Credit Card Question

[Anonymous]

2. questions for the group?

1st question

I have one CC an hsbc with a 500 limit for 6 months no late pays or "over limits" on this card. I am wanting a CL increase to imporve my credit score but they want to check my credit, im not sure if ill get approved with scores of 554 587 587.  so not sure if I want a Hard inquirey on my report if it wont get approved.

2nd question

I was wanting to get a prepaid visa and put down 5k to show a large limit would this kind of card help my score, and is it possible to get approved for this card with my scores?

[Boswd]

Is it a Pre paid Visa or a Secured Visa credit card.    Pre paid is just a fancy word for debit card and will do nothing for your credit.  ( These are only good for people who can't get a checking account)

If it is a secured credit card than the answer is yes it will help your credit as long as you use it wisely

[Anonymous]

well i think its a prepaid vise,,,is there a card out there that is secured that reports to all 3 cra's that I can put down 5k to show that i have a high balance on that card?

[Anonymous]

sorry not high balance but high CL

[Boswd]

I would try here first for the Bank Of America secured credit card  http://www.bankofamerica.com/creditcards/index.cfm?context_id=marketing_detail&offer_id=ECOMM090XFEQ...

I think you will be hard pressed to find any better offer.  No applications fees or monthly fees just a low annual fee of $29  

[Anonymous]

If i apply for this card and get accepted will this drop my score?

[Tuscani]

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motoracer wrote:

If i apply for this card and get accepted will this drop my score?

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Intially, most likely. But it really depends on your overall credit picture.

[Boswd]

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motoracer wrote:

If i apply for this card and get accepted will this drop my score?

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I can only say from my own very recent experience and that my score went up with the new positive trade line.

[Tuscani]

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Boswd wrote:

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motoracer wrote:

If i apply for this card and get accepted will this drop my score?

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I can only say from my own very recent experience and that my score went up with the new positive trade line.

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I suspect this is because the new CL lowered your util which offset the negative side of a new TL and Inq.

[MidnightVoice]

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Boswd wrote:

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motoracer wrote:

If i apply for this card and get accepted will this drop my score?

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I can only say from my own very recent experience and that my score went up with the new positive trade line.

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So did mine, but then I have very few open cards (one store, one gas only, one gas MC, one airlines Visa and one CU visa total.

And only a large and a small mortgage.  No auto or other installment