Thread: How can I get my card to work for me?

I have a wamu secured card with a %19.99 interest rate. Someday I would like to transform it into a chase unsecured card with a lower interest rate and possibly a higher credit limit. Prior to knowing better, I ran the card up to exceed 50% of the CL and the amount is my high balance. I'm guessing I may have to get a CLI.

I've only had the card for about six months. I called them the other night immediately asking, "could you lower my interest rate?" She sounded like a broken record saying, "I'm sorry sir, but we do not currently have any offers for you at this time."

Me: "I decided to get a CC with the bank that I have been with for two years instead of going anywhere else and as I'm sure you can see, I have been making my payments on time correct?"

CSR: "I'm sorry sir, but we do not currently have any offers for you at this time."

I didn't really bring it up, but I got the CSR to say that my goal of transforming the card into an unsecured card could be a possibility in the future.

So, what are some steps I can take in order to achieve my goal?

Some - note the word "some" - cc outfits change your secured cards to garden variety unsecured cards after about two years and return your secured savings deposit to you. However with the current so called credit crisis this will probably be unlikely in the very near future.
And remember - Wamu was just bought out/merged with Chase.

Yes, I suppose that your old WAMU cards are Chase cards now - but until their computer systems get married reports to credit reporting agencies will remain under the Wamu name. Remember - so far they are only shacking up.

Scorch,

I would recommend you look into the credit card selector from Orchard Bank, a subsidiary of HSBC which specializes in credit cards for those whom are building or rebuilding their credit. The credit card selector will check your credit and show you which unsecured credit card(s) you are pre-qualified for. From there, you can choose apply for one if you wish.

The current unsecured cards Orchard Bank offers are:

• Orchard Bank Classic MasterCard
• Orchard Bank Gold MasterCard
• Orchard Bank Platinum MasterCard

The drawback is there may be an annual fee depending on the card and your credit. Fortunately the annual fee is reasonable and may include promotional balance transfer or purchase interest rates. The savings from this would most likely cover the costs of any applicable annual fee within a short time. To be fully transparent I would like to mention that they are an advertising partner on our site.

The credit card selector from Orchard Bank can be found here.

Best of luck,
CreditCardGuru

Tbh, I've not heard too many good things about orchard/HSBC. Isn't it a subprime card for people with not so good credit? Is my credit that bad?

Also I forgot to mention that my EQ and TU scores that I've shown were obtained before I had a few collection accounts deleted. Right now I don't have any negatives.

Scorch,

It's not that your credit is bad but rather the limited credit history I think that could pose a problem. Many of the major creditors have tightened standards lately and are requiring minimum credit scores upwards of 700 or more because of the economy.

There is one you may want to check out from Pulaski Bank. It does carry an annual fee of $35 but that is because of the extremely low interest rates it offers. At the time I'm writing this the card offers 0% balance transfer offer for 6 months. Most impressive is its regular, non-promotional interest rate which is extremely low. Right now it is currently 6.5% APR and that fluctuates with the prime rate but remains low. They state the card is for people with "average credit history," as opposed to the major known issuers whom are saying they require "above average" or "very good" credit histories right now. If you can qualify for this card I would highly recommend it.

Here is the page for the Pulaski Bank Visa card.

Best of luck,
CreditCardGuru

Thanks. I just had Pulaski send me an application.

A few of the major issuers should take pointers from the Pulaski and the interest rate they offer. That in my opinion is what a fair interest rate is. 15% and above isn't.