- Platinum Member
- Posts: 88
- Joined: Thu Aug 02, 2012 1:18 am
- Location: Nebraska
I was wondering if anyone has a US Bank secured card and if they've tried to add to their security deposit to up their credit limit. I just got the card with a $300 limit but found out today I somehow need a much higher limit.
Explanation: I just started a new job and will need about $2000 monthly to cover expenses while on the road. I know this sounds stupid, but a friend of mine got me this job and by all rights, I really shouldn't have got it. I haven't had a decent job for almost 2 years so while my first instinct was to tell the guy to go stick it, I don't want to go back to no job. I was told that while I would normally be issued a company credit card, due to my poor credit score, I would have to wait at least 6 months and prove myself. It's easier to understand when you hear the story of how the guy I replaced burned them big time, he went out of his way to stay at the most expensive hotel and had prime rib sent to his room.
For now what they want is for me to have a record of my spending with proof of expenses. They don't want to mess with a shoebox full of receipts and I can't just write my expenses down, it needs to be like a credit or debit card statement. It's preferred that it's something only used for that purpose so they don't have lots of personal expenses to sort through. What they wanted to do it get me a prepaid Amex because it doesn't have any monthly fee and they won't be responsible for fees the card charges, but after looking things over and reading reviews, I told them I didn't want any prepaid card.
When I got to thinking about it, I have a secured Capital One Mastercard with an $800 credit limit that I can use for personal things and if I could raise the secured US Bank Visa card from $300 to $2,000 it would work for the job expenses. Now before someone gets on me about maxing out the card every month, it's so I can have a job and it can't be helped.
Now before someone starts in on prepaid cards, the answer is NO! I know about the US Bank Convenient Cash, Chase Liquid, Capital One prepaid etc. I tried a bunch, several I never could figure out how to get money on, I managed to get money on a couple others, used them once and threw them away. Bank checking account debit cards won't work because I may need to spend $600 to $800 in one day and the bank I use limits their debit card to $200 per day.
What US Bank says is that I need to write a letter requesting a credit limit increase and include a check for the amount of the requested increase. My first plan was to try to add say $300 every few months, but now I'm looking at adding $1,700 now. What are my chances of getting it approved?