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How many secured cards to rebuild credit?

Valued Member

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
4 REPLIES
Valued Contributor

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 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Mega Contributor

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.

 




EQ FICO 548 3/3/16
Senior Contributor

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.

Valued Member

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