Well, as you know, I have my WF Sec CC and I have started using it. I should get my Cap1 Sec CC in the next couple days. My CL are 300 on WF and 600 on Cap1 (I just deposited another 100 to this). Does anyone else view the deposits on Sec CC as debts. I want to get my CL up to 2k on these cards in next 4 months so when I app for unsecured they will be at good CL. So I'm treating the deposits as a debt that I have to pay off in 4 months....anyone else tackle their deposits this way?
Also, my cards will start reporting end of this month or next. It is possible that my WF will report first as I already got the card and started using it. Since apping for Cap1 first I thought that would be the first card to post so I was going to get the CL on that to 1k first. Now it seems that WF, with its lower CL, may hit first and I'll get bill next week. I dont have the funds right now to bring that CL up to 1k...but I can to 500. Should I bring the WF card to 500 or use the funds to bring my Cap1 to 800 (which was my original plan)?
Duncan
i didn't view my security deposit as a debt; i didn't get a secured CC until i saved 1K and had no plans to add more.
i'm new to the forums and am by no means an expert, but i would increase WF for practicality. it would be easy to hit $300 and, if i was making a large purchase, i would need to split the bill between 2 cards... which some places don't even allow.
but, like i said, i'm new, so i don't know if the importance of high CLs trumps practicality. why does it matter who reports first if they're so close together? i would think that the positive credit effect wouldn't hit for months.
It's possible the WF will bill in June. Cap1 will not bill until July.
Just talked to WF. First statement will be July 18 and will be due August 13. My charges yesterday didnt clear yet so no bill tomorrow. I went ahead and deposited another $200 to bring CL on WF to $500. I'll probably keep this card at this limit and focus on raising cap1 to 2k limit first.