Secured Card CLI

[Freefall]

Not sure if this belongs here or in rebuilding, so feel free to move if necessary...

I'm trying to eek out every point possible on my credit score right now. Some of the "simulators" I've played with ask "what is the total available amount of credit on your card" and the choises were; less than $500 - $500 to $1000 - $1000 to $2000 etc . I currenlty have a $750 CL on the secured card.

Would increaseing my CL to $1000 squeeze me any points as far as FICO sees?

[Anonymous]

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@Freefall wrote:

Not sure if this belongs here or in rebuilding, so feel free to move if necessary...

I'm trying to eek out every point possible on my credit score right now. Some of the "simulators" I've played with ask "what is the total available amount of credit on your card" and the choises were; less than $500 - $500 to $1000 - $1000 to $2000 etc . I currenlty have a $750 CL on the secured card.

Would increaseing my CL to $1000 squeeze me any points as far as FICO sees?

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Not directly.    Utilization is a big factor, so if it reduces your utilization, it will help.   But if you can also control your utilization by watching what is reported on each account.

On the other hand, it can help you in the future get larger CL on new applications.   I used 3 large CL secured cards to rebuild, ($1000, $1100, $2200).

[Freefall]

I just wasnt sure if the FICO algorythem had anything in common with any of the simulators I used.

Now that I thinkj about it, I do have a reported high balance that is just slightly higher than the limit (due the annual fee hitting when I wasnt looking). So if I bump up the CL, anyone looking wouldnt notice I was over that limit...

[Revelate]

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@Freefall wrote:

I just wasnt sure if the FICO algorythem had anything in common with any of the simulators I used.

Now that I thinkj about it, I do have a reported high balance that is just slightly higher than the limit (due the annual fee hitting when I wasnt looking). So if I bump up the CL, anyone looking wouldnt notice I was over that limit...

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I don't think over-limit is quite the problem people make it out to be... especially if that account has since been paid down: that is a responsible use of credit, banks like that.  

Secured cards are generally granted CLI's by depositing more money (with very few exceptions): in virtually all cases, mathemetically speaking, that money would be better spent paying down your current balances instead from a pure FICO perspective.

There do seem to be a few breakpoints when it comes to overall CL's, and 1K is absolutely one of them.  A reason to consider depositing more money would be to try to game future credit card approvals towards a higher initial CL; however, that's not really going to affect your score much, or at all, unless you regularly carry a balance.  It does give some additional flexibility to cover financial difficulties, but that's about it.  

[Freefall]

Ok, thanks for all the input! I appreciate it!

[Anonymous]

Free fall, If you just have one revolving credit line. You might think about how to get 1 or 2 more. I hear 3 is Ideal for building credit. Just don't apply to any unless confident of approval. Also no af is good so you can keep card going down the line. Then best thing for fico is have all cards but one report no balance. The one card should report a tiny balance

[Freefall]

Well, here's the sticky thing. I will be applying for a mortgge in 1-2 months. I was hoping to sneek a 2nd tradeline in there but from all the reading that I have been doing, it sounds like it's not a good idea at this point.

It lookis like Im stuck with 1 TL and will have to use a letter from my landlord as an alternate TL. Fortunately, I am buying the house they own, so Im sure getting a nice letter from them shouldnt be much of a problem

I went ahead and bumped up the CL to $1000, seems like it couldnt hurt at all and could only help in the future....

[Freefall]

As I mentioned, I went ahead and bummped it up to $1000. After speaking to the local branch person, and TWO people in the Secured Card Department I was assured that there would be NO HP since I was not graduatng the card or changing product.

Guess what I got an alert for on Friday evening? Yup, HP from US Bank... 

[rootpooty]

adding money to a secured card to increase the limit WITH YOUR OWN MONEY and getting a hard pull is so ridiculous! Ive been through it with bofa so I know how you feel

[Anonymous]

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@rootpooty wrote:

adding money to a secured card to increase the limit WITH YOUR OWN MONEY and getting a hard pull is so ridiculous! Ive been through it with bofa so I know how you feel

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Hard Pull for Deposit increase is outrageous.   At least Capital One doesn't do that, one of the better cards for increasing deposits, very easy to do. .