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New Card or New Limit?

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Anonymous
Not applicable

Re: New Card or New Limit?

They're both secured cards, correct? 

 

I could be wrong but I don't think cc companies will give a cli to secured cards. In fact, I just tried last night with my $200 cl cap1 secured card and was denied, saying the reason was they don't give cli to secured cards. 

 

I also had a secured discover card. I put $2500 on it and after a year I was given my $2500 back and awarded a $2500 cl on my card! I never even asked for it. So that was nice of them. 

 

I also used(and still use) my card all the time, was never late or missed a payment either. However, I just asked for a cli with them and was denied. It's weird like that. 

Message 11 of 13
dynamicvb
Valued Contributor

Re: New Card or New Limit?

My experience with CapOne secured( they only one I ever had), you may get a small increase after 5 months, but that depends on if you are in the credit steps program. Eventually, the Discover should unsecure from what I've read.  If your scores are in the low 6's then you may be stuck for the moment where you are. You don't need another card to grow your scores, just as others have said use a lot of the limit, but pay off most of it before the statement cuts. Let one of them report a small balance each month. There is no reason to add another card and take that hit right now. Wait until your youngest card is over a year and then start thinking about another account.

 

Other than these actions, just do your time in credit purgatory and let your accounts age and work on removing any baddies you can. Over time your profile will improve and you will qualify for better cards. A lot of emphases is put on having 3 cards in this forum, but the only reason for that is the short term boost you can get from having an AZEO situation report. This is only a short term gain for that month and really does nothing for your long term credit profile. 

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 12 of 13
Anonymous
Not applicable

Re: New Card or New Limit?

Not yet at least for me. It's been 2 months now


@BmoreBull wrote:

I could've sworn that Discover reported to all 3. Am I wrong?


 

Message 13 of 13
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