dannielchackas Posted March 13, 2004 Report Share Posted March 13, 2004 My oldest account its a secured credit card from Wfargo. with a 500 dollars limit, anyhow its been almost 2 years, and of course I didnt graduate from the wellsfargo program, so they didnt gave me an unsecured credit card and I maxed my own secured credit card however my report says HIGH CREDIT says $645 which its not good cuz my limit its 500 anyways, now I have other unsecured credit cards but it seems that they all go by the limit on my oldest account with the same high APR (I guess its my score 640 EXP) usually between 17% with a 300 HOUSEHOLD and some other credit union $500, So I was wondering what If I put like 4000 dollars down on my secured credit card, and use it a lil bit like for 2 or 3 months and that way the credit wont notice the HIGH CREDIT limit against my Credi limit of 500 dollars. If I don't spend more than $645 then it will stay the same but my credit limit will $4500 dollar isnt?, then after three months I can close it get my money back. and my credit reports will always look like I originally opened with 4500 dollars since its a 2 year old account isnt? Ya think its a good idea?, then I can open 3 secured LOANS and follow that trick that everybody know. Please advice me! Link to comment Share on other sites More sharing options...
DHK Posted March 13, 2004 Report Share Posted March 13, 2004 First, that's a great idea - to increase your secured credit line by depositing more funds. The original open date will remain the same and your high balance will reflect it being below the CL.Second, I would bring it up to $1500+ (Will show that you've never been above 50% utilization).I would do everything possible to keep the credit line. It is your anchor for your credit history. In about 6 months, call the customer service department and ask for your card to be unsecured (having stayed within your limit and always paying on time). If they will, you'll get another card with no annual fee and keep your history with this account.I'm just concerned that if you close this TL, your scores will drop. Link to comment Share on other sites More sharing options...
dannielchackas Posted March 13, 2004 Author Report Share Posted March 13, 2004 Good advice. I think they will automatically review my increase next september again to see if I qualify now for unsecured. I will put 1000 down. 4000 is not a bad idea but I might need this money and besides If I close my account it will drop my score so is not worth it even though it will have a 4000 dollar credit limit. Even If I do that, I would never be able to use my own money unless I withdraw with 17% which is not good... Link to comment Share on other sites More sharing options...
Anonymous Posted March 13, 2004 Report Share Posted March 13, 2004 Second, I would bring it up to $1500+ (Will show that you've never been above 50% utilization).Dont miss this part. Its very important. You want your utilization at or below 30% of your total available credit. Counts in your scores... Link to comment Share on other sites More sharing options...
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