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jrozycki

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10 People Helped
Increase CC Limit or Get another card
I have a Capitol One secured credit card with 1k limit and keep the utilization under 10%. Should I increase the limit another 1k making it 2k or should I open another Secured card and put 1k limit on that? I know the inquiry will hit but will this help credit more than a inquiry will hurt it?

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Top Contributor
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What's the interest rate like? I would try to get them them to increase the limit first. If they won't do that then I'd look into a new card, but an unsecured with a better interest rate. Yes your credit will be hit with the inquiry, but the added credit should offset it. And continue the responsible use of the card(s). Good job.

Top Contributor
91 Contributions
78 People Helped

Increase CC (without enquiry)

Getting two secured cards is no better than having one. Secured card is a secured card, period. It's a tool to be used only till you get a regular card. Also, opening a new account will DECREASE your average length of credit, so the score will drop, and getting that history established again will take time (it's not just the enquiry that will cost you).

My advice would be ask Cap1 to increase CL, WITHOUT AN HARD ENQUIRY. If they are going to make an enquiry even for increasing CL, then just drop it. Your utilization ratio (10%) is good enough. Going lower than that may even work against your report (not sure). So, stay with the current card. I don't think two secured cards will help any more than what you have. As far as I understand, the most imp factor that is considered for a secured card holder is the length of the history and your payment history. All other factors become important once you enter the 'unsecured' card domain.

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