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Established Member
Posts: 24
Registered: ‎09-25-2012
0

How many secured cards to rebuild credit?

First off just wanted to say hello, new to the boards and thank you for any help you can give me!

 

My question is, how many secured cards are too many?

 

Right now I have a Capitol One:$200.00, NFCU:$500.00 and a local bank @ $300.00. I can add a USAA for $250.00, Should I add another card or just keep what I have, keep the balances low and pay on time?

Starting Score: 9/1/12 - EX:527 - EQ:586 - TU:547 - FICO:586
Current Score: 1/23/13 - EX:651 - EQ:679 - TU:628 - FICO:679
Goal Score: 700
Established Contributor
Posts: 982
Registered: ‎03-22-2012
0

Re: How many secured cards to rebuild credit?

That is plenty. I would have actually suggested stopping at 2 but 3 cards won't hurt.

 

Now you just need to concentrate on getting any baddies removed from your reports.

 

When your scores go above 640 you might want to try and app for a Walmart card.



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 701 12/8/14
Goal Score: EQ 720+
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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: How many secured cards to rebuild credit?


jhc7399 wrote:

First off just wanted to say hello, new to the boards and thank you for any help you can give me!

 

My question is, how many secured cards are too many?

 

Right now I have a Capitol One:$200.00, NFCU:$500.00 and a local bank @ $300.00. I can add a USAA for $250.00, Should I add another card or just keep what I have, keep the balances low and pay on time?


Welcome to the forums!!!

 

I would keep what you got and don't app for anything else for a year, then you'll be ready for prime cards.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: How many secured cards to rebuild credit?


jhc7399 wrote:

First off just wanted to say hello, new to the boards and thank you for any help you can give me!

 

My question is, how many secured cards are too many?

 

Right now I have a Capitol One:$200.00, NFCU:$500.00 and a local bank @ $300.00. I can add a USAA for $250.00, Should I add another card or just keep what I have, keep the balances low and pay on time?


Threee secured cards is more than enough to build credit.   I used 3 but I think 2 is plenty for most.    You don't have to keep the balances low, just PIF by due date to avoid interest.    IMO, it is better to add to existing deposits and get larger CL.    In my case, I got a cash back card with Capital One with $3000 limit after I had a secured card with them with a $2200 deposit.

Established Member
Posts: 24
Registered: ‎09-25-2012
0

Re: How many secured cards to rebuild credit?

Wohoo...+22 on Equifax, +13 on Transunion and Experian after first month of having all three!!

 

Thanks for the advice I will stand fast on three for now.

Starting Score: 9/1/12 - EX:527 - EQ:586 - TU:547 - FICO:586
Current Score: 1/23/13 - EX:651 - EQ:679 - TU:628 - FICO:679
Goal Score: 700

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