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Considering a secured card even though I have an unsecured card

calyx
Super Contributor

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


@GApeachy wrote:

@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....and nope, not adding any $ to it cause I hate my card, hope it dies of starvation.Smiley Mad  


It's absolutely personal on whether or not you should wait or go secured/unsecured.  In my case, I have (had?) the cash on hand to be able to do what I wanted.  I'm less concerned with the graduation timing, though I'll chase it when it's appropriate.  I also wanted to get as early and open date as possible (and not wait), but again, everyone has their own goals.

I think understanding and researching what the financial institutions seem to require with regards to unsecuring is critical (beyond what they officially tell you) and helps with any anticipation levels Smiley Happy

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Message 11 of 12
GApeachy
Super Contributor

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


@calyx wrote:

@GApeachy wrote:

@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....and nope, not adding any $ to it cause I hate my card, hope it dies of starvation.Smiley Mad  


It's absolutely personal on whether or not you should wait or go secured/unsecured.  In my case, I have (had?) the cash on hand to be able to do what I wanted.  I'm less concerned with the graduation timing, though I'll chase it when it's appropriate.  I also wanted to get as early and open date as possible (and not wait), but again, everyone has their own goals.

I think understanding and researching what the financial institutions seem to require with regards to unsecuring is critical (beyond what they officially tell you) and helps with any anticipation levels Smiley Happy


I know, but right when I pulled the trigger I was like Hellboy, "Oh crap!"......so at least I waited to pull the trigger for DH.  So either way is good but....(if you're like me) you may wanna wait a smidge longer for a smidge of improvement.  But you're right, the card does serve it's purpose.

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