Nice surprise from FNBO secured card

crrredit · ‎03-15-2023

I have an FNBO secured card but I haven't used it since the first week of December. Today I went online to check my account since yesterday was the scheduled day for my account statement. They don't create statements for periods when there are no transactions, but I go online and check things out anyway, want to make sure I don't miss something and look to see if there's an updated FICO score.

My secured limit is $500, but today it says my limit is $1,500! I haven't received any email or letter from them and there's no message online or in the app. I open my online account and app on a regular basis even though I haven't been using the card, so this increase is recent. I hope this means it graduated. Worst-case scenario is they added $1K of unsecured credit and the card is still secured. They do say in the promo material that after 7 months you can get an unsecured limit increase and that after 11 months it can graduate. Well, worst-case scenario is that it's all a mistake. Hope not.

I had this card on the chopping block since I want to get my security deposit back. The account has been open for a year and a half without graduating. Since my Discover graduated last month I don't really need to keep a $500 secured card with no rewards. Maybe they sensed I was about to close it and they saved themselves, haha.

What do I do if it's still secured but it has that nice unsecured increase? Even if it's graduated it's still not a cash-back card, no rewards. I wonder if I could product change it for an Evergreen. If I don't hear from them in a couple days I'll give them a call.

Anyway, I'm pumped for now. Love when these moments occur on the credit rebuilding road.

UPDATE: account updated on Experian with new limit but still secured.

kb2ehj · ‎03-16-2023

Ok, I guess I will say it.

You already answered your own question. Quoted from your post: "They do say in the promo material that after 7 months you can get an unsecured limit increase and that after 11 months it can graduate"

Why would you close an account you just got? Keep it, wait a couple more months and keep your record clean and have them give you back your security deposit. Even if it doesn't have perks, it's still adding to your file an not really costing you anything.

teflon_Cat · ‎03-17-2023

Makes lots of sense. Dont close the account, cut it up, sock drawer it something but dont close it.

crrredit · ‎03-21-2023

Another nice surprise – Unsecured!

Got a letter from FNBO today that included a check for my deposit.

So glad I can keep my oldest open account and get my $500 back!

Really surprised since I haven't used this card since the beginning of December. It's still a Platinum VISA. No cash back or rewards. I wonder if I can PC it to an Evergreen.