@skennedy4295 wrote:
I'm currently working on rebuilding my credit I'm basically in the mid 5's on all three credit reporting agency's. I have had one secured capital one credit card with a limit of $300. I also have a car loan from VW that I make regular payments on $340 per month. Despite making payments for one year with the auto loan and almost three with the credit card I'm not getting approved for much. I'm considering adding another one or two secured cards in addition. Which is more important getting an additional secured card with a higher limit or two addition secured cards with lower secured amounts. Thanks in advance
The best thing you can do is probably address the baddies on your reports. GW or PFD , i don't know how much adding additonal TL will help . Others can chime in who know more on the subject.
You want to have more than 2 positive tradelines reporting.
You mention you have some cash available, how much do you have for deposits? If it were me and just trying to ruthlessly improve my FICO score from your spot in the positive tradeline category, I'd take out a $500 share secured loan from either Alliant or SDFCU to go along with your car loan for 2 installment loans (4 or 5 year term, slightly different interest rates, you get the $500 right back so that doesn't count towards your deposit but you will be adding a monthly payment in exchange).
At that point I'd pick up 2 additional revolving tradelines:
1) I would apply for the BOFA secured card (it is simply godlike in the current market, limit doesn't matter as you can manage reported utilization, minimum is $300)
2a) I'd check the C1 pre-qual and see if they had an unsecured potentially
2b) I'd check with a local credit union
2c) I'd open a secured credit card with the other credit union mentioned above for the installed loan that I didn't already use. In that scenario I'd prefer Alliant for installment loan, SDFCU for the card (SDFCU has a flat 1% rewards tier which doesn't suck compared to most credit cards)
Beyond that as Mong stated, working to resolve your negatives is important too: if you're struggling with new approvals with what you currently have then you may be stuck as a result of those rather than your positive history, but since you really want to have time working for you on both positive tradelines as well as the negative derogatories, I'd open the easy accounts to thicken up your file and then wait for a year on that front while you work on cleaning up whatever else you can, then take a swing again at the unsecured entry level rewards cards.
