cancel
Showing results for 
Search instead for 
Did you mean: 

Advice needed...Please help! New accounts???

tag
SamsungHDTV
Established Contributor

Re: Advice needed...Please help! New accounts???


@LiberatedRN wrote:

I


@red259 wrote:

@heyarrnold wrote:

Why cancel them when you already opened them? Use them for this year, and then try and apply for other credit cards. That way, those secured credit cards report your utilization. Once you get approved for an unsecured card, then go ahead and cancel them. That's what I did when I started out!


I would think because they are secured and cost money to open. If they were unsecured it would be dfiferent. You can get just as good of results with 2-3 cards as you can with several and without having to tie up all the extra money to fund those other cards. Its not going to hurt anything to leave them open, but I would think having that extra money back would be even nicer. 


 

You are so right about the money it cost.  I have about $2000.00 dollars tied up with them, but I did plan ahead. In my mind, to justify the expense, I just view it as "money already spent" to invest in my future credit. I made sure not to invest anything that I will need for my daily living expenses. I will purchase things like gas, and other items that allow me to stay at or under 10% utilization and hopefully in time I will be able to get better unsecured cards. I have learned so much just "lurking" around in the forums. All of this information has really helped me, and my scores are so much better than what they were before.

 

I always thought too many new accounts would kill your credit score at first, I am still not clear on that. I still have a lot to learn. I don't think I could pay for or afford better advice than what I get here. So happy I found this place!

 

 


This place is pretty awesome. Its the #1 place to learn about credit IMO, and I think most others would agree.

Message 11 of 12
heyarrnold
Valued Contributor

Re: Advice needed...Please help! New accounts???


@red259 wrote:

@heyarrnold wrote:

Why cancel them when you already opened them? Use them for this year, and then try and apply for other credit cards. That way, those secured credit cards report your utilization. Once you get approved for an unsecured card, then go ahead and cancel them. That's what I did when I started out!


I would think because they are secured and cost money to open. If they were unsecured it would be dfiferent. You can get just as good of results with 2-3 cards as you can with several and without having to tie up all the extra money to fund those other cards. Its not going to hurt anything to leave them open, but I would think having that extra money back would be even nicer. 


True, but the money gets refunded once the credit card is closed. But if OP already took the HP, if any, then it doesn't hurt him to keep them open and let his credit build. And after he has aquired a good payment history, he can close these secured credit cards and move on to bigger and better things. 

Message 12 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.