Reply
New Contributor
Posts: 70
Registered: ‎01-04-2009
0

Do I need a Secured CC if I already have regular CC's?

The wife and I are reading up on rebuilding credit and one tip we've read is for people to obtain a Secured Credit Card and use that as a credit-establishing tool. If we already have low-balance credit cards, do we really need to venture down the Secured route? We have three credit cards, we pay the bills on time and at the end of the month, we're going to pay them down and keep our balances below 25%. Should we really need to do anymore than that when it comes to credit cards? Thanks!
Established Contributor
Posts: 709
Registered: ‎04-20-2008
0

Re: Do I need a Secured CC if I already have regular CC's?

We generally recommend secured CC route if you cant get anything but they high fee super sub prime cards.  Getting a secured card is also a great way to get in with a prime bank (BofA).  So the only reason you might consider one is if you have cards like credit one, orchard, and want to get in with a more prime lender.
"WTB Access Number"
Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Do I need a Secured CC if I already have regular CC's?


fender wrote:
We generally recommend secured CC route if you cant get anything but they high fee super sub prime cards.  Getting a secured card is also a great way to get in with a prime bank (BofA).  So the only reason you might consider one is if you have cards like credit one, orchard, and want to get in with a more prime lender.

 

definitely agree

 

If you dont have a prime lender cc, b of a secured card is a great way to break in.

New Contributor
Posts: 70
Registered: ‎01-04-2009
0

Re: Do I need a Secured CC if I already have regular CC's?

What are the advantages of getting a "prime card" and how does that help me? Thanks!!
Senior Contributor
Posts: 3,632
Registered: ‎01-10-2008
0

Re: Do I need a Secured CC if I already have regular CC's?


Mays wrote:
What are the advantages of getting a "prime card" and how does that help me? Thanks!!


-better rates

-better customer service

-less fee driven overall.  (lower or) no fees. 

-(better) perks/ rewards

-may look more solid to other lenders reviewing your history

-higher initial CL and CLI growth potential

-more flexibility to product change

-may have recently received a huge chunk of bailout money to lend (or not, in the case of "zombie banks" )

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.