Secured C.C. advice ??

[freakyfico]

Ok So I have 3 credit cards: Orchard bank $ 600 limit $ 15 balance (unsecured)  12 mo old

                                         Credit Union   $ 1000 limit $ 0 balance (secured)      11 mo old

                                            BofA           $ 300 limit $ 0 balance   (secured)      10 mo old

And a short term C.U.loan    (12 mo. term) $ 3000 with $ 2280 remaining (partially secured)

I have 2000 dollars and I'm not quite sure where to spend it ? If I add 1000 to my BofA the total will be 1300, it is due for graduation in the next few mo. (i'm at the 10 mo. mark) will the limit be 1300 when it graduates ?

Should I try to to get a new secured card, with say a 2000 deposit ?

or should I leave all be and just continue to pay my credit union loan down. I'm just unhappy with my low credit limits. My scores are:

                                  TU 598    EQ  629    EX  589   @ 70% UTL reported

Your help is appreciated

[MrCredit]

Patience.... put the money in a savings acct and leave it be. Continue paying on the CU loan it will build your FICO score with on time payments you have a nice mix of CC and one installment loan.... wait 6 months leave things be and you should be at about 620. I would talk to your CU when that card is a year old and see if they will give you a Unsecured without another pull. Watch your inq too, they will hurt you if you apply too many times. My next try in six months would be Cap One.

[MrCredit]

My best advice to you also would be to use your BOA secured and buy everyday things gas groceries and PIF every month... That will show good usage BOA LOVES that. When it is unsecured they will give you CLI and you will be maybe at 2k... they will then grow with you.

[freakyfico]

If I were to make a 1000 dollar deposit into bofa would that be my cl when it graduates ? thanks for all your help !!

[MrCredit]

You can contribute additional money at any time to your BOA secured and your CL will be that. What I am saying is  they give a unsecured CLI when graduating , its dependent on usage and payment history while in secured mode. Put your money in a Money Market Account in your CU, they like to see you have assets... this will come in handy later if you ever need a car loan or something. Let me know if I can be more help. BOA is a good bank and will grow with you.... USAGE!!

[Anonymous]

I would put all\most of it towards the bofa card since it will likely unsecure in 2 months(you could also call and see if they will unsecure now after you add to deposit) so interest lost would be minimal

[freakyfico]

does that mean If I deposit 2000 into BofA then I will have a 2300 limit and when it unsecures maby in two months ill get my 2300 back and have an unsecured limit of 2300 ? That would be a good way to get a decent limit right away ?

[Anonymous]

your boa card is 10 months old it should be unsecured allready it only takes 9 month to upgrade ! i would call them and ask !

please let us know the outcome.

[freakyfico]

Ok So I have good news!!! I Called to find out when I would graduate and they (with no questions asked) unsecured my card :-) Then I called back to find out why I didnt get a CLI and the first lady said I had to wait 1 year. I wasnt happy with that so I called back again and asked for a 1000 CLI and BOOM !!!! the next lady gave it to me I'm happy now.