myFICO® Forums
Help
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 

Will getting a Secured card hurt my score and future credit?

tag
Get Access Now
Polo4TLB
Member
‎04-29-2014 11:34 AM
‎04-29-2014 11:34 AM

Will getting a Secured card hurt my score and future credit?

Specificlly will getting the US Bank AeroMexico card hurt me, with say $500 0r $600?  In my signiature you can see my cards I have.  I have been steadily rebuilding over the years and recently just doubled my credit (in last few weeks) with the 2 Amazon cards and the Best Buy card.  I really love the benifits to the Aeromexico card. The free miles, the companion ticket, etc...  I would use it and pay it off.  I will be moving back to Mexico soon and these miles will come in handy!  Thank you for any info!

Amazon Store Card $ 800, Amazon Visa Chase $ 2000, CapOne Quicksilver $ 500, CapOne Plat Rwds $ 1000, Citi Diamond Prefd $ 1200, Macy's Str Crd $ 1000, MyBestBuy Str Crd $ 2000, Merrick Visa $ 1800, WalMart Str Card $1000, Dillards Str Crd $800, Discover it $1200 (AU ACCOUNTS) BOA 8,000, Citi 10,500 Shell 2,500, AMEX SPG 8,700
Credit Score:
CK:622, KC Vantage: 648, Quizzle: 694, Walmart Fico:660, Cap1 TU: 632, Credit.com:693, Creditsesame:693, Credit.com/Vantage: 684 PLUS EXP:662 Equ:671 TU: 662

Message 1 of 4
0 Kudos
3 REPLIES 3
bigblue7722
Valued Contributor
‎04-29-2014 11:40 AM
‎04-29-2014 11:40 AM

Re: Will getting a Secured card hurt my score and future credit?

@Polo4TLB wrote:

Specificlly will getting the US Bank AeroMexico card hurt me, with say $500 0r $600?  In my signiature you can see my cards I have.  I have been steadily rebuilding over the years and recently just doubled my credit (in last few weeks) with the 2 Amazon cards and the Best Buy card.  I really love the benifits to the Aeromexico card. The free miles, the companion ticket, etc...  I would use it and pay it off.  I will be moving back to Mexico soon and these miles will come in handy!  Thank you for any info!

If the card works for you and your spending go ahead and get it. A secured card will not hurt your credit anymore than an unsecured card with a hard pull and a ding to your aaoa. I would call us bank and see if the card could graduate i think they might after 12 months. 

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.
Message 2 of 4
0 Kudos
user5387
Valued Contributor
‎04-29-2014 11:55 AM
‎04-29-2014 11:55 AM

Re: Will getting a Secured card hurt my score and future credit?

There are certain costs associated with getting new cards, for example the hard pull, new tradeline, and reduced AAoA costs reflected in your score.

 

Beyond this, if you have a low limit card like $500, and you let a large balance like $497 report, then the card will be maxed, and this is hard on your score.

 

Message 3 of 4
0 Kudos
Polo4TLB
Member
‎04-29-2014 01:55 PM
‎04-29-2014 01:55 PM

Re: Will getting a Secured card hurt my score and future credit?

Well I guess I would have to make sure it was paid before it reported, in order to keep it from being reported as maxed.  I just cant afford anymore of a deposit than that.

 

I have read that they do graduate the card fater a while.   Just looking at all the benifits of the card It really looks worth it! 

Amazon Store Card $ 800, Amazon Visa Chase $ 2000, CapOne Quicksilver $ 500, CapOne Plat Rwds $ 1000, Citi Diamond Prefd $ 1200, Macy's Str Crd $ 1000, MyBestBuy Str Crd $ 2000, Merrick Visa $ 1800, WalMart Str Card $1000, Dillards Str Crd $800, Discover it $1200 (AU ACCOUNTS) BOA 8,000, Citi 10,500 Shell 2,500, AMEX SPG 8,700
Credit Score:
CK:622, KC Vantage: 648, Quizzle: 694, Walmart Fico:660, Cap1 TU: 632, Credit.com:693, Creditsesame:693, Credit.com/Vantage: 684 PLUS EXP:662 Equ:671 TU: 662

Message 4 of 4
0 Kudos
† Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.