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Question By
hrhnick

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Advice needed on new Secured Credit Account opened by "accident"
So I've always had one credit card I've used responsibly, and it is well reported. A few years ago, I had an issue with a second account. It was settled, and just recently dropped off my reports.

Anyways, I decided, hey, I have a limited history, lets open a secured account for $1000. I did so with Citi. Now I realized that my FICO is in the mid to high 700s due to the good account, and this secured account was pointless. I opened a Chase Freedom card no issue. The secured account is already open though, and they have my money. The account is less than 30 days old.

- Call retentions, close the account and ask for the deposit back?
- Call the recon line and explain the situation?

I would like to try to keep an account with them, I just don't want them holding my money if i can invest it on my own instead and the card can be converted to unsecured

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I have not seen this before.  You can try calling and see what happens.  Maybe you can do a app over the phone while talking with them and if they approve it go ahead and close it.

Top Contributor
12 Contributions
1 Person Helped

If raise hell

If your report is clean and your score is in 700'a I fail to understand why they think they deserve to hold a deposit on you.

Call them up, make a point of being very pleasant worth whomever you talk to. ...they have a rough job. Tell them something like this. ..

"I'm in the market for better terms, have no problem with you guys, but I've had offers of better terms. What can you guys do to lower my rates, or return my deposit.

Don't tell them what other offers you have, just politely ask them to do better than they ate now and see what they come up with.

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