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Established Member
Posts: 13
Registered: ‎01-06-2011
0

Secured CC

Hi there,

 

I have a question to ask the experts, is it better to have 1 or 2 secured credit card. I just opened a BofA secured credit card with $5000.00 and planning to increase it to $10000.00. Or open another secured credit card from another bank with $5000.00 limit. Don't know which way to go, that will favor me in a long run. thanks in advance.

 

 

Thunder

Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
0

Re: Secured CC

Bump!

 

Can someone help OP?

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Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
0

Re: Secured CC

I'm certainly not an expert, but here's what I would do.

 

If an unsecured isn't feasible, I'd get 3 secured (ideally each with 1k min) at around the same amount each.  I'd use them exclusively, PIF, and after 11 months, I'd call one of them to unsecure and waive annual fee.  If the answer is no to either, cancel the card immediately.

 

The next month when the other two have seen "closed by consumer," they'll most likely unsecure you once you call.

 

 

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