Will uping my limit on a secured boost my score even more?

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neptunejcw
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Will uping my limit on a secured boost my score even more?

Postby neptunejcw » Thu Feb 28, 2013 11:32 pm

I have $1000 5/3rd secured card & I plan on adding another another $1000 to it & leave it there. Will that give me a nice boost in my score if I do that? Im at. 675 with my TU & I'm trying to get to a 700 by June. Of course I'm paying on time & keeping my balance low every month. Just curious on how I can get another 25 points added to my score. I'm still kinda afraid to apply for a unsecured card right maybe a few months down the line. Don't want any extra inquiries I already got 3.... but if you all suggest trying a card at another bank like the chase freedom then I will.


MemberSince99
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Postby MemberSince99 » Fri Mar 01, 2013 6:13 am

Most likely the only way it could boost your score is if it lowers your utilization. Since you already keep a low balance I assume it's already low and thus it's not likely to boost it much if at all, but I don't know the specifcs here. I just would not expect a big jump if you are already keeping a low balance.

Another card added could boost it. Obviously as you mentioned an inquiry would give you a hit, but that goes away in time. When I had few cards, adding another always increased my score. It might do the same for you, as the added tradeline would help (FICO likes 2 cards vs one card as a rule from what I've read).

Freedom is possible with that score. You may have to recon. If you do be sure to call the backdoor and NOT the customer service number as the customer service people won't be able to do anything for you.

neptunejcw
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Postby neptunejcw » Fri Mar 01, 2013 7:01 am

Yea I have my utilization low. Any other card(s) other than the Chase Freedom that you would recommend trying to apply for?

s.jessica
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Postby s.jessica » Fri Mar 01, 2013 11:41 am

Adding to a deposit doesn't seem to help the score much, but it does help in other areas. The biggest help is when you apply for another card and the second lender sees the limit you already have, sometimes they try to match it, so if you have $1,000 now, that might be what you get from the second lender. From what I've heard, Discover is good about this and I would think you would have a decent shot with your score. If you are on the conservative side, both Barclay and Capital One have cards for average credit, but I think you should be able to go for something much better. You might take a look at a couple of things, I know both Bank of America (BofA) and Cap1 have a pre-approval thing on their website that is fairly accurate about letting you know what you might qualify for without a hard pull, you should check those out before applying. Somebody help me out here, whogavemecredit.com is something else you might wish to check out.

Myself, with that score, if you don't need the high limit and just want to build credit, I'd be looking at getting 2 decent cards you want to keep for awhile and retire the secured card.

neptunejcw
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Postby neptunejcw » Fri Mar 01, 2013 12:45 pm

Yea I definitely plan on retiring the secured after a year & having just 2 cards. I also got a 1st premier which is almost 2years old. The limit is low, 300. Not sure if I should close that 1 soon or what I rarely use it

neptunejcw
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Postby neptunejcw » Fri Mar 01, 2013 1:15 pm

I applied for a chase freedom sometime last year, would it be too late to reconn? If you have the phone #, what is it..

MemberSince99
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Postby MemberSince99 » Fri Mar 01, 2013 3:07 pm

It's way past too late to recon that, as it's been over two months at least now. They will typically let you recon within 30 days using the same hard pull. If you were to recon now and they allowed it, it would be another hard so you may as well just app again.

I would look at the reasons they gave for the decline though, and see if you've addressed them before applying again.



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