Which is better????

[lost2007]

I was thinking of getting one or maybe two secured cards from BoA and US Bank.... Should I just get one and add the total deposit on one card or add half on two separate cards???

[MercyMe]

lost2007 -- Hummm ...  and if you don't mind my asking, are you considering the BOA 99/500?  I am not familiar with the US secured card.  Is it similar to BOA, or is what you deposit your credit limit?

I am assuming, from your post, that you have a certain about of money you can work with here, huh?  Two good tradelines would be better than 1, I'd assume, but you have to remember, whatever your credit limits are on the cards, keep the balances below 10% on each.  1-9%, as you have probably read, is ideal, but 10% okay.  Hope this helps.

:-mercy

[Anonymous]

2 cards are better than 1. Twice as good.

[Anonymous]

Definitely two...the more bills you pay on time, the more the positive effect on your FICO over time.

[Anonymous]

I say get one CC. If it's a choice between 1 CC with $1000 CL, or 2 CCs with $500 each, I'd take the former.

Advantages:

1. $100 charge is 20% util on a $500 CL CC, but only 10% util on a $1000 CL CC
2. Secured CCs tend to have fees associated with them. 2 CCs means twice the fees.
3. CCCs can develop herd mentality. They see you've got two $500 CL CCs, then maybe they think, "Lowlife who can't get a real CC." If they see one $1000 CL CC, then maybe they think, "Whoa, he got game. We better lure him to us."

[annah618]

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Noah_Bodie wrote:

I say get one CC. If it's a choice between 1 CC with $1000 CL, or 2 CCs with $500 each, I'd take the former.

Advantages:

1. $100 charge is 20% util on a $500 CL CC, but only 10% util on a $1000 CL CC
2. Secured CCs tend to have fees associated with them. 2 CCs means twice the fees.
3. CCCs can develop herd mentality. They see you've got two $500 CL CCs, then maybe they think, "Lowlife who can't get a real CC." If they see one $1000 CL CC, then maybe they think, "Whoa, he got game. We better lure him to us."

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Isn't util based on combined figures? So if you have 2 $500 CLs and one has $100 on it is the same as having 1 $1000 CL with $100 on it.

That is a good point about the fees, but I don't think that "they" look at secured CLs that way.

[fused]

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annah618 wrote:

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Noah_Bodie wrote:

I say get one CC. If it's a choice between 1 CC with $1000 CL, or 2 CCs with $500 each, I'd take the former.

Advantages:

1. $100 charge is 20% util on a $500 CL CC, but only 10% util on a $1000 CL CC
2. Secured CCs tend to have fees associated with them. 2 CCs means twice the fees.
3. CCCs can develop herd mentality. They see you've got two $500 CL CCs, then maybe they think, "Lowlife who can't get a real CC." If they see one $1000 CL CC, then maybe they think, "Whoa, he got game. We better lure him to us."

---

Isn't util based on combined figures? So if you have 2 $500 CLs and one has $100 on it is the same as having 1 $1000 CL with $100 on it.

That is a good point about the fees, but I don't think that "they" look at secured CLs that way.

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Good question! Util% is factored for each CC as well as all CCs collectively.

[fused]

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Noah_Bodie wrote:

I say get one CC. If it's a choice between 1 CC with $1000 CL, or 2 CCs with $500 each, I'd take the former.

Advantages:

1. $100 charge is 20% util on a $500 CL CC, but only 10% util on a $1000 CL CC
2. Secured CCs tend to have fees associated with them. 2 CCs means twice the fees.
3. CCCs can develop herd mentality. They see you've got two $500 CL CCs, then maybe they think, "Lowlife who can't get a real CC." If they see one $1000 CL CC, then maybe they think, "Whoa, he got game. We better lure him to us."

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Agree 100% with 1 and 2. Maybe even 3.

[Anonymous]

fused111 wrote:

Util% is factored for each CC as well as all CCs collectively.

Absolutely true. You have to watch both.

It is possible to have one's overall util at 1-9 percent, but a single CC with a low CL that is maxed out, and that maxed out CC will tend to hurt you.

[fused]

Yes, #3 Noah. Almost smells like Amex these days.