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Established Member
Posts: 29
Registered: ‎06-08-2010
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1 secured cc with big amount vs. 2 secured cc with equal balances?

I am intending on getting a secured credit card with a CL of $1000.00 or would it be better to have 2 secured cc's (one from my bank and one from my credit union) or does it only matter that I manage what I have well?  Does anybody know?  Thanks in advance for your help!  Just wondering if 2 positive credit files would look better than 1 positive credit file, either way they are both gonna total a credit line of $1000 (together). 

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: 1 secured cc with big amount vs. 2 secured cc with equal balances?

 


jana0523 wrote:

I am intending on getting a secured credit card with a CL of $1000.00 or would it be better to have 2 secured cc's (one from my bank and one from my credit union) or does it only matter that I manage what I have well?  Does anybody know?  Thanks in advance for your help!  Just wondering if 2 positive credit files would look better than 1 positive credit file, either way they are both gonna total a credit line of $1000 (together). 


 

Both are good options.   If your long term plan is to have have CC from both institutions then I would do 2 cards.   Two tradelines are gernerally better than one for building credit.    On the other hand, if you are more concerned about size of future credit limit, then I would do one for a $1000, which might help get you a larger unsecured CL. .

 

Managing them well is key, regardless of your choice.   

Epic Contributor
Posts: 25,178
Registered: ‎10-23-2007
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Re: 1 secured cc with big amount vs. 2 secured cc with equal balances?


Wolf3 wrote:

 


jana0523 wrote:

I am intending on getting a secured credit card with a CL of $1000.00 or would it be better to have 2 secured cc's (one from my bank and one from my credit union) or does it only matter that I manage what I have well?  Does anybody know?  Thanks in advance for your help!  Just wondering if 2 positive credit files would look better than 1 positive credit file, either way they are both gonna total a credit line of $1000 (together). 


 

Both are good options.   If your long term plan is to have have CC from both institutions then I would do 2 cards.   Two tradelines are gernerally better than one for building credit.    On the other hand, if you are more concerned about size of future credit limit, then I would do one for a $1000, which might help get you a larger unsecured CL. .

 

Managing them well is key, regardless of your choice.   


+1 and if this is your only tradeline I would consider a store card or something... 3 tradelines seems to be the best nunber for improving scores

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
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