Monday, December 12, 2011

Can I continue to make deposits on a Citibank secured credit card certificate of deposit to increase the limit?

I know that when you first apply you send anywhere from 200 bucks on up to 5,000 dollars. Citi Bank takes that money, does opens up a certificate of deposit and that defines the credit limit of the secured card. But my question is say I want to increase my credit limit, can I add more money to the certificate of deposit?|||Are you trying to build credit?

There is really no need to increase your credit limit for those top scores.

Just follow these rules:

Never use more than 30% of your available credit limit

Ex: $500 limit, never use more than $150 at any time during the month

And pay that credit card in full each month.

Never dare carry balances - it brings absolutely no benefit to credit scores



Once you open a cd, you cannot put more money into it.

You have to open a new cd.

Money cannot be "added" to cd's (generally)

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