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Secured Credit Cards

Established Member

Secured Credit Cards

I have gone through as many threads as possible so as to not beat this subject up. However, I have a few specific questions that I would like to address. Credit repair has been going great over the past 6-8 months. I will have a very clean slate soon. Time to start building back up, though. All I will be left with on my reports in the next 2 months is a military star card with a CL of around $9000 and util under 30% and dropping. I am looking into a secured CC to add a "major" revolving account to the mix.

 

First issue is the credit inquiry. It is my understanding that the pull is what would initially drop my score, and not the actual opening of a new TL. Is this correct? If so, what good secured cards are out there that I can get without an inquiry? Would the benifit of the new TL out weigh an inquiry?

 

Second is the amount. I was looking at securing between 3-$5000. Would this be a good amount for one card or would i benifit from getting two different cards? Thanks for the help.

5 REPLIES
Moderator Emeritus

Re: Secured Credit Cards

Keep in mind that a CCC will only pull 1 CB not all. So you need to know who they pull. The ing will only show on that CB.

 

Having a few INGs should not have much effect on your scores. It is if you have a bunch of INGs on just one CB that doesn't look good. Usually they might drop a few points when you open a new CC and use it.

 

The amount of the CL only has an effect on UTIL.

 

IMO everyone should have at least 3 CCs because they count more toward your scores then any installment.

 

All new credit is new for 1 year. At that time you would see a small increase in scores.

Established Contributor

Re: Secured Credit Cards

Cap 1 pulls all three.

Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Frequent Contributor

Re: Secured Credit Cards

Stupid Cap One. It's always the loner type CCC and never has anything great in return to offer.
Moderator Emeritus

Re: Secured Credit Cards


tullz85 wrote:
Stupid Cap One. It's always the loner type CCC and never has anything great in return to offer.

 

Don't be so hard on CapOne. They have many things to offer like.....ummmmm...err....I'll get back with you when I think of some.
Established Contributor

Re: Secured Credit Cards


llecs wrote:

 Don't be so hard on CapOne. They have many things to offer like.....ummmmm...err....I'll get back with you when I think of some.


+10 . . . Smiley Very Happy


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


Take the FICO Fitness Challenge