Posts: 103
Registered: ‎04-01-2009

Pay Down or go with secured

I am wondering what would be the best course of action for me. I want to know should I open a secured cc or pay down my already existing credit? Any advice will be well appreciated.

Starting Score : TU: 667-- EQ: 673
Current Score : TU: 644-- EQ: 645
Goal Score : TU: 800-- EQ: 800

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Posts: 28,098
Registered: ‎04-01-2007

Re: Pay Down or go with secured

What are the negatives in order on your FICO EQ and FICO TU score reports? (screen 2, the balance scales) These are the factors hurting you the most, with the most damaging on top.

What's your current util? If your util is too high, you might have trouble getting even a secured card.

I'd improve my reports by lowering util before trying to get new credit. Your chances of approval for a good card will be much better.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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