After a week of considering our options, we went back to the bank today. As I mentioned in my first post, my wife already had an offer for the 99/500 “Partially Secured Rewards Card”. So she got that one. We though it was a good deal, though we wanted to be able to add more money to increase her credit line, but apparently this is not possible. I thought that was kind of strange but well…still a good deal.
If you guys have been following my blog post, you probably remember that for some months I’ve been waiting for the right moment to open a 2nd secured card. After yesterday’s credit score increase, I thought this was the right moment! If I was going to apply for another card, I wanted to do so at a moment where I could be eligible for an unsecured card.
A few weeks ago I got a loan from a family member. As much as I hate doing this, I thought if I was going to open a 2nd secured card, I might as well borrow some money so I could really speed things up a little bit. Also, I’m married with children, so having a card with a bigger credit line is something I really need in case we are going on a trip, need to book a hotel room, rent a car or just to have a backup for emergencies. We would also like to buy a home in the near future, so I’m trying to speed the process as much as I can.
Well, apparently I still don’t qualify for an unsecured card. I think I’ll be doomed for some time because of the charge-off that appears on my report. But I was prepared for this. I also didn’t qualify for the 99/500 card.
They offered me a fully secured card, which I was happy and ready to take. But here’s the cool part, I was surprised when the guy said this was a “Cash Rewards Secured Card”. My credit line: $4000. After 12 months if everything goes as planned, I’ll qualify for an unsecured card with BOA, get the deposit and pay it back.
So, this is going to be an interesting year. I’ll probably start another blog post with all this soon