received my secured CC

[mt2va]

I received my secured AmEx from USAA on Friday.  What is the best strategy now do I add more to my initial deposit to increase the credit limit or do I use that money to open another secured credit card either a MC with them or a card with another lender?

I know this is going to take time (going through a messy divorce with my soon to be ex that trashed my finances/credit) to build back up.  I've got a lot of charge offs and stuff in collections.  I'm trying to work on taking care of them little by little.  I don't have any other open CC.  I had a NFCU Visa and NFCU MC but they closed my accounts but I am paying them on time currently.  (I had 2 or 3 30 day lates in the last 1 1/2 years)  My NFCU car loan is in good standing.  (had 4 30 day lates in the last year)  My Sallie Mae student loan is in good standing.  (a 90 day late 6 years ago when I was going through forbearance and they will not remove it)  I also have a previous car loan with a local credit union with a perfect payment history for 5 years. 

Where should I go from here? 

[Wolf3]

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@mt2va wrote:

I received my secured AmEx from USAA on Friday.  What is the best strategy now do I add more to my initial deposit to increase the credit limit or do I use that money to open another secured credit card either a MC with them or a card with another lender?

I know this is going to take time (going through a messy divorce with my soon to be ex that trashed my finances/credit) to build back up.  I've got a lot of charge offs and stuff in collections.  I'm trying to work on taking care of them little by little.  I don't have any other open CC.  I had a NFCU Visa and NFCU MC but they closed my accounts but I am paying them on time currently.  (I had 2 or 3 30 day lates in the last 1 1/2 years)  My NFCU car loan is in good standing.  (had 4 30 day lates in the last year)  My Sallie Mae student loan is in good standing.  (a 90 day late 6 years ago when I was going through forbearance and they will not remove it)  I also have a previous car loan with a local credit union with a perfect payment history for 5 years. 

Where should I go from here? 

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IMO,  1 secured card with higher CL is better than 2 with smaller.   I suggest you add to the current one to get a high CL.  In six months or so, try for an unsecured card,   if that doesn't work.   I woudl add a 2nd secured card at that time and build it to a large CL.   If you have a lot of cash, you could go for 2nd secured card now and increase both to high CL.

[distantarray]

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