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Considering a secured card even though I have an unsecured card

nikol414
New Member

Considering a secured card even though I have an unsecured card

So I’ve had my unsecured Cap One card for about 4 mos with a CL of $300 (it should move up to $500 by next month) and I’d like to apply for a new CC. Current fico is 655 but I can get pre-qualified for all the big names, Chase, Citi, AMEX, Discover, etc. If I opened a secured card that could graduate, is that considered a downgrade? Should I just wait for my score to boost and apply for another unsecured?
Starting Score: 598
Current Score: 655
Goal Score: 850


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11 REPLIES 11
SouthJamaica
Super Contributor

Re: Considering a secured card even though I have an unsecured card


@nikol414 wrote:
So I’ve had my unsecured Cap One card for about 4 mos with a CL of $300 (it should move up to $500 by next month) and I’d like to apply for a new CC. Current fico is 655 but I can get pre-qualified for all the big names, Chase, Citi, AMEX, Discover, etc. If I opened a secured card that could graduate, is that considered a downgrade? Should I just wait for my score to boost and apply for another unsecured?

No, it's not considered a downgrade. It's treated like any other credit card in FICO.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 757 TU 776 EX 749

Message 2 of 12
LandoCredrissian
Valued Member

Re: Considering a secured card even though I have an unsecured card

Try prequalifying at the Discover site and see if any offers come up. If the IT cash back or Chrome cards are offered, go for those. If not, it usually will offer the secured card. It is the best secured card to have. It has a decent shot at unsecuring with good payment behavior and offers rewards. 

 

Also, if you're a student, consider their student card. My two cents.

Message 3 of 12
nikol414
New Member

Re: Considering a secured card even though I have an unsecured card

Can't get approved for any offers on Discover! I was hoping to at least see an offer for the secured. Smiley Indifferent

Starting Score: 598
Current Score: 655
Goal Score: 850


Take the myFICO Fitness Challenge
Message 4 of 12
GApeachy
Super Contributor

Re: Considering a secured card even though I have an unsecured card

I'd wait......just because waiting for unsecuring is crappy.  I kick myself for not waiting a few more months.  Disco tells me, after 7-8 months I may unsecure plus reaching the 1 yr. mark  before I can app for another card. 

If you can wait you save yourself a lot of the hoops you have to jump through.  I feel like mine is a downgrade cause when I compare my scores and cards to dh's scores and cards he fared far better than me and my scores are a lot higher. 

So here I sit twiddling my thumbs since Oct til June to see if they deem me acceptable to unsecure.  My scores are in the 740's but when I app'd they were in the high 5's and low 6's.  Had I waited just two months like I did for dh...........Smiley Frustrated

"My Take Home Pay Don't Take Me Home"
Message 5 of 12
nikol414
New Member

Re: Considering a secured card even though I have an unsecured card

Thanks @Laurachrissy! I can wait... I might just be having an obsessive moment. LOL. Smiley Wink

Starting Score: 598
Current Score: 655
Goal Score: 850


Take the myFICO Fitness Challenge
Message 6 of 12
SouthJamaica
Super Contributor

Re: Considering a secured card even though I have an unsecured card


@nikol414 wrote:

Thanks @Laurachrissy! I can wait... I might just be having an obsessive moment. LOL. Smiley Wink


This forum will do that to folks Smiley Happy


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 757 TU 776 EX 749

Message 7 of 12
calyx
Super Contributor

Re: Considering a secured card even though I have an unsecured card

The upside to going secured is that you have some control over your starting limit.  I went secured with USBank because I know they can be stingy with starting limits.  I don't mind waiting for it to unsecure, and I'm happier knowing I don't have a pitiful SL.    When I do unsecure/graduate (if/when), I know at least what the minimum will be, and it works for me Smiley Happy



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 8 of 12
Remedios
Moderator

Re: Considering a secured card even though I have an unsecured card


@SouthJamaica wrote:

@nikol414 wrote:

Thanks @Laurachrissy! I can wait... I might just be having an obsessive moment. LOL. Smiley Wink


This forum will do that to folks Smiley Happy


Them be the facts 😐

Message 9 of 12
GApeachy
Super Contributor

Re: Considering a secured card even though I have an unsecured card


@calyx wrote:

The upside to going secured is that you have some control over your starting limit.  I went secured with USBank because I know they can be stingy with starting limits.  I don't mind waiting for it to unsecure, and I'm happier knowing I don't have a pitiful SL.    When I do unsecure/graduate (if/when), I know at least what the minimum will be, and it works for me Smiley Happy


Good point @calyx  but like you pointed out (if/when).  If that's gonna bother OP then I'd just quietly step around the corner.  It drives me nuts!....and shhhh, I'm not far from there.  

If OP's scores may increase in the near future though, I think waiting would be better.  My dh's sl were 3k while I'm churning $500.

"My Take Home Pay Don't Take Me Home"
Message 10 of 12
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