the Discover?

[jgallego13]

I believe my FICO at the time was 604 and my utilization was a HIGH 80%. I had several baddies but these were all from 2005. When I applied for the Discover More I received the "Pending Review" message. Turns out they had been calling me and leaving VMs that I never got around to. Finally, a received a letter in the mail asking me to contact them, which I did. They confirmed my ID and also asked me several questions regarding my CR, especially regarding all the baddies. I explained my situation and what took place in 2005 and that was enough. They approved my application. I was in shock, to say the least.

[UpNComing]

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@jgallego13 wrote:

I believe my FICO at the time was 604 and my utilization was a HIGH 80%. I had several baddies but these were all from 2005. When I applied for the Discover More I received the "Pending Review" message. Turns out they had been calling me and leaving VMs that I never got around to. Finally, a received a letter in the mail asking me to contact them, which I did. They confirmed my ID and also asked me several questions regarding my CR, especially regarding all the baddies. I explained my situation and what took place in 2005 and that was enough. They approved my application. I was in shock, to say the least.

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Inquiries?

[jgallego13]

Zero since 2007. I think that helped out a lot.

[UpNComing]

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@jgallego13 wrote:

Zero since 2007. I think that helped out a lot.

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Yeah, I've got 5 on Eq.  Probably should wait it out until the inquires fall off.