Secured card conundrum

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Secured card conundrum

Postby AmericanExpression » Fri Mar 01, 2013 5:43 pm

I started building credit ~3 years ago with a secured card from a local credit union. (Fortunately, said secured card has no annual fee.) Just recently, I finally applied for (and got) a few unsecured cards (I've listed them below).

Now, I want to make said secured card into an unsecured one, since I want my $1000 security deposit back. I'd asked them a year or two ago, and they could only offer me a $500 limit unsecured (which I declined, since I didn't want my credit ruined by halving my available credit.) However, when I was going through a period of clinical depression last year, I let my August balance of ~$20 go a 30 days over, and it's a bit of a black mark on my credit report.

How long should I wait before asking to get the card unsecured? I haven't checked my real FICO scores lately, but CreditKarma has me at 704.

My cards:

Credit union secured ($1000)
AMEX Blue Sky ($4500)
Fidelity Investment AMEX ($2000)
Amazon Rewards Visa ($500)

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Postby credit_card_fonz » Sun Mar 03, 2013 3:39 pm

I'd go ahead and ask now, one 30-day late didn't harm your credit that much. It's your total available credit on all cards that matters so even if they offer you $500CL take it, get your deposit back and let your oldest card continue to report. Since you are already in the Amex family, you are well on your way. I'd consider maybe a Discover IT or Chase Freedom next.

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