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Secured card question

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Secured card question

I tried searching for this but couldn't find an answer. I have two Cap 1 platnium cards and I'm currently stuck in low limit purgatory my two accounts total 2100 CL, Wich is fine but I've read that having a CL on a card of at least 5k is where u want to be. I'm thinking about getting a secured card and funding it with the 5k myself, if/when the card graduates I'll get the 5k back, but will the unsecured card keep that same 5k CL or do companies do a review case by case and set you up with whatevrr they want to give and possibly lower the limit? I have a score of 650 and a few late payments on my record, but currently taking other steps to raise the score.

Deciding between the Discover It secured or the Citi MasterCard Secured. Anyone know if either is more liberal with keeping the CL or with CLI in the future? Or any other recommendations.
3 REPLIES 3
Established Contributor

Re: Secured card question

The Discover It Secured will most likely graduate before the Citi Secured. Discover reviews around 7 months or so.
In some of the more recent threads peeps have been graduating from securities as low as $200 to unsecured at around $2000. That's a pretty good leap.
I'm not positive on Citi data points but I think it's at least 12 months to review.
Either way, it will take a little time.
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 2 of 4
Valued Contributor

Re: Secured card question


@Thrashin302 wrote:
I tried searching for this but couldn't find an answer. I have two Cap 1 platnium cards and I'm currently stuck in low limit purgatory my two accounts total 2100 CL, Wich is fine but I've read that having a CL on a card of at least 5k is where u want to be. I'm thinking about getting a secured card and funding it with the 5k myself, if/when the card graduates I'll get the 5k back, but will the unsecured card keep that same 5k CL or do companies do a review case by case and set you up with whatevrr they want to give and possibly lower the limit? I have a score of 650 and a few late payments on my record, but currently taking other steps to raise the score.

Deciding between the Discover It secured or the Citi MasterCard Secured. Anyone know if either is more liberal with keeping the CL or with CLI in the future? Or any other recommendations.

Citi says that they review at 18months, though some people are reporting 12 month review datapoints.
All of the paperwork will tell you that it's an 18month minimum.
Discover will graduate as early as 7months, and it seems, around the forums, that they can be more generous with their CLIs, and will do automatic CLIs far more often (but as always, ymmv).

If I were you, I'd go for the Discover. 




Garden goal: Completely clean reports and a gold spade (which, at my current rate, is never going to happen...)
Message 3 of 4
Community Leader
Senior Contributor

Re: Secured card question

Welcome, @Thrashin302.

 

To be able to charge stuff, 5k is cool. But I think you can work yourself up to 5k soon enough without having to secure cards.

 

Assuming your Capital One cards have been around for a while and assuming your file is clean, I think you'd get a nice limit on an unsecured Discover right now. Six months from now, if your objective is still to grow limits, apply for AMEX. Six months after that, look for a VIsa/Mastercard to add to the mix. Or, if you're satisfied with the spending power of your Discover, make a Visa/Mastercard your six-month card.

Message 4 of 4