2nd secured card time?

[bdavis225]

I've had my first secured card about 5 months now, going on 6. PIF the first few months, showed %9 util the last 2 months.

I recently moved, and they ran my credit for the lease. This was about 2 weeks ago. Should i just go ahead and app for my

second card now? My understanding is that its best to get inquiries in around the same time. I hope to upgrade to a better

unsecured card before the years out.

Let me know! thanks 

[credit-hunter]

A second card will help thicken your file and help your fico scoring look in to 1 that graduates preferably.

[flowfaster]

Why would you want a second secured card?

I do not know your whole story but if you are new to credit you should wait until after 6 months.  That way you will have generated a FICO score.  Then you should be able to apply for unsecured cards.  That's what I did.  I had one secured card for 6 months then applied for and got Target, Cap One, Chase Amazon and the Amazon store card.  That was just after having 1 secured card with Patelco Credit Union for 6-8 months.  From then on the rest is history.

If you are rebuilding then ignore what I said.  Good luck!

[bdavis225]

I have the BofA cash rewards card that will graduate... was considering a cap 1 secured card. or maybe sdfcu.

[bdavis225]

not rebuilding.. im new, maybe ill skip the second secured card. Now you got me thinking. should i be worried about that credit check tho?

[flowfaster]

What credit check are you referring to?

Lenders understand that you need to apply for credit in order to establish credit. If you learn to plan your applications wisely AKA spreading them out between the credit burrows. You can mostly avoid the sting of new inqs and accounts.  When I was new to credit lenders would say things like "I see you are establishing credit" or "your history is short but I see you are establishing it nicely." 

Especially when you are new, Inq's have less of an impact on peoples scores in your scoring bucket.  I say go for a couple of unsecured cards at the 8-12 month mark.  Go for cards that are good for building (cough cough GECRB) and you know you have a shot for.  Don't try for a CSP or Amex. Maybe a store card and a cap one to start. 

Don't be afraid of a couple inquiries, especially when you are new to credit. 

Of course do your research first and ask others.

[09Lexie]

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@bdavis225 wrote:

not rebuilding.. im new, maybe ill skip the second secured card. Now you got me thinking. should i be worried about that credit check tho?

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[Creditaddict]

Don't get another secured card.

if you have fico score next month you can probably get Amex BCE, discover, maybe chase freedom...

[bdavis225]

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@Creditaddict wrote:

Don't get another secured card.

if you have fico score next month you can probably get Amex BCE, discover, maybe chase freedom...

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Im glad i made this thread! thanks for all the input. ill skip the second secured and wait til month 8

[Smooth954]

I agree with credit addict do not get another secured card wait till your 6th statement post try to keep your balance low 1-9% at this time get your fico score to see where you stand and then you can get advise here on where to seek a new card based of your scores as some lenders tend to pull certain bureaus more than others.