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Question By
EJnewbie

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1 Person Helped
Need to raise overall credit limit, secured card is killing my capital.
I haven't had any credit until 3 months ago. I got a Wells Fargo secured card, and could only put $500 in because of my lack of cash. I have alot of money to spend each month, and I'm tired of constantly paying off the balance on my card, it's a hassle. Also, i'm never exactly sure what my balance will be at the end of the month due to their slow reporting of charges on my account. Last month my utilization shot up to 37% because there were charges I couldn't see at the time I paid! It's annoying to say the least, and because of my thin file I'm finding it impossible to apply for an unsecured card. I can't keep putting down capital on this secured card to raise the limit because it would kill my savings. Is there anything I can do to increase my credit limit so I'm not paying off my card 5 times a month??? Thanks.

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You'll probably need to speak to Wells Fargo about this - they may be willing to convert your card to an unsecured card at some point, if you have kept this account in good standing.

Reply by
EJnewbie

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Helpful to 1 out of 1 people

Thanks Kayleigh, I appreciate the advice.  I'll mention that to the acct manager on my next appointment.  I also opened up a couple of store cards today and discovered that my utilities weren't reporting properly, so that should boost my score quite a bit.  I'm still new to the game, but I plan to get and keep a 760 score with the help of tools like CK.

-EJ

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