Is there a such thing...?

[ttrations]

Hi, is there a such thing as having too many secured cards?  I am in the rebuilding stage and I currently have the following secured cards: Cap 1 $200, NFCU $1400, and USAA Amex $1000.  I got these cards during the summer this year and was considering getting the USAA MC secured.

i also have a Walmart $500, Cap 1 $500, Kohls $300, and JCP $500.  

thanks,

lg

[LearningMoreAboutCredit]

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@ttrations wrote:

Hi, is there a such thing as having too many secured cards?  I am in the rebuilding stage and I currently have the following secured cards: Cap 1 $200, NFCU $1400, and USAA Amex $1000.  I got these cards during the summer this year and was considering getting the USAA MC secured.

i also have a Walmart $500, Cap 1 $500, Kohls $300, and JCP $500.  

thanks,

lg

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I think the three you have are enough...focus on aging current acounts and acquire unsecured cc down the line.

Edited to clarify statement.

[coldnmn]

IMHO garden what you have. Once you let your cards and inquiries age you wont need secured cards.

[ttrations]

Thanks for the advice!  To the garden I go...I will have to look up that thread 

lg

[HeilFico]

I agree with all the responses. In addition I feel like that $200 CapOne is doing you no good. You have another at $500. Might want to close it recover the cash and maybe add it to one of the others. Or pay off balances if any. 

[RyeBread]

I'd reccomend closing one card, taking the regained deposit, and then put it into another card. That way, you have a card with a higher limit reporting to the bureaus.

[ttrations]

That is a great point. Never felt like adding additional money to that one would really benefit me.

[ttrations]

the $200 secured Cap 1 is currently SD'd with no balance.  Will it be ok to close it and add that money to another card And will it negatively Iimpact my AAoA?

[09Lexie]

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@ttrations wrote:

the $200 secured Cap 1 is currently SD'd with no balance.  Will it be ok to close it and add that money to another card And will it negatively Iimpact my AAoA?

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Closed TLs may report up to 10 yrs on your CR's.  Closing now will not hurt your AAAOA 

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[FinStar]

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@09Lexie wrote:

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@ttrations wrote:

the $200 secured Cap 1 is currently SD'd with no balance.  Will it be ok to close it and add that money to another card And will it negatively Iimpact my AAoA?

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Closed TLs may report up to 10 yrs on your CR's.  Closing now will not hurt your AAAOA 

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+1

Plus if you already have a set number of secured CCs (i.e. 2 or 3) then there should not be a need to acquire anymore in this fashion.  Once your overall profile improves over time, then you should be able to obtain some unsecured cards from some of the major banks.  It's possible they can start you off with s small CL, but as long as your foot is in the door, then they can grow over time.