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Valued Member
Posts: 39
Registered: ‎06-30-2009
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help deciding between unsecured and secured credit card

I recently pulled my credit:   trans union 677

                                         equifax   669

I wanted to get a credit card and went to td bank and they said my scores are ok enough to get an unsecured--I am afraid b/c it wil be a hard inquiry for my report.  I was thinking of just getting a secured  card and then applying fo a unsecured once my credit is a little better------need help---does anyone know how much your credit score drops for a new credit card inquiry

Established Contributor
Posts: 672
Registered: ‎07-05-2008
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Re: help deciding between unsecured and secured credit card

It varies depending on a bunch of factors, but usually the point drop is negligible, and with a little bit of time is easily recovered (and depending on your current credit utilization, adding to you available credit may improve your utilization enough to actually give you a score bump).

 

I just applied for a CLI and the hard inquiry caused my score to drop by a single point. If you're able to get an unsecured card, go for it.

Valued Member
Posts: 39
Registered: ‎06-30-2009
0

Re: help deciding between unsecured and secured credit card

I am not sure what credit utilization is??? All I have is college loans which totals about 3,800.  Also on my 

report it ssaids that my loans have a debt to ration of 60% with a balnace of 3800 but credit limit of 6250------can they record the amoutn of my loan as a credit limit---confused?????????

Established Contributor
Posts: 610
Registered: ‎08-01-2008
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Re: help deciding between unsecured and secured credit card

Unsecured. Make sure you PIF every month.
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
Established Contributor
Posts: 672
Registered: ‎07-05-2008
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Re: help deciding between unsecured and secured credit card


doctor2be wrote:

I am not sure what credit utilization is??? All I have is college loans which totals about 3,800.  Also on my 

report it ssaids that my loans have a debt to ration of 60% with a balnace of 3800 but credit limit of 6250------can they record the amoutn of my loan as a credit limit---confused?????????


Don't worry about that right now. As mentioned by the previous poster, just go for the unsecured card and be sure to pay-in-full every month and don't go over your limit (treat the card like a debit card), and you'll be in great shape.

 

Valued Member
Posts: 48
Registered: ‎11-21-2007
0

Re: help deciding between unsecured and secured credit card

I got a 3 point drop from a recent inquiry.
FICO® Scores 11/07: TU 531 -- EQ 457 -- EX 464; 08/09: TU 518 -- EQ 597 -- EX ??;
09/09: TU 590 -- EQ 610 -- EX ??; 05/10: TU 610 -- EQ 611 -- EX ??
EQ: 17 to 4 baddies; 3 to 1 public records
EX: 24 to 5 baddies; 2 to 1 public records
TU: 28 to 2 baddies; 3 to 1 public records
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