- Platinum Member
- Posts: 51
- Joined: Sun Feb 22, 2009 2:43 pm
- Location: San Diego
I got a WF secured card in March 09 then a Citi Secured in Aug. 09. These solved the car/hotel issue.
WF unsecured me in Oct. 2010 and gave me a CLI in Dec 2010. Citi (with their formerly GREAT apr on the security cd) is due to mature next month. No word yet on what they will do. They have dropped the max from 25k, which my card is, to 5k and apr from 4% to 1%.
Now I'm looking for a high limit (at least 50k) card, secured or not doesn't matter. I've heard Amex is offering secured CCs on a select basis with a minimum 10k and no max apparently. I was declined a preapproved Amex in Oct, apparently as a result of a mortgage I cosigned on but don't live at. I make no payments on the joint mortgage, I actually bought out half interest and we then refied it down in half. Other party pays everything including insurance and such. I just am instantiating wealth. If the other party can't pay I have the option of buying the other half and have plenty of cash to do so.
It really looks bad on my CR though as it looks like I walked away from a mortgaged home and am living elsewhere.
So it looks like my options are either:
1. A high limit secured card, possibly from Amex, but I would have to apply and provide enough other asset info to get their attention.
2. Get the other mortgage holder a cut on interest and re-fi it myself. This would turn it into a paid mortgage on both our CRs. Then, some time later apply for a standard Amex card. I could then probably get the limit up by using their bank for parking money.
Any thoughts, experiences, other ideas?