Upgradation of Secured CC

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
9 posts
beckhsrules
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Upgradation of Secured CC

Postby beckhsrules » Sun May 25, 2014 12:11 pm

Hi Everyone,

I am on a work VISA in US since Jan 2014. The first thing I did was open a secured CC(Bank of America VISA card) so that I could build up my credit history as I am well aware of the importance of credit score and credit history. I waited a couple of months and after fair usage of the card applied for the DiscoverIT card and got approved for a CL of $1250. Now that I have the credit limit to spend over is it advisable for me to check with my BOA to run a check to turn my secured CC to an unsecured one and return back the deposit. I know that it is not advisable to close the account as the secured card is the oldest account in my credit history. Please advise.
Cards:

Amex Blue Sky 2000 (5/14)
Amex PRG NPSL (8/14)
Bank of America Cash Rewards Visa 2500 (1/14)
BofA Better Balance Rewards 1000 (6/14)
Discover IT 1250 (4/14)


Scores: As of May 25 2014

Experian 714
Equifax 709
TransUnion 714
Discover 694(Aug 31)


CC Deville
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Postby CC Deville » Sun May 25, 2014 5:05 pm

beckhsrules wrote:Hi Everyone,

I am on a work VISA in US since Jan 2014. The first thing I did was open a secured CC(Bank of America VISA card) so that I could build up my credit history as I am well aware of the importance of credit score and credit history. I waited a couple of months and after fair usage of the card applied for the DiscoverIT card and got approved for a CL of $1250. Now that I have the credit limit to spend over is it advisable for me to check with my BOA to run a check to turn my secured CC to an unsecured one and return back the deposit. I know that it is not advisable to close the account as the secured card is the oldest account in my credit history. Please advise.


BofA has the shortest secured requirement out of all the major lenders. I would just wait until autumn and they will likely unsecure it themselves; perhaps with a credit line increase. Be patient and don't waste an inquiry requesting it yourself.

beckhsrules
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Posts: 49
Joined: Tue May 13, 2014 10:20 pm
Location: NewJersey

Postby beckhsrules » Sun May 25, 2014 6:48 pm

does the upgradation does a hard pull? I never knew that. Thanks for the info dude.
Cards:



Amex Blue Sky 2000 (5/14)

Amex PRG NPSL (8/14)

Bank of America Cash Rewards Visa 2500 (1/14)

BofA Better Balance Rewards 1000 (6/14)

Discover IT 1250 (4/14)





Scores: As of May 25 2014



Experian 714

Equifax 709

TransUnion 714

Discover 694(Aug 31)

Dman316
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Location: Pittsburgh, PA

Postby Dman316 » Mon May 26, 2014 9:16 am

They should unsecure it, give it some time. If not, then cancel. It shouldn't hurt your credit much since you have a young history.
My Cards

Chase Freedom Visa Signature: $5.2K
Capital One Quicksilver Visa: $7.5K
Discover IT: $5.5K
Huntington Voice World Mastercard: $1.6K

In the garden indefinitely.

beckhsrules
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Joined: Tue May 13, 2014 10:20 pm
Location: NewJersey

Postby beckhsrules » Mon May 26, 2014 10:18 am

But that being the longest card in my credit history it will pull the total length of my credit history by a couple of months if I go ahead and cancel it.
Cards:



Amex Blue Sky 2000 (5/14)

Amex PRG NPSL (8/14)

Bank of America Cash Rewards Visa 2500 (1/14)

BofA Better Balance Rewards 1000 (6/14)

Discover IT 1250 (4/14)





Scores: As of May 25 2014



Experian 714

Equifax 709

TransUnion 714

Discover 694(Aug 31)

flan
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Location: chicago

Postby flan » Mon May 26, 2014 10:32 am

beckhsrules wrote:But that being the longest card in my credit history it will pull the total length of my credit history by a couple of months if I go ahead and cancel it.


Don't cancel it before the annual fee is due, if there's an annual fee on the card, unless you really require the deposit money. (and remember, they may take months to return the money...) Oldest open account matters a little bit to creditors, but the difference here is only a few months, so once the newer card is six months old, it will matter less. (And the positive payment history stays, even if the account is closed.)

CC Deville
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Location: Phoenix

Postby CC Deville » Mon May 26, 2014 11:25 am

beckhsrules wrote:does the upgradation does a hard pull? I never knew that. Thanks for the info dude.


As far as I know they do not pull another hard inquiry if they unsecure it themselves. Once unsecured you could request a product change to a reward card (such as Better Balance Rewards, Travel Rewards or Cash Rewards) and ask them to waive the annual fee. However, let them unsecure it first. I have heard most people get their BofA card unsecured after 9-10 months (as always, your mileage may vary).

takeshi
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Postby takeshi » Mon May 26, 2014 1:14 pm

beckhsrules wrote:I know that it is not advisable to close the account as the secured card is the oldest account in my credit history.

AAoA isn't immediately affected by account closure. You'd take the hit when the account falls off which is generally 10 years after closure. Utilization, however, is immediately impacted by closure.

beckhsrules wrote:Upgradation

No need to add "-ation". The word "upgrade" is an actual word with the meaning you're looking for.

MB131174
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Postby MB131174 » Tue May 27, 2014 6:49 pm

takeshi wrote:No need to add "-ation". The word "upgrade" is an actual word with the meaning you're looking for.


He/she stated they are here in the US on a visa, so most likely english isn't his/her first language. Who made you the grammar nazi? Cut them some slack. Sheesh.
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