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@TrishN wrote:Is it the best if you handle big CL like 10k better than 1k secured?
If you can afford to put 10K on a secured card, then yes typically it is better than a 1K line on a secured card for future underwriting concerns. Many forum members have reported vastly shortened walks to higher unsecured credit limits with a larger secured deposit, than those who started with more modest amounts.
another thing to note as well you can put upto $100,000 in a secured credit line if you really want to with some banks, but anything over $50,000 is not recommended because it will not report balances to the CRA and be more of an invisible tradeline, this is because extremely rich people or business expenses can total up a lot and it isn't fair that their personal score goes into a roller coaster mode every month.
At the Max I would say $20,000 per card
@Revelate wrote:
@TrishN wrote:Is it the best if you handle big CL like 10k better than 1k secured?
If you can afford to put 10K on a secured card, then yes typically it is better than a 1K line on a secured card for future underwriting concerns. Many forum members have reported vastly shortened walks to higher unsecured credit limits with a larger secured deposit, than those who started with more modest amounts.
Yup, No way would I have over 50k in Cls today when I had no CCs 4 years ago without high deposit secured accounts. Both of my secured cards were unsecured while I still had CAs and a PR reporting. Without the secured cards I'd have been lucky to get an unsecured Orchard or anything over $1000 more likely than not.
OpenSky reports as a normal revolving CC, all depends on the bank I suppose
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I had OpenSky for 2 years till yesterday. Begining this month on my EQ report it started reporting as a Secured Credit Card.
50k is alot on a single card especially if it was my own money lol
I just put 10k to BOA secured card hopefully they will change to unsecured when it past 1 year.
Opensky do they change to unsecured credit card after 1 year perfect payment?
I thought BoA had $5k limits on their secured. I've not yet seen secured cards over $5 limits, but would like to know who has them.
Lol at the 50k+ credit lines. Give me 40k for a year and I can show you a better way to build your credit. After 1 year I wil return your 40k. Win-win.
+1 for BofA Bankamericard Travel Cash Rewards secured card being the best of its kind. The upper limit for the credit line is 10k. The card is reported as a secured card, which is not as valuable as an unsecured card with the same credit limit from a prime lender when you apply for a card and get your application manually reviewed.
Edited: I meant to say Cash Rewards, not Travel Rewards. Sorry about the confusion.
@HiLine wrote:
+1 for BofA Bankamericard Travel Rewards secured card being the best of its kind. The upper limit for the credit line is 10k. The card is reported as a secured card, which is not as valuable as an unsecured card with the same credit limit from a prime lender when you apply for a card and get your application manually reviewed.
I'm not sure if they offer this card (anymore?) I've never seen it and don't see it on their site.