Credit Building !!

[gluck]

I have been in a process of building credit since last year. Started off with a secured credit card and have been with sprint for I year now. Just have one card and tried to pay all bills on time. I was wondering what to do next. What should I do about my secured card ? The limit is kinda low. Should I cancel it and apply for an unsecured card or will the bank automatically convert it into a unsecured after one year is over next month. Or maybe apply for another card with a different bank ??

 

[RossMAN]

Originally posted by: gluck
I have been in a process of building credit since last year. Started off with a secured credit card and have been with sprint for I year now. Just have one card and tried to pay all bills on time. I was wondering what to do next. What should I do about my secured card ? The limit is kinda low. Should I cancel it and apply for an unsecured card or will the bank automatically convert it into a unsecured after one year is over next month. Or maybe apply for another card with a different bank ??

No.

You'll have to apply for an unsecured credit card (wherever you want), assuming you are approved THEN you contact your bank request that they CLOSE your secured cc and you will receive your initial deposit + interest back.

I still think it's too early and credit bureau's are usually 2 months behind in reporting so I would wait until February 2004 then apply for an unsecured cc. Then you will have a good solid 12-14 of credit history with your current secured cc lender. Have you ever gone over your limit or made a late payment (30+ days)?

I would recommend ordering a copy of your credit report PLUS credit score from Equifax.com for $12.95.

 

[dabuddha]

If you look in the Hot Deals forum, you can find a "hot deal" that gets you your credit report for free.

 

[gluck]

Ok.. so I'll wait for another couple of months and then see what happens. If I get a copy of my credit report, would it fetch me negetive scoring or is it fine doing so ?

 

[RossMAN]

Originally posted by: gluck
Ok.. so I'll wait for another couple of months and then see what happens. If I get a copy of my credit report, would it fetch me negetive scoring or is it fine doing so ?

No but if you are going to be patient I wouldn't order a copy of your credit report.

Just wait until February 2004 then try getting a regular Citibank, Chase, or an unsecured cc with your own bank and keep your fingers crossed.

IF you are approved then close your current secured cc and get your deposit + interest refunded to you.

 

[gluck]

So that means I should relax and see what happens in about three months. No Problemo !! Will do that.