Jump to content

Should I close my secured card or increase it?


Recommended Posts

I'm a bit frustrated with my spacecoast credit union secured card. The website states you can apply for an unsecured card after one year of good use well it's been a year and 4 months of good use and I still got denied. I'm not really sure what to do next to improve my scores and get higher limits. 

 

Fico ex 666,eq 667,tu 670

 

Ch.7 discharged Dec 2018

Ollo $800/2000 1y 2months

Cap1 $0/500 7 months

Cap1 $0/500 9 months

Target $0/500 7 months 

Spacecoast secured $0/300 1y 4months 

Auto loan 4 years

Link to post
Share on other sites

If this CU requires you to apply for a new car rather than upgrade to an unsecured version of the same card, you are just as well served opening up a different card from a different institution.

 

Separately...

 

Have you asked for CLIs on the Ollo and Capital One cards?  How recently?

 

How long has the Ollo card been reporting at ~40%?

Link to post
Share on other sites

Is this a CU that is local to you or is it one you found online and joined solely for the card?  If they are local, have you gone in to talk to an officer?  Doing so can be of substantial assistance in such matters...

 

It is STILL an anorexic file though with no history of managing a larger line.  This is the sort of thing that can spook a CU when the member is less than two years out of walking all debt...

Link to post
Share on other sites
4 hours ago, cv91915 said:

If this CU requires you to apply for a new car rather than upgrade to an unsecured version of the same card, you are just as well served opening up a different card from a different institution.

 

Separately...

 

Have you asked for CLIs on the Ollo and Capital One cards?  How recently?

 

How long has the Ollo card been reporting at ~40%?

I haven't attempted to ask ollo for a cli because they bumped me from $500 to $2000 after 6 months. I've been paying them down by %10 each month so it's only been 1 month at the current utilization.  I've tried online with cap 1 and been denied one card says too early for increase and the other says score too low but the letter shows my score was pulled from may. Is there a number I can call so they can pull my current score?

4 hours ago, cv91915 said:

If this CU requires you to apply for a new car rather than upgrade to an unsecured version of the same card, you are just as well served opening up a different card from a different institution.

 

Separately...

 

Have you asked for CLIs on the Ollo and Capital One cards?  How recently?

 

How long has the Ollo card been reporting at ~40%?

 

Link to post
Share on other sites
2 hours ago, centex said:

Is this a CU that is local to you or is it one you found online and joined solely for the card?  If they are local, have you gone in to talk to an officer?  Doing so can be of substantial assistance in such matters...

 

It is STILL an anorexic file though with no history of managing a larger line.  This is the sort of thing that can spook a CU when the member is less than two years out of walking all debt...

Yes local CU I have a chk and sav account with. On the phone they did mention I'm not two years past my ch 7 but didn't specify that being why I got denied. 

Link to post
Share on other sites
10 hours ago, choppa02 said:

I haven't attempted to ask ollo for a cli because they bumped me from $500 to $2000 after 6 months. I've been paying them down by %10 each month so it's only been 1 month at the current utilization.  I've tried online with cap 1 and been denied one card says too early for increase and the other says score too low but the letter shows my score was pulled from may. Is there a number I can call so they can pull my current score?

 

It never hurts to ask, but I wouldn't with 40% utilization, especially in this climate.

 

Capital One CLIs are at the mercy of what the decisioning algorithm spits out.  

 

As far as the question in the thread title, how much can you add to the deposit/limit on the secured card?  Your relatively fresh BK is the obvious impediment, but the low limits on your other cards aren't helping you at all.  

Link to post
Share on other sites
16 hours ago, choppa02 said:

Yes local CU I have a chk and sav account with. On the phone they did mention I'm not two years past my ch 7 but didn't specify that being why I got denied. 

If it is local to you, you REALLY should be making relationships with the officers.  Many will stay WITH a CU for a LONG time...and NEVER underestimate the value of those relationships in future lending endeavors.  I coat-tailed on some relationships my dad had with a person who eventually became the SrVP for a CU where I had an account for many years.  This was in the pre-internet days, but it was part of why I was able to make a call and drive off the lot with nothing but a signature on a faxed document for a new vehicle.  You don't typically make those relationships over the telephone...you want them to KNOW you. 

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      182,438
    • Most Online
      2,046

    Newest Member
    DLWrigh18
    Joined
×
×
  • Create New...

Important Information

Guidelines