Hello CC people!
I am currently rebuilding and have a US Bank secured card for 8 months now. CLI is currently at $500 and US Bank allows me to increase if I send in the $$$. Trying to plan for my 700+ future, I am trying to understand these top tier cards that offer $5K CLs and up. From what I have read, correct me if I'm wrong, the CSP is a tough card to get. ONe of the factors they look at is if the applicant has a card with a CL of $5k or more. Is that correct?
Would my chances of getting a CSP down the road be better if I was to bump my current secured card up to $5k?
I like the idea of increasing the amount on the secured card. It gives you a better CLI for util and helps with higher CLIs from unsecured cards in your future. Plus the fact it's like having a savings account. So my vote would be YES.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
+1. You can speed up your rebuild if you can quickly get some tradelines with higher limits. The fastest way to do this is with a secured card.
EX:694 TU:744 EQ:777