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Secured Card

Established Member

Secured Card

Hello,

 

Just found this forum and I love it already...I am learning a LOT....I only have a CC with a low limit from Orchard Bank...no other lines of credit, which I am thinking is part of the reason my score is what it is...I don't have a mortgage nor a car note...I want to be able to buy a home next year and was thinking about getting 2 secured cards...one from my bank and the other from my Credit Union....my thinking is that having 2 secured cards reporting to the bureaus at the same time would bump my score up considerably(2 cards being better than just one)....do you think that is a waste and I should just get 1 secured card?

 

Any input would be helpful!

 

thanks

 

 


Starting Score: EX:531 EQ:591 TU:614
Current Score: EX:531 EQ:591 TU:614
Goal Score: 650 across the board short term

Take the myFICO Fitness Challenge
Message 1 of 6
5 REPLIES
Valued Contributor

Re: Secured Card

Do you have any baddies on your report? You'll have to work on cleaning them up in addition to new credit.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 2 of 6
Established Member

Re: Secured Card

Hi...thanks for responding...I do have some baddies but most of them are falling off in the upcoming months...I am going to pull my credit report at the end of this month to see where I stand and work from there...but yes, I know I need to be working on the rest of the picture at the same timeSmiley Happy


Starting Score: EX:531 EQ:591 TU:614
Current Score: EX:531 EQ:591 TU:614
Goal Score: 650 across the board short term

Take the myFICO Fitness Challenge
Message 3 of 6
Highlighted
Moderator

Re: Secured Card


sparkle1908 wrote:

Hi...thanks for responding...I do have some baddies but most of them are falling off in the upcoming months...I am going to pull my credit report at the end of this month to see where I stand and work from there...but yes, I know I need to be working on the rest of the picture at the same timeSmiley Happy


Welcome to the forums!

 

From a pure near-term FICO boos perspective, getting an additional card would help you; however, the third card (second secured) would likely only be a marginal improvement, though personally I'd do it.

 

Another question is when you want to buy a house; six months out is different than 12 or more for what you can do short-term, but I'd pull your reports right now, as well as go and get another card or two.  You may want to look into a secured loan too from your CU or similar (basically you drop money into a share account or a CD and take an installment loan against it), works similar to a secured card from that perspective, but it counts as an installment note which if you don't have a mortgage/auto/other installment loan, might wind up helping you for the same reason (mix of credit) that the second credit card would.

 

 

.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 4 of 6
Senior Contributor

Re: Secured Card


sparkle1908 wrote:

I only have a CC with a low limit from Orchard Bank...no other lines of credit, which I am thinking is part of the reason my score is what it is...I don't have a mortgage nor a car note...

 


Those are certainly potential reasons but don't just guess.  Pull your reports.

 

If you really intend to buy a house in the timeframe you mention you need to beef up your credit as well.  Variety will help.

Message 5 of 6
Established Member

Re: Secured Card

Thanks for the response...I will look into the CD and setting up an installment loan...I'm still hashing out my options and don't want to get too far ahead of myself...but I am excited to see where I am this time next year!!!


Starting Score: EX:531 EQ:591 TU:614
Current Score: EX:531 EQ:591 TU:614
Goal Score: 650 across the board short term

Take the myFICO Fitness Challenge
Message 6 of 6