11-05-2009 07:16 AM
11-05-2009 01:23 PM
If you plan on getting the secured card with the $1000- $1500 Credit limit- I siggest you get the card first, then make a decision. Things to consider:
1. Are you paying fees- if yes, I would weed them out after you get the secured card
2. Having cards with low credit Limits wreks havoc on Utilization
3. You may see a decrease in FICO scores because you are closing older cards- personally I think it is worth it in the long run, if they are fee cards.
4. Think long term- I think after a good year with that secured card, you may start seeing offers in the 1,000 + range
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