Reply
Established Member
Posts: 18
Registered: ‎04-14-2009
0

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.

Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
0

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
Posts: 832
Registered: ‎01-16-2008
0

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


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 308
Registered: ‎02-26-2009
0

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
Posts: 32,869
Registered: ‎08-04-2007
0

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
Posts: 832
Registered: ‎01-16-2008
0

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 . . . :smileyvery-happy:


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


Take the FICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.