Considering US Bank Secured Card......

[Brian_Earl_Spilner]

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@Red1Blue wrote:

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@Brian_Earl_Spilner wrote:

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You have to initiate and they do a hard inquiry. You then get a new card and account while they close the secured.

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Thanks. I have my card for about 3 months.  I am debating if I should ask them to increase my CLI after the 6 month mark by adding additional deposit. It will be a hard inq at that time even thought I am securing the CLI with my cash secure deposit. Other option is might as well wait till 12 months and ask for Graduation + CLI at the same time.

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Or just apply for another card. 6 months is usually enough with us bank unless you have a dirty file.

[CreditCrusader]

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@Anonymous wrote:

1st post...

Just as a data point I got approved for a US Bank secured card with 460ish scores a couple weeks ago.

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This is what consistently amazes me about U.S Bank.

That they approved you is fantastic! However, they will deny someone with a 700+ FICO for a secured card if they have a BK in the profile...??

[Red1Blue]

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@Brian_Earl_Spilner wrote:

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Or just apply for another card. 6 months is usually enough with us bank unless you have a dirty file.

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To be honest, I am not sure if I want to apply for a new cardit card now. I do have other secure cards that I can add depoist and increase the limit. Right now I am focusing on covering my basic monthly credit card needs and try to live in my limits. I'll wait for 6 months and add additional deposit and ask for CLI. Or just wait for 12 months and ask for graduation + CLI. In the mean time I want to focus on cleaning up the report and try to pay off some of the COs and Collections and get them off the report. Let us see where my scores stand in 9 months from now and take it from there.

[Anonymous]

Perhaps you know something I don't Brian, but you're the first person to say that they close the secured account (thus losing the history).

What I meant by hard graduation was that you do have to call in and it does take an inquiry.  The only one I know that closes out like suggested was the Wells Fargo Secured Card and (last I checked) it's no longer on the market.

[Anonymous]

Citi does this too.  Love the Citi Secured, but it's an auto-deny if you have a BK.  Several banks have similar policies; Chase being the most well known.

[cliccmade]

I just got approved by them with a BK in my profile.

My BK is about 7 years old.