Is a secured card worth it?

[ellefante]

I'm considering a secured card with USAA.  I'm suppose to be gardening but I just wanted to help my utilization a little more.  I just got a navheck increase by NFCU but I'm wondering if i should just stop here or to go ahead and get a secured cc.  Just wanted insight on those who have a secured one, USAA especially..

[Wolf3]

IMO, I don't think it is worth it, just for utilization.     If you need bigger CL to cover monthly expenses, then I would consider it.  

[myjourney]

without knowing your full picture from your signature I would say just garden for awhile. Then on your next app spree you should get nice cards with good limits

[ellefante]

Thanks.  My score is very low and I'm just starting to learn how to increase it being that I don't have a mortgage or loans and just my navcheck and nfcu cc basically.   I just learned that utilization is what's keeping my score so still.   I'll just keep gardening now that I got my balance down on my cc and a higher CL on the navcheck. 

[MovingForward_2012]

You could...it would increase your trade lines. For rebuilding, usually having 3-4 CCs with some diversity such as an installment or auto loan works most rapidly...good luck!

[ellefante]

Thanks!  I'm gardening until November when I plan on getting a new car at that time.  I can't get a autoloan through NFCU right now on my own and I haven't tried with a cosigner yet.  My b/f wants to cosign but I'm scared to even put in the application with a cosigner just yet in case I waste an inquiry with a declined application or a loan amount less than what I'm looking for.

[MovingForward_2012]

Your loan amount mostly depends on your income and with a cosigner, his income counts as well. Usually, if the cosigner qualifies, you qualify as far as auto loans are concerned. With mortgages, everybody on the loan has to meet the min requirement, which is usually a 640 mid fico and the lowest qualifying score determines the interest rate.

[Wolf3]

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@ellefante wrote:

Thanks.  My score is very low and I'm just starting to learn how to increase it being that I don't have a mortgage or loans and just my navcheck and nfcu cc basically.   I just learned that utilization is what's keeping my score so still.   I'll just keep gardening now that I got my balance down on my cc and a higher CL on the navcheck. 

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Remember, there is no history of utilization, so it only matters when you FICO score is generated.   So you can ignore it for now and then pay your balances early the month before your car loan application is made and it will be the highest it can be at that time. 

[omgitsphilly]

capital one secured card for 10 months helped me bag 

Chase Freedom

American Express Green Card

Discover It 

all in 2013

[ellefante]

Ok cool I didn't know that.  When it comes to loans and income, is it that the more income you have the more you'll be approved for?