increase credit limit on secure card

[Anonymous]

Hello,

I'm looking to accelerate my credit score a bit. Currently the only extended credit I have is my car lease and a 300 dollar secure card from fifth third bank. I've read in many places that not having 2000 dollars of total credit card credit can actually hurt you or just not allow your score to sky rocket up. 

I was thinking of taking some money out of savings and increasing the credit limit to 2k. What is everyone's thought on doing something like that?

I don't want to apply for another credit card at this time becuase I've got far to many inquries at this time and I'm sick of being declined.

My credit scores are as follows:

ex: 651

eq: 649

tu: 619

[CEOriginal]

How many inquiries are "too many"? Unfortunately, when you're rebuilding (which I'm assuming you are), you'll have to take a few INQ's to get back on your feet. 

With those scores, you should at least be able to get in with Cap1... Of course YMMV, based on what else is on your report. 

I personally don't see anything wrong with taking from savings IF you are in a position to do so, but I also would not rely solely on a secured CC to rebuild. 

[b_seeker]

Do you know if 5/3 reports the card as secured? If it doesn't, and you aren't draining your savings to do so, upping the limit can really help you when you are ready to apply. (It can help even if it reports has a secured card, just not as much, IMO)

[Anonymous]

credit inquiries:

ex: 5

eq:2

tu:9

I went through a phase of cleaning my credit up and yes I'm in the rebuilding process. I cleaned it up too well becuase now I have a lack of credit. I have nothing in collection, zero debt (minus my car lease) and only 2 negatives. The problem is those negatives are credit cards I never paid 4 or 5 years ago, they have since been paid and show a zero balance.

With those negatives nobody will even look at me for a credit card, and I had to get a co-signer for my car lease. Could have done it on my own but the payments were to high.

[Anonymous]

I've looked at all three credit reports and have never seen the word secure around that card. My thoughts are once I up this to 2k and have a few months of a low balance (-9%) I could apply for another card.

[b_seeker]

Who have you been applying to? If your only two negatives have been paid, I don't see why you can't get more cards. When did you pay them? Do you have any local CUs?

SDFCU has a card that does no credit check if applied over the phone and I believe membership is only a soft pull.

[Anonymous]

I've applied for CapitolOne and two different Chase cards.

1 of the credit card negatives reports as paid, zero balance. The other one shows a zero balance and charged-off (I paid it to the company who purchased the debt), I've battled this over and over and they refuse to show it as paid not charged-off....

Both of those were paid off in December.

SDFCU, no credit check?? That sounds interesting. I don't work for the state department or any of the other qualifying companies but it does say you can apply through another group. This is definitely something I will look into.

Thanks!

[Anonymous]

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@Anonymous wrote:

I've applied for CapitolOne and two different Chase cards.

1 of the credit card negatives reports as paid, zero balance. The other one shows a zero balance and charged-off (I paid it to the company who purchased the debt), I've battled this over and over and they refuse to show it as paid not charged-off....

Both of those were paid off in December.

SDFCU, no credit check?? That sounds interesting. I don't work for the state department or any of the other qualifying companies but it does say you can apply through another group. This is definitely something I will look into.

Thanks!

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Once charged off, it will always reflect as a charge off.  Nothing changes that, not even being paid.  As long as it reflects paid charge off or paid after charge off, it is reporting correctly.