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

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.




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

Re: Secured CC



Can someone help OP?

It's very tough with small income ~ The Rewards are big little helper to me.
Senior Contributor
Posts: 4,219
Registered: ‎02-23-2011

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.



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+