06-13-2011 09:36 PM
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.
06-19-2011 02:28 PM
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.