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high credit limit vs. low credit limit on secured cards?

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CreditDrama85
Established Contributor

high credit limit vs. low credit limit on secured cards?

i am thinking about increasing the limit on a secured card i have? will this benefit me? does it matter?i have to make a purchase of 3k that i have the cash for. i was thinking that since i am re-est my credit that i should increase the cl on my secured card--charge the purchase, and gradually pay the account back down. what do you think? please advise
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Anonymous
Not applicable

Re: high credit limit vs. low credit limit on secured cards?

I don't know about paying interest just to help your cause.  How long have you had the secured card and how much do you have to raise it to get your $3000 purchase?  Is it close to "graduating"  I think I would just buy it with cash instead of raising the CL (unless the CL is close) and paying over time. JMO
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CreditDrama85
Established Contributor

Re: high credit limit vs. low credit limit on secured cards?

not close to "graduating"--had card for 6 mo. @ 500cl
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