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Another secured credit card ?

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Anonymous
Not applicable

Another secured credit card ?

So I received my secure credit card last week and my fico score went up by 30 points! So excited! Would it hurt to get another one? I was thinking about getting a cap one since you guys have informed me that they don't report to the CRA's as secured. Next ? I use to have a cap 1 when I was in college 10 years ago, and it was charged off 10 years ago, so if I applied for a secured cap one Cc now could that old acct come back to haunt me????
Message 1 of 6
5 REPLIES 5
Scene
Regular Contributor

Re: Another secured credit card ?

Capital One is a pretty forgiving lender (unlike American Express where if you charge off an account you are essentially blacklisted) so the charge off with Capital One (10 years ago even!) should be no problem. Additionally it's a SECURED credit card almost no risk in lending to you.

Message 2 of 6
Wolf3
Senior Contributor

Re: Another secured credit card ?


@Anonymous wrote:
So I received my secure credit card last week and my fico score went up by 30 points! So excited! Would it hurt to get another one? I was thinking about getting a cap one since you guys have informed me that they don't report to the CRA's as secured. Next ? I use to have a cap 1 when I was in college 10 years ago, and it was charged off 10 years ago, so if I applied for a secured cap one Cc now could that old acct come back to haunt me????

Capital One has a good secured card, I was very happy with the one I had.  Capital One will probably not deny you over the 10 year account.  

 

Getting a 2nd secured card is a good idea, but don't expect it to increase your score like the first one.   I think bigger deposits are very helpful for secured cards.   It can help you get bigger limits in the future.   I used 3 secured cards to rebuild, but I think 2 cards is plenty. 

Message 3 of 6
Revelate
Moderator Emeritus

Re: Another secured credit card ?

If you only have the one credit card, go get another absolutely.

 

Cap One secured, I haven't read that it reports as unsecured but I may have missed that.  I would go hit their pre-qual link to see if you can get an unsecured though.

 




        
Message 4 of 6
ando35
Frequent Contributor

Re: Another secured credit card ?

My first secured card gave me a 20 point increase but the second did nothing. However, that might not be the same for you. I have heard that the ideal mix is 3-5 credit cards at 15% utilization, an installment loan (personla loand or car loan) and a mortgage. Don;t go buy a house and car though just to raise your score Smiley Wink

Message 5 of 6
pizzadude
Credit Mentor

Re: Another secured credit card ?

 

I would recommend getting another CC, although you might consider just applying for Cap1 unsecured ~ as others have suggested that they probably won't blacklist you IMO.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 6
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