My rebuild has begun with a $3K OpenSky account and SDFCU Secured card

[Papa_Bear]

@masscredit Congratulations!

[masscredit]

I just saw that my secured card is approved for $6500.00. Much quicker than the membership approval.

[masscredit]

I logged in to see that SDFCU approved my secured Visa for $6500. My head feels good about everything now. I'm fully in the garden for awhile. 

[Papa_Bear]

@masscredit You may want to make sure that it will be able to unsecure at that amount. For a while, it seemed that they would not or could not unsecure any amount over $4900. Hopefully, that's no longer the case.

[masscredit]

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@Papa_Bear wrote:
@masscreditYou may want to make sure that it will be able to unsecure at that amount. For a while, it seemed that they would not or could not unsecure any amount over $4900. Hopefully, that's no longer the case.

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Thanks for the info! I don't see the account listed when I log into SDFCU so I sent a message asking if there is anything else I need to do. I also asked if the card's $6500 limit might become unsecured after 12 months. 

[masscredit]

Something that I read while checking reviews for the card -

Your credit limit is equal to your security deposit. You can increase your limit (up to $100,000) by depositing additional funds into your secured savings account.

This has me thinking... I'm going to see what the representive's reply is to my other question. I'd like to keep adding to the account to increase the limit before it graduates. This would provide me with a nice healthy start to unsecured cards.

[masscredit]

The reply I received today -

Thank you for your email. The secured credit card is reviewed on an annual basis to determine if the credit card qualifies to be graduated to an unsecured credit card. The graduation of the credit card is not guaranteed. Yes, you can increase the limit of the credit card by depositing additional funds into your savings account for the increase limit. The increase request must be in increments of $100.00 and no more than 3 times per year.

[masscredit]

Today I checked my EX report. Gained 17 points when my Andrews card started reporting. I'm surprised that is on there before the first statement closed. 

[masscredit]

The OpenSky account is now reporting on my EQ report (first open account on there since I filed). I just gained 55 points!!!  Went from 573-628. I will check my TU score in a few days.