10-12-2012 07:01 AM - edited 10-27-2012 08:21 AM
So I've just opened a secured USAA AmEx account. I'm waiting on my card to arrive. What should my next step be? I want to open at least 1 more secured card maybe 2. Should I open a USAA MC or open one with a different lender?? Or should I try to increase my deposit/CL on my USAA AmEx?
I'm trying to re-build my credit. I have several 30 day lates and a number of charge-offs. (I'm working on these currently) But also trying to think ahead on how to get my credit re-built as well. I don't have any open CC except this USAA one when it arrives in the mail.
10-12-2012 07:25 AM
10-12-2012 07:28 AM
My score is really bad right now. I believe it was low 500s last time I checked. I have no other open CC. I have 2 closed in good standing with NFCU that I continue to pay on and several closed that were charged off and/or in collections. (all of which I've made payment arrangements with or have settled already). I have a current auto loan with NFCU that has 3 30 day lates but none in the last year. I also have Sallie Mae (student loans) for over 10 years that I had a 60 day late 6 years ago. (they won't remove through goodwill letter even though I was going through forbearance at the time).
10-12-2012 07:30 AM
I'd reccomend a BoA Secured card because it generally graduates into a unsecured card after 8-12 months. It will also give you the opportunity to earn rewards via 3-2-1 (3% gas, 2% groceries, 1% everything).
10-27-2012 05:39 AM
So I'm almost ready to open my 2nd secured CC. Someone else had mentioned getting the USAA secured MC but is it better to get my 2nd card with a different lender?? USAA seems to have very reasonable AF and interest rates so it is tempting to open a 2nd card with them but didn't know if maybe a different creditor would somehow look better. I'm also continuing to increase my CL on my USAA AmEx card each month as well. Also for rebuilding my credit would a 3rd secured card be recommended or is two enough to just garden for awhile as I clean up my other credit issues and some of my late payments age on my credit report?