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Established Contributor
Posts: 545
Registered: ‎03-20-2009
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received my secured CC

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? 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: received my secured CC


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? 


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.

 

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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: received my secured CC

get your REAL reports. CALL NOT VIEW ONLINE

 

annualcreditreports dot com

 

you need the mailed copies takes 8 minutes on the phone through automated system.

 

opt out of prescreening   optoutprescreen dot com

delete all old addresses if they give you trouble place a customer initated fraud alert will help you remove quickly

Find any innaccuracies on reports and dispute with the CRA

after results if not deleted dispute with CA if not deleted 623 letter with the OC

Then start filing complaints to CFNA , BBB, Attorney general, OCC, Planet feedback, company's facebook pages have known to work as well with good solid complaints.

 

generally this is the steps to follow, but bewarned removing old addresses can get tons of bad stuff removed, but it can remove good stuff as well.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
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