Ok, I have all unsecured accounts for the last 18 mos. I'm 26 mos post bk7. Perfect credit since. My credit lines run from 500-5600. Ave card: 1800. I'm trying to get higher trade lines and I have been told that, as my lines increase the others/ and new offers will be higher. Makes sense. So Snyder's group recommends FCNB secured. Just got the app today. 39 fee, grace, 2 cycle high interest. It says on the brochure that the first year unsecured portion won't be more than 2500. I'd like another tradeline of at least 5K. I have the cash to deposit whatever is necessary. Question: 1. Do they really report as unsecured? This is important b/c I've heard secured tradelines negatively affect you 2. Would you recommend them as a bank? I've heard mixed reviews here (and I've gotten their huge fees unsecured card offers. Yikes.) so I would only do the secured program. 3. What would you recommend as an opening deposit (keeping in mind I want at least 5K total credit line) 4. If they don't give me 3x my money, will my subsequent deposits be matched, or will they just sit there as is? (do they only do 2x or 3x w/the first deposit or with all your deposits) 5. At the one year mark, what kind of luck are you guys getting w/ unsecured/ line increases? 6. Does this sound like a good strategy to add a higher limit tradeline? Any other suggestions? I'm not going w/Orchard, they report as secured. Thanks!
On another topic -- I hope you saw the thread on "lease vs buy". Shyguy asked and I responded. I assumed you wouldn't mind that Ford and yourself were mentioned.
Course not I actually have a company of my own as well as a "job"... so I'm thinking about incorporating and that puts a whole different light on leasing. I'm doing research now. I won't do it until I really understand leasing. I hate "being taken"
RE: FCNB Secured experts: shou This sounds like a pretty good strategy Marie. I have heard many good things about FCNB. Maybe I'm wrong, but I didn't think their fees were exorbitant. Their customer service is supposed to be superb and after your account is unsecured, I believe their increases are very good. I agree that higher, well managed tradelines attract better offers. Since you have some established lines, they will probably match your deposit at least 150%. The good thing about FCNB is that they have other cards that they will offer you later such as Spiegel & the (prime) Eddie Bauer mastercard. Good luck to you and keep us informed!
RE: FCNB Secured experts: shou I have a 5000 limit,2500 deposit and my understanding is I will get my deposit backand a line increase after one year.
RE: FCNB Secured experts: shou FCNB's "Secured and More" cards don't report as secured. FCNB will actually match up to 500 percent (a rep said the bank doesn't advertise this because it doesn't want to get people's hopes up), though the $2,500 match seems to be firm. Once you reach it, every dollar you add to your security deposit increases your credit limit by a dollar. One of the reps told me the most my security deposit could be in the first year is $1,250, but I haven't tested that. I did have a problem where I send in a cashier's cash and it wasn't added to my security deposit. It took a month to straighten that out. I had to get a copy of the cancelled check from my credit union and fax it to FCNB. Other than that, customer service is very good; the reps are always professional, helpful and friendly. Even when was calling irate about the missing check, the reps were polite and sympathetic -- and did their best to help. Also, I can send a payment from New Jersey to Oregon and have it post to my account three days after I mail it. That is outstanding. FCNB's automated telephone account information system is great, but I do wish I could check my account online. As for unsecuring after a year, I hear FCNB is the best at that, though I haven't had my account for a year. I also hear FCNB is good about giving secured customers cards to its retail stores, though I haven't gotten one. I wish I knew more about that.
