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@athan12 wrote:I heard opening an account raises your score? Does it apply to having secured cc??
If you currently do not have any open revolving trade lines reporting, then adding a new trade line can give you a little boost in score. Even though the BOA 99/500 card reports as secured it can still significantly raise your score over time by making your payments on a monthly basis. If you would like to see the card unsecure after 12 months I would suggest paying your balance in full every month and take very good care of it.
BOA is not the easiest creditor to get in with, so if you have a chance of getting their secured product, then I would definitely go for it, it will grow with you over time. In fact it's one of the few secured products that will.
Just for applying and getting approved for the BofA secured cc my score jumped 23 points. I just got it yesterday in the mail and the score hike occured on Satuday. I can't wait for the uS Bank & CAP1 to report.
I only have one credit card right now. Do does opening another secured card still raises my score? Im at 619 and my goal is 650 before 03/2013 so im not that far from my goal
@athan12 wrote:I only have one credit card right now. Do does opening another secured card still raises my score? Im at 619 and my goal is 650 before 03/2013 so im not that far from my goal
From a score point of view secured and unsecured are exactly the same. 2 Inquiries will not have much effect. After the 1st card, the 2nd and 3rd card will help some in the score, expecially after a year.
One advantage of secured card is you can put down a big deposit for big CL. Bigger CL has no effect on score, but sometimes helps get bigger limits in future applications.
@Wolf3 wrote:From a score point of view secured and unsecured are exactly the same. 2 Inquiries will not have much effect. After the 1st card, the 2nd and 3rd card will help some in the score, expecially after a year.
One advantage of secured card is you can put down a big deposit for big CL. Bigger CL has no effect on score, but sometimes helps get bigger limits in future applications.
definitely agree with that one!