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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).
@Anonymous 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.
@Wolf3 wrote:
@Anonymous 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