Secured CC's

[Anonymous]

Hi all! I've been lurking here for a couple of months now and need some advice on improving my scores. I don't have any installation loans or revolving credit. I would like to get a CC to start getting my scores up, but from what I've seen on whogavemecredit.com, I will not qualify for any cards that will graduate into prime cards (just Orchard, First Bank etc.). According to one of the perm posts, it's not good to close cards, so I'd rather start with a secure card from my CU. My question is, would it be better for me to get two or three cards from different banks/CU's (say $300 each) or should I get one card with $900? Thanks for all your help!

[WhirledPeasPlease]

I'd say two or three small ones would be preferred over a single large one.  You'll have more open TLs that way and you'll avoid having all of your eggs in one basket.

Good luck!

[Anonymous]

Welcome to the forum, Scoobs!!!

I agree 100% with Peas. Diversity of credit sources

and multiple positive tradelines will help boost your

scores a lot faster.

Since you've decided to work with a credit union, ask

them if they offer a 'credit rebuilder loan'. Some require

that you use your own money as collateral, while others

(like my credit union) deposit the loan proceeds into a

CD. All they do is verify your income...no money out of

pocket. When you pay off the loan, you have a positive

tradeline, increased credit scores and increased savings.

So check into it and see what they say.

Once again, welcome to the forum!

CanDo

"The right attitude is everything"

p.s. To see an example of a credit rebuilder loan,

here's the link to my credit union:

http://www.freedomfirstcu.com

Locate the blue "Loans" tab across the top.

Then scroll down to "Credit Rebuilder Loan"

[Anonymous]

A lot of people get the Crown Jewelers account...I recently got it $1500 CL...no credit check...purchase something cheap...pay the deposit...and once they ship it...they will report to the CRA...I found that to be the easiest...and I recently applied for the Hooter card...they check TU only...